Wealth managers play a very crucial role in the management of finances for investors. As an investor, you will be depending on your advisor to guide you strategically with your existing assets and finances and with your future investments. And, as your wealth manager, it will be their duty to ensure that they make suggestions suitable to your needs and objectives by taking into consideration all the vital information you provide them of your economic standing.
At this point, you have to understand that every wealth management firm and financial advisors working for them will have a distinguished style of planning and implementation. This could make choosing the appropriate wealth manager a difficult task. Charles F Whitman, founder of one of the most successful wealth management firms in the US – Infinium Capital Management, LLC (ICM), suggests for yielding the best returns out of your financial investments, it is your responsibility to choose wisely when it comes to an advisor.
With so many wealth management companies to choose from and many more adding the list every now and then, there are certain basic characteristics that you should look for while making the decision.
Resourcefulness and Knowledge
A wealth manager is nothing if he doesn’t have proper and ample resources. He must also be able to devise multiple solutions to any problem which may arise in the due course of time. Charles F Whitman believes that every financial advisor must stay updated with the latest market changes and should make himself or herself aware of the new trends that are being introduced in the sector. An intelligent wealth manager is capable of suggesting you with “do’s and don’ts” if you suggest a new business investment. It is also important that their advice and decisions are based solely on facts and detailed planning.
Forward thinking and Proactivity
While you consider hiring a well-qualified wealth manager for your business, you have to judge if they are proactive. A wealth manager should not wait for you to call or contact them asking suggestions. He should be eager to take initiatives and contact you whenever a good business opportunity knocks on the door or for that matter, whenever there is a market crisis that you should be aware of.
Also, one of the most important traits of a good financial advisor is his ability to forecast what lies ahead. Aside from managing your existing wealth and investments, he should be able to present you with a strategic plan that takes into account at least the next 6-12 months.
Understanding and Evaluation
Charles F Whitman is also the proud owner of the Whitman Asset Management Company which works on a totally different philosophy than ICM. However, it hasn’t stopped him from establishing the latter as one of the top companies in the country as well. It is important for your financial advisor to understand your portfolio inch by inch so as to evaluate the kind of planning it needs. He also needs to be able to assess the risks to your investments, if any and suggest alternatives.