Have a Q&A Session with Wealth Management Firms in DC

Not all wealth management firms in DC have the level of expertise and client service commitment that you might be looking for. It’s important to know just who is handling your money and what makes them well-qualified to do so. Just because a company is well known, it doesn’t mean that your money is automatically secure with them. Hard questions should be asked when you are determining who you trust with your funds.What to Ask a Prospective Wealth Manager Image

An article in the New York Times suggested, “If you’re concerned about whether an adviser’s parent firm is going to survive a crisis or if you’re not happy with your portfolio, there are some important questions to ask before you make a change to a new wealth manager.”

One of the most important things that you’ll want to ask about when it comes to wealth management in Maryland is whether or not the wealth manager is a certified financial planner (C.F.P.) or a chartered financial analyst (C.F.A.).

Moreover, the article states that “In addition to preparing an investment policy statement outlining your financial goals and risk tolerance, a worthy adviser must have the ability to listen… They should adopt a consultative approach… They should sit down and listen to you and write on a legal pad your goals and objectives. I like the 70/30 rule. You should do at least 70 percent of the talking and not vice versa.”

Something else to find out is how the fees will work. Will your manager charge for individual assessments under management, or simply charge by the hour? This is your money and financial future that you’re dealing with, which means that you should be the one who ultimately decides on the destination of your funds.

The financial experts here at Financial Brokerage Services, Inc. are more than ready, willing and able to help you properly manage your finances and help steer you down the road to financial success. The difference with us is that we’re not here to just talk about our credentials and how good we are; we’re here to listen and we’re here to help.

(Article Excerpt and Image from “What to Ask a Prospective Wealth Manager”, The New York Times, October 18, 2011)