Patrick Dwyer Merrill Lynch Miami on How to Choose the Best Wealth Manager

We live in an economy where nobody feels truly secure. Those barely scraping by worry that they will lose their job and those who are quite comfortable worry that they will lose it all. Anyone who is wealthy, therefore, should consider enlisting the services of a wealth management agency such as Patrick Dwyer Merrill Lynch Miami, to ensure that all that hard-earned wealth doesn’t get lost.

Choosing the Best Wealth Manager According to Patrick Dwyer Merrill Lynch Miami

Working with a wealth manager means that you have a bigger chance of properly safeguarding your wealth. If you go about making investments alone, it is likely that you will fail unless you have significant investment experience yourself. By working with a wealth manager, you can also do more, such as save money on your taxes, properly plan your estate, report on your assets, manage your finances and more. Essentially, they will help you invest in the right place, finding the highest returns and lowest risks.

You must make sure that they offer all the appropriate services. Wealth managers will make many financial decisions for you. If you want more control, then you need to find a brokerage firm instead. If you are happy to give things such as asset reports and estate planning out of hands, however, then wealth managers are the way forward and they can also offer investment management services.

You do have to question whether you need a wealth manager or a financial advisor. They two have strong similarity, but important differences as well. Financial advisors are far more affordable, but their work is limited as well. You will need to make every single financial decision, often to the point of having to do things yourself. On the other hand, that also means that you regain greater control. Yet, unless you have strong financial knowledge yourself, you need to question how much control you really want to have. You also run the risk of financial managers favoring their own banks and investments, whereas wealth managers have far wider contacts across the financial world.

Do make sure you look into your wealth manager’s credentials as well. You need to make sure that they are trained and experienced and, where relevant, that they have the right licenses, registrations, and certifications. Additionally, you should look into their reputation, determining how other people have experienced their services. A good wealth manager will be more than happy to share their portfolio with you, so that you can seek out reviews and testimonials as well.

You should also consider the type of financial advice you will need, for which the wealth manager may have to be trained. Consider, for instance, the Chartered Financial Analyst, the Certified Investment Management Analyst, the Chartered Public Accountant, and the Certified Financial Planner. They have all received different training on different specifics of finances, and you must make sure that yours is experienced where you need them to be.