Top 6 Questions to Ask a Wealth Management Professional in 2018


This material was prepared for the use of Randy Neumann Wealth Management.
If you are looking for a wealth management professional, you’ll want to search for an experienced professional with a diverse product line for cutting edge asset allocation strategies.  If you are shopping for a wealth management professional in 2018, here are some questions to ask your prospective wealth advisor:

What package of services will your wealth management professional provide?

Wealth management is more than just about portfolio management. Financial planning stretches over a wide spectrum ranging from estate planning to tax advisory, retirement planning, succession planning, inheritance, pensions planning, insurance planning and more. The modern financial landscape requires a hybrid wealth advisory solution that can shift to ensure your changing needs are always being met.  

Randy Neumann Wealth Management ProfessionalDoes your wealth manager have an organized process of identifying and addressing your needs?

A competent wealth manager works with you to identify your wealth management needs and devise custom solutions create a customized portfolio. He or she will discuss your goals, concerns as well as your risk tolerance; review your current investments; build an objective for your portfolio; meet with you to discuss portfolio possibilities and then create your wealth management portfolio. When choosing a wealth professional to work with, it’s a good idea to inquire what their process of working with you would be and ask them to elaborate on how they will plan and manage your portfolio.

How much do wealth management services cost?

When shopping for a wealth management professional, be upfront and ask about fees involved. Comparing the cost of financial advice requires looking at more than a single advisory fee. Costs can vary by the size of the client’s accounts, the nature of the advisor’s services, and the way portfolios are implemented.

How flexible will your wealth manager be to change in circumstances?

Life is never linear. You might have everything clearly mapped out as far as your wealth management plans are concerned but several twists and turns might throw your financial plans into disarray. When talking to a wealth management professional, inquire about account flexibility along with liquidity in the event you will need to access cash flow.

Are you confident in your wealth management professional?

You probably went to a wealth management professional because you are looking for a trusted advisor.

There are various asset allocation models that are built to suit a variety of investment styles at different life stages.  Is your advisor someone you trust to revise your portfolio as needed?  Can you discuss sensitive issues such as how to work toward financial freedom once you retire, or how to transfer your possessions to the next generation?  Finding a wealth management professional you can learn from and trust is key.

What level of personalized service can they offer you?

Will the wealth management professional offer you personalized attention and custom service to address your investment goals? A trusted wealth manager will offer you counsel and guidance; they are that critical advisor willing to create time to have an honest discussion with you regarding your wealth management plans. Look for weekly market commentaries, quarterly newsletters, quarterly phone calls and annual review meetings.

To learn more about the customized personal wealth management services Randy Neumann provides, contact us today!