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  • Writer's pictureJames S. Falcone

What to Consider Before Hiring a Wealth Management Advisor


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Hiring a wealth management advisor is a crucial financial decision. These professionals help manage complex, diversified investment portfolios. The critical job of a wealth management advisor is to help preserve your purchasing power and structure investments to achieve goals. They also suggest additional tools and services to help protect and grow your wealth.


Further, wealth management advisors understand the finance world and can help your investments stay on track with the economic reality. However, not all wealth management advisors offer the same services. Some give general financial planning and wealth management advice, while others specialize in a specific area of wealth management and retirement planning.


Things to Consider Before Hiring a Wealth Management Advisor

Wealth management advisors typically offer investment management, financial planning, tax planning, and estate planning-related services. Here are some things you should consider before hiring a wealth management advisor.


Knowledge and Experience

The professional background and experience of the wealth management advisor are crucial factors to consider. Whether you want investment or strategic tax planning services, you must ensure the wealth management advisor you choose has experience in the relevant area.


For instance, wealth management professionals who understand tax diversification can help channel your funds towards the most tax-advantaged and tax-free investment accounts and develop other tax-efficient investment strategies. Wealth management is a complex financial area, and what works for one investor may only work for some.


You need to find a wealth management firm with experience dealing with and maximizing portfolios yields similar to yours. The market is subject to constant economic and political uncertainty. Wealth management advisors with knowledge and experience spanning multiple market cycles may be your best bet.


Cost of Hiring

Wealth management advisors help you eliminate the ambiguity in your investments and help you make sound financial decisions. They charge a professional fee for this service. This fee varies across several factors like the scope of their services, expertise level, and more. The size and structure of your investment portfolio and overall net worth may also impact the advisors' professional fees. Therefore, it would be best if you got a clear idea of the wealth management advisors' fee structure before hiring them.


Tailored Services

Your wealth management advisor will be actively involved in your financial decisions. Hence it's essential to find professionals who can offer customized services based on your needs. Wealth management advisors can help you in everything from portfolio construction to managing risk during market fluctuations.


Consider looking at the wealth management advisor's client portfolio to see the kind of funds they manage. Firms that offer predetermined, one-size-fits-all solutions may not be the best choice for investors. Conversely, choose a firm that studies your investments and current financial situation, conducts research, and then crafts tailored solutions to maximize your ROI.


Check the Scope of their Services

Wealth management advisors who offer holistic services can help you manage all your investments and retirement planning needs. Hence, it’s best to choose advisors who provide a comprehensive range of services and cover everything from asset allocation, tax optimization, and estate planning to equity research.


Entering into a detailed discussion with your prospective wealth management advisors and getting clarity on what aspects of wealth management they will and will not cover will remove the scope for ambiguity and confusion later on. A good wealth management advisory team will also conduct a timely review of your portfolio performance and suggest and employ strategies to correct issues. Moving on to a new firm is best if any vital services you need are outside the scope. You could also learn more about the kind of deliverables and reports they offer and the frequency at which they will offer them.

Your wealth management advisors' proficiency and services directly impact your life quality. At Fulcrum Wealth Advisors we know that no two clients are the same. We use in-depth research methods to create tailor-made strategies for each client and their unique life goals. Contact us to learn more.



Investment advisor representative of securities and investment advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC, a broker/dealer, and Registered Investment Advisor. Cetera is under separate ownership from any other named entity. In addition, some Investment advisory services are offered through Fulcrum Wealth Advisors, LLC. Fulcrum Wealth Advisors, LLC is a registered investment advisor in the State of Washington.

Branch Address: 10940 NE 33rd PL., #210 Bellevue, WA 98004 Branch Phone: 877-400-0260

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