Find a Wealth Manager for Your Financial Future

Finding the right wealth manager is a crucial step in securing your financial future. A good wealth manager can help you achieve your long-term financial goals, such as retirement or buying a home.

To get started, it's essential to assess your financial situation and goals. This includes evaluating your income, expenses, debts, and assets. A wealth manager can help you create a personalized financial plan tailored to your needs.

Your wealth manager should have experience working with clients with similar financial profiles and goals. They should also have a deep understanding of the financial markets and be able to provide you with expert advice.

Wealth management is a holistic service that focuses on helping mid- to high-net-worth clients grow their money, manage their liability exposure and devise strategies to pass their wealth on to their designated heirs.

Wealth management services take a comprehensive approach to the financial situation of higher-net-worth clients, versus working with an advisor focused solely on financial planning or investment management.

Some typical services offered by wealth management firms include:

Legal services are a prime example of a service that may be offered in conjunction with an outside partner.

Choosing a wealth manager can be a daunting task, especially with so many options available. You want to find someone who understands your unique financial situation and can provide tailored advice to help you achieve your goals.

First, consider the type of client a wealth management firm works with. Some firms may focus on clients with specific professions, such as doctors or lawyers, so it's essential to find a firm that caters to your needs.

To evaluate a potential wealth manager, look at their qualifications, including professional designations like CFP, CPA, or CFA. You should also consider their level of experience in the wealth management space and the services they offer.

Here are some key questions to ask when selecting a wealth manager:

By asking these questions and considering your own financial needs, you'll be well on your way to finding a wealth manager who can help you achieve your financial goals.

A wealth management firm is a type of financial advisor that works with high-net-worth clients. They use a combination of financial planning and investment strategies to help clients grow their wealth, manage financial liability, and meet long-term financial goals.

To choose a wealth management firm, you'll want to look at several things. First, consider the firm's qualifications. A wealth manager should have professional designations such as CFP, CPA, or CFA, and a significant level of experience in the wealth management space.

Look at the services the firm offers. A wealth manager provides comprehensive, holistic advice in a broad range of financial and related areas, including investments, tax and accounting services, estate planning, retirement planning, and comprehensive financial planning.

Consider the firm's fee structure. Many wealth management firms charge a fee based on the value of the assets under management, while others charge a flat fee. You'll also want to ask about any potential commissions or incentives the firm may have for selling certain products.

Here are some key questions to ask a potential wealth management firm:

By asking these questions and doing your research, you can find a wealth management firm that meets your needs and provides the services you require.

When considering wealth management, it's essential to think about how much money is required to justify the expense of this type of service.

There are no hard and fast rules, but a minimum of $2 million to $5 million in assets is a common range where it makes sense to consider wealth management services.

Much below that, it might be hard to justify the expense, as the benefits of wealth management may not outweigh the costs.

Minimum levels will vary by firm and may also depend on your individual circumstances, such as your profession or family relationships.

For example, a wealth manager may want to take on the children of larger clients to ensure their wealth stays with the firm, or establish relationships with younger professionals like doctors or attorneys.

Financial advisors can get paid in three basic models: commissions, fee-only, and fee-based. Fee-only advisors are fiduciaries, meaning they must act in your best interest.

The SEC's Best Interest rule allows advisors to say they're putting their client's interest first, as long as they disclose how they're paid and any disciplinary history. However, many consumer advocates recommend sticking with fee-only advisors.

Investors will pay a fee for the advisor plus additional fees for the investments they use. These fees can add up quickly, so it's essential to understand how your advisor gets paid.

There are several ways fee-only advisors can be paid, including annual fees, hourly rates, monthly subscriptions, and flat fees. Some advisors, like members of the Garrett Planning Network, charge an hourly rate, which can be a few hundred dollars.

When choosing a wealth management firm, it's easy to get fixated on price, but that's not the only thing to consider. Tyler Landes, a Certified Financial Planner, says to focus on value, not just price.

Here are some common fee structures to watch out for:

Be wary of advisors who earn a commission on what they sell to you, as they may be more interested in earning extra money through product sales than in making sure what they're selling is the best fit for your needs. Look for an advisor who has a fiduciary duty to their clients, such as a Certified Financial Planner.

Investors can expect to pay around 1% of their assets under management as an annual fee, with some advisors requiring a minimum of $250,000 to several million dollars in assets. This fee is usually deducted from their account balance, usually quarterly.

