How to Pick a Money Manager
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
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