Best Questions to Bring to Your Wealth Management Professional

Best Questions to Bring to Your Wealth Management Professional


For high-net-worth individuals, wealth management becomes a critical aspect of ensuring their money continues to grow over time. Picking a wealth management firm to help you with investment advice and 401K growth while ensuring your money lasts well into the future becomes one of the most impactful decisions you can make. So when you begin whittling down your choices for an investment management and financial planning firm, you should have some specific questions to ask them to see if they are the right fit for your needs. 

Question #1: What Does Their Business Model Look Like?

A critical question to ask any wealth manager is how they make their money. Their business structure, whether they are publicly traded or a privately held company, and even their platform can influence how they manage your money. Having a thorough understanding of how they handle their business and its potential effects on your investment strategy will help you decide whether they are a worthy investment of your time and money. 

Question #2: What Is the Relationship With Their Clients Like?

Whether it’s estate planning, financial planning, or investment philosophy, how a wealth management firm interacts with its clients says much about how it can help you. How a wealth manager helps clients reach their short and long-term financial goals shows their dedication to their craft and how they work with them to make smart investment decisions. 

When they deal with high net worth clients, every decision they make has far-reaching effects on their client’s future. If your potential wealth manager has an extensive client list but a poor retention rate, it can be a red flag that you should look elsewhere for a more stable situation for your retirement planning goals

Question #3: Managing Investments Vs. Managing Wealth — What’s the Difference?

While at first glance, it may seem like there is ample overlap between managing wealth and investments, in practice, there is a significant distinction between these two propositions. When you have someone managing your investments, they become focused on getting more assets and increasing the overall return. The performance of each asset and the portfolio determines how successful the investment management is. 

However, with wealth management, the metrics for success are slightly different. While both share a foundation in asset allocation and the overall return, wealth management focuses on maximizing the bottom line of your balance sheet. Finding ways to maximize the bottom line will ensure that you have enough wealth to last your entire life. 

Question #4: How Do They Approach Investing?

Every wealth management firm should approach investing their client’s money differently. A single cookie-cutter approach for each client will not make sense for one client’s wealth compared to another. If they are willing to work with their clients to develop an investment strategy that suits their needs and comfort level, you can feel confident that your money is in good hands. 

Question #5: Do They Understand You and Your Needs?

The best way to ensure you find a wealth management firm that will help you grow your wealth should involve ensuring that they understand you and your needs on a fundamental level. Communicating with your potential wealth management firm about how they will handle your money, how the strategies align with your long-term goals, and how to grow your current portfolio will give you the confidence that your financial planning will provide you with long-lasting benefits. 

Trust Stolz & Associates, P.S With Your Wealth Management

Finding a wealth management firm with your best interests at heart and aligns with your philosophies remains an integral part of your financial strategy. Stolz & Associates, P.S. have cultivated a reputation for taking care of our high net worth clients’ wealth and helping them reach their long-term financial goals. If you are in the market for a new wealth management team to help grow your money, contact our team to schedule an appointment!