Finding the right wealth manager can be a daunting task, but understanding the different types can help.

There are various types of wealth managers, each with their own specialty.

Wealth managers typically work with high net worth clients, those with at least several million dollars in assets.

A fee-only financial advisor can be paid in multiple ways, including an annual fee or an hourly rate, which can be cheaper if your needs are straightforward.

Some wealth managers are part of a team, each specializing in a particular area, such as estate planning or taxes.

It's essential to find a wealth manager who has the right designations, such as a certified financial planner (CFP), chartered financial analyst (CFA), certified public accountant (CPA), or chartered financial consultant (ChFC).

Here are some common types of wealth managers:

To connect with a wealth manager, you can reach out to Merrill and request to be connected with an advisor. You'll receive an automated email confirming receipt of your request, and a Merrill financial advisor will be in contact with you in the coming days.

The Merrill Guided Investing program has an investment minimum of $1,000 for growth-focused strategies and $50,000 for income-focused strategies. The Merrill Guided Investing with Advisor program has an investment minimum of $20,000 for growth-focused strategies and $50,000 for income-focused strategies.

Wealth managers can offer a wide range of services, including investment management, estate planning, trusts, philanthropic planning, and tax strategies. They can also provide concierge healthcare and socially responsible investing.

If you have a significant amount of wealth, a wealth management firm can be a great resource.

High-worth or ultra-high-net-worth individuals are typically the best fit for working with a wealth management firm.

Having fewer than $2 million in assets may not make a wealth management firm the most sensible choice.

These firms can provide expert guidance and tailored advice to help you make the most of your wealth.

Connecting with a Merrill advisor is a straightforward process. You'll receive an automated email confirming receipt of your request shortly.

You can expect a Merrill financial advisor to be in contact with you within a few days. This is a great opportunity to discuss your specific financial goals and needs.

To get started, make sure to review the applicable Merrill Guided Investing Program Brochure or Merrill Guided Investing with Advisor Program Brochure. These brochures will provide you with essential information about the program fee, rebalancing, and investment advisory details.

Your recommended investment strategy will be based solely on the information you provide, and it's separate from any other advisory program offered by Merrill. If you're the fiduciary of an account, keep in mind that these assets will be invested for the benefit of the account owner or account holder.

The Merrill Guided Investing program has a minimum investment requirement of $1,000 for growth-focused strategies and $50,000 for income-focused strategies. The Merrill Guided Investing with Advisor program has a minimum investment requirement of $20,000 for growth-focused strategies and $50,000 for income-focused strategies.

Harness Wealth is a service that connects clients with advisors, charging clients no fee. This model is similar to Zoe Financial, where clients are matched with experienced financial advisors.

All of the financial advisory firms on the Harness Wealth platform are fiduciaries, meaning they act in the best interest of their clients. This is reassuring, as it ensures that clients receive unbiased advice.

Fees are typically 1% of assets under management, which is a relatively low fee structure compared to some other wealth management services. Some advisors may also charge flat fees for specific services, ranging from $1,000 to $7,000.

Harness advisors may offer specialty investment strategies, such as index-based investments or private placements, which can provide clients with unique investment opportunities.

If you're not a good fit for a traditional wealth management firm, don't worry, there are other options for getting financial advice.

Empower is an online advisory and wealth management firm that offers services with lower minimums and fees than a traditional wealth management firm, making it a more accessible option for those who may not have the required assets.

Vanguard Personal Advisor Services is another service that provides advice and planning to clients, often with lower fees than traditional wealth management firms.

Other online financial advisory services and apps offer a range of services, from basic financial advice to some aspects of wealth management, and may be a more affordable alternative for those who are not yet at a place financially where a traditional wealth management firm is feasible.

Financial advisors, such as Certified Financial Planners, often work with clients at all levels of net worth, creating investment, retirement, and wealth-building plans. You can look for an advisor who charges a flat hourly fee so you know exactly how much you will pay for each consultation.

Estate planning attorneys can help everyone, regardless of net worth, create a will and estate plan to ensure that the people you choose will inherit your assets after your death. Look for a local estate planning attorney who charges an hourly rate or a per-project rate.

Robo-advisors can build and automate an investment plan based on your personal goals and risk tolerance, often with minimum investment requirements as low as $5 for those just starting out.