What a glorious day. You’ve come to that point in your life where you want someone else to help you manage your assets. What criteria should you use to find the right person for you?
Criteria One — Are “they” trustworthy?
I know what a way to start a list. Use a big cliche. But, honestly, trust is what it is all about. However, how can you determine they are trustworthy? Here is comes the power of the internet, friends, and networking. Search the internet for the individual and the company they work for. You may need to narrow your search by location, but usually if there are good or bad reviews you will find them. Ask your friends who they use. Ask them if they have heard of this person or their company. Finally, ask your business contacts. You may in fact want to start with your friends and business associates to see who they use first and then do some research.
Criteria Two — Are “they” good at what they do?
Simply put, how do they perform. This one is somewhat tough. But if most people lost 50% during the last downturn, but their clients only lost around 25%, that is a good indication that they are at least making better decisions than their counter-parts. You want to make sure they are worth what you are paying them for. On the other hand, you might want to make sure they aren’t, too good. For instance, is their performance too good to be true. Think Bernie Madoff. He seemed to fit the first criteria and then smashed through the second. But remember rule #1 of investing. If it is too good to be true, it usually is.
Criteria Three — Do “they” listen?
This one is somewhat easy to test. Give some odd details, interesting facts, some of your goals and dreams, etc. during your initial conversations. Then in subsequent meetings see if any of that comes up. If they are worth their salt, they will want to make you feel comfortable. The best way to do that is to be engaged and attuned to you. The best way for them to prove that is to have paid attention and be able to bring up some of the little details.
Criteria Four — Are “they” pushy?
The last thing you want to do is to jump in and make a hasty decision. They need to earn your business, not the other way around. If they try to push you for a decision then they probably aren’t for you. On the other hand, you also need to remember that time is money for them, too. Make sure the respect for time goes both ways.
Criteria Five — Do “they” have support?
You might have been wondering why I kept using “they”. You want to know there is some support behind the person. Whether it is a large firm or a smaller independent business, does your potential money manager have a team of people working with them that can back them up. And do these people also meet the criteria above. Does the support take time to listen to you, are the trustworthy, are they patient with you, etc.
By the way, I’m not a money manger, but these are the criteria I would look for. However, I haven’t reached that glorious point in my life.:O)
Chris Duncan is a FINRA Registered Representative. He works for Jumbo CD Investments, Inc., a leading CD research and placement firm. He specializes in helping clients find the highest CD rates nationwide. His clients include individuals, financial institutions, corporations, and public agencies. Visit us for Certificate of Deposit Rates
Article Source: http://EzineArticles.com/?expert=Chris_Duncan
http://EzineArticles.com/?How-to-Pick-a-Money-Manager&id=4041342
Related Reading:
The Playbook for Small BusinessesWhat would a playbook used to operate a small business that's grown over 1300 percent in nine years look like? That playbook is the manual Steve Henry... Read More >
Small Business Management: Launching and Growing Entrepreneurial Ventures (with Printed Access Card)Realize your dreams of small business success with this market-leading SMALL BUSINESS MANAGEMENT: LAUNCHING AND GROWING ENTREPRENEURIAL VENTURES, 15E.... Read More >
Small Business For DummiesWant to start the small business of your dreams? Want to breathe new life into the one you already have? Small Business For Dummies, 3rd Edition provi... Read More >
Entrepreneurial Small BusinessEntrepreneurial Small Business (ESB) provides students with a clear vision of small business as it really is today. It focuses on the distinctive nat... Read More >
The Small Business Start-Up Kit: A Step-by-Step Legal GuideThe best step-by-step guide to starting a business available! Many people dream of running a business of their own -- but often don't know ... Read More >
Effective Small Business Management (9th Edition)This book provides you a pathway to launching a new, small business successfully.
The edition pro... Read More >
Small Business Management: Entrepreneurship and BeyondSmall Business Management provides a balanced introduction to both entrepreneurship and small business management with a focus on achieving and mainta... Read More >
Essentials of Entrepreneurship and Small Business Management (6th Edition) This text provides the knowledge and tools readers need to launch a business so that it has the greatest chance for success.The Foundations ... Read More >
Small Business Management: An Entrepreneur's GuidebookOperating any business is complex and challenging, but it provides interesting, creative, and rewarding experiences. Small Business Management, Sixth... Read More >
Small Business Management: An Entrepreneurial Emphasis (with CD-ROM and InfoTrac®)Small Business Management, with its loyal following and great package, is far and away the market leading text in small business and has been for many... Read More >
Possibly Related Posts:
- Four Effective Uncommon Approaches to Bad Credit Auto Financing
- Get Approved For Unsecured Personal Loans Through the Online Application
- Employment Schemes – The Downside of “Easy Money”
- Be Financially Independent
- Macquarie Infrastructure Company LLC (NYSE: MIC) To Sell Thermal Chicago
If you enjoyed this post, make sure you subscribe to my RSS feed!
