Someone who wants to generate a steady stream of income needs to invest in a range of different financial instruments. However, doing so requires quite a lot of expertise, which is where a wealth manager like Patrick Dwyer Merrill Lynch some ins. They are able to advise on the best financial instruments, such as bonds, stocks, mutual funds, and more. They do more than provide financial advice, however, as their role is to actually make money grow. So, how do you find the best wealth manager?
Patrick Dwyer Merrill Lynch on Features of a Good Wealth Manager
They have an excellent local presence.
A good wealth manager knows the city that you live in and has practiced there for years. This means that they are experienced and knowledgeable about the local area and which financial institutions work best there. Of course, they should also have a fantastic management team with true integrity, vision, and excellent leadership. It is much easier to check all of this if they are near to you, rather than on the other side of the country.
Make sure they are licensed
The financial services industry is heavily regulated, and quite rightly so. For certain investments, wealth managers must be certified or licensed, for instance with the Securities and Exchange Commission. Make sure, therefore, that you look into the rules and regulations they must uphold, and whether they uphold those. The wealth manager should list all their certifications and licenses, but you should double check those with the issuing bodies.
Choose those who offer a variety of services
There are so many different financial instruments and investments that it is very important that you work with someone who either understands them all, or who has a team in which, between them, the members understand them all. This is what will guarantee that the most appropriate investments are made across the board. It will also help you to save a lot of money, as you won’t have to pay for different brokers and advisors.
Go with your gut
A wealth manager is someone who will be handling your money, which you worked very hard for. If, at whatever time, you get the feeling that something isn’t quite right, then you should find someone else. Your gut feeling or instinct is likely to be strong when it comes to your finances, as it is your personal livelihood that depends on it.
Check and double check the contract
Have an independent third party, such as a business lawyer or accountant, review your contract. This will ensure that it is fair and legal and that everything is above board. While wealth managers are generally honest and reliable people, a mistake is easily made but can have disastrous consequences. Make sure that you fully understand what you are getting and what you are paying for, and how that will affect things such as your taxes, bank balances, and more.