5 Questions To Ask A Wealth Manager Before Hiring Them

We understand that starting a relationship with a Wealth Manager can be quite daunting - allowing somebody to take a level of responsibility over your finances should be something that is taken seriously. In this Hedley & Co blog, we aim to explore the 5 questions to ask your potential Wealth Manager before hiring them.

It may be the case that you find yourself with a large sum of money that you want to invest - perhaps after the death of a family member for example. It can be really beneficial to turn to a Wealth Manager when this situation arises however, we appreciate, it isn’t a decision to be taken lightly. We want to ensure you know exactly what to expect when dealing with potential Wealth Managers.

The world of investment is ever changing. If you are unsure how investment works or where exactly to invest your wealth - this is the blog for you !

Key Questions To Ask Your Potential Wealth Manager

Before handing over your finances with little to no knowledge of investments, stocks or shares, we encourage you to ask appropriate questions before hiring a Wealth Manager - to ensure you get the most out of this transaction.

Understanding what services a potential Wealth Manager can offer to you is key before hiring them - here are the top 5 questions you should be asking.

Do you have other clients in a similar position to me?

Sometimes, certain Wealth Managers work with a certain type of clientele. Understanding whether a potential Wealth Manager’s services can be tailored to you is important. Some Wealth Managers only deal with a certain amount of money, or people in certain situations so it’s important to find out whether they are equipped to manage your investments.

It is always worth asking your potential Wealth Manager about their experience in order for you to get the most out of the relationship - you want to choose somebody who has experience dealing with a similar amount of money to you, and with others in similar circumstances.

How am I protected?

Wealth Managers have a duty of care when it comes to managing your finances. More often than not, Wealth Managers offer bespoke recommendations and advice based on your circumstances. Understanding what protection you receive from the firm is important.

The Financial Conduct Authority provide a register on-line (see fca.org.uk) which lists all Firms that have the authority and permission to give financial advice

How much do you charge?

Often a key question to ask before starting any professional relationship. There is no reason why a Wealth Manager can not be transparent with you about fees before you become their client.

Understanding how much they charge for their services and how much you will need to pay will further guide you as to whether or not the firm or individual is the right manager for you. Gather an understanding of your needs and the services you require so your potential Wealth Manager can give you the clearest indication possible about what charges will occur.

What are your credentials?

Each firm may have different rules when it comes to the credentials of its Wealth Managers. The minimum qualification required to be an Investment Manager is CISI Level 6, which is a certificate in Private Client Investment Advice and Management. Level 6 as a qualification is viewed as equivalent to an undergraduate degree.

Some Wealth Managers may have Chartered Wealth Manager status, which is viewed as equivalent to a master's degree.

Anyone who manages accounts at Hedley and Co is level 6 qualified as a minimum. Generally, this is the industry standard, however, there may be some exceptions. Be sure that you are dealing with a Wealth Manager equipped to manage your account by checking their credentials.

What services do you offer?

Whether they are an independent Wealth Manager or part of a wider financial firm, your potential Wealth Manager should be able to tell you what services they can offer you. Their management is often guided by their knowledge and access to a number of markets so it is worth asking what services they offer and what their access is to wider networks.

Whether it be pension investment or investment for capital growth, it’s important to understand how a specific Wealth Manager might advise you, before hiring them.

Wealth Management At Hedley and Co

At Hedley and Co, we understand the apprehension that comes with approaching a Wealth Manager - so we’re here to help! Our Wealth Manager’s main role is to take the pressure off by helping you manage and make sense of your shares and investments. 

We aim to guide our clients to make the right choices about their future investments and offer specialist, tailored advice. Whether our clients require growth, income or a balanced return, we offer designated Wealth Managers who are equipped to monitor the market and make personalised advice and recommendations.

If you would like to learn more about wealth management at Hedley and Co and ask some of our advisors the questions we have explored in today’s blog, please don’t hesitate to get in touch.

You can book a free consultation where you can ask us any questions! Call us on 01254 699333 or 01772 887880 or email info@hedleyandco.co.uk.