13 Questions to ask before selecting an Wealth Manager

[powerpager]

Great List to check off

[usagal]

The first and most important question is whether you trust the advisor. Pick someone from your own church.

I realize that you must trust your financial advisor but merely picking someone from your church well lets just say you need to make sure they have the cred. too and an excellent track record, food for thought just because they go to "church" doesn't mean they can be trusted, as sad as that is to say!

[GJM]

Good overview. I would add one more item. Does the manager diversity in solid international investments not held in the US dollar.

[jmilkey]

I found this interesting

Those are some interesting questions...for most I think if you do ask those questions you are likely not going to find too many options for Wealth Management.

Truth of the matter is there are very few guarantees when it comes to safe harbor for large sums of money, and guaranteed returns.

Clearly you will want to distribute your wealth across a few strategies just in case the one person you pick, whether they are from your church or not, lets you down.

If you haven't heard of Infinite Banking and you don't know how this works, take some time to educate yourself. There are 3 short videos you can watch that can help you start to understand how this can be used to protect your wealth and provide tax free guaranteed growth.

triple W dot mpgbanking dot com

I have been studying this strategy for years and can answer most questions you may have if you want to ping me.

Jeffrey

[EBJNYC]

1. What are the Advisor's Professional Credentials?

2. Is the Advisor's Approach Objective?

3. Did the Advisor Ask About Your Investment Needs, Objectives and Risk Tolerance?

4. What is the Advisor's Investment Process?

5. Are You in Your Comfort Zone?

6. How Will the Advisor Keep in Touch With You?

7. Does the Advisor Prepare a Written Investment Policy Statement?

8. Is the Advisor's Fee Reasonable?

9. Who Holds My Assets and Will They Be Safe?

10. Do You Provide a Report Showing the Investment Performance of My Portfolio?

11. What Benchmarks Do You Use For Comparison?

12. May I Have a Copy of Your Disclosure Brochure for My Review?

13. What Kind of Reports Do You Provide and How Frequently?

What better "wealth manager" -- THAN ME. If you cannot manage your own money - you SHOULD NOT OWN IT !!

Edited June 10, 2010 by EBJNYC

[Chip Chandler]

What better "wealth manager" -- THAN ME. If you cannot manage your own money - you SHOULD NOT OWN IT !!

Perhaps you are a natural at managing large sums. That is good for you and I respect your confidence. The truth is that most of us are not naturals or we would prefer to have someone else handle the day to day details. So we feel the "experts" can produce more for us than they cost us.

I would like to add advice that I have heard over and over. "if you come into a windfall and are not used to having wealth, the smartest thing to do is to park it somewhere for six months. After six months you will be less impulsive. Otherwise the money will run through your fingers like water."

I was raised around a little money but my father spared me the burdon of having wealth. Yep, he enjoyed life and then gave the rest away. Lets see how well I do!

I think if we can make a commitment to each other to meet at least once a year, we will have one more reason to be a good steward of our wealth.

[dlbfilm]

Interesting.... so do we have someone in VIP that can do this? Danny

[EBJNYC]

"if you come into a windfall and are not used to having wealth, the smartest thing to do is to park it somewhere for six months. After six months you will be less impulsive. Otherwise the money will run through your fingers like water."

Excellent advice in addition to having a WRITTEN PLAN BY THE NUMBERS -- takes the EMOTION out of the event and gives CLARITY OF THOUGHT.

Edited July 30, 2010 by EBJNYC

[Racheal]

Thank you to all who gave sound advice on this, this is what we all should be talking about!

[dlbfilm]

So do we have a wealth manager in this crazy mix????

[cjmac]

1) when's it going to RV

2)When's it going to RV?

3) When's it going to RV?

4) When's it going to RV?

5) When's it going to RV?

6) When's it going to RV?

7) When's it going to RV?

8) When's it going to RV?

9) When's it going to RV?

10) when's it going to RV?

11) When's it going to RV?

12) When's it going to RV?

13) Has it RV'd YET?

OMG!!! Too funny Mongo!!!!.......but I do agree times 13!!

So do we have a wealth manager in this crazy mix????

You?????

[Cosmo]

Good post to revive, I want to be sure that my new wealth when it comes will spawn further investments to bring more in so my family and I can live better and help others in real need.

I plan to do a lot of research to have the best advisor lined up and this information is a big help!!!

[tunisd]

So do we have a wealth manager in this crazy mix????

Hello dlb, there are several on the DV website that I know personally, myself included. With that said you should find someone local and through a trusted friend or a trusted referral. My feelings have always been that an individual must take responsibility for their own wealth and decisions, people give way to much credence and power to advisors and wealth managers, just look at Bernie Madoff. You and your family must lay out a plan for how you want to handle the wealth you are about to receive. The Wealth Advisor or Money Manager should just be a conduit for you to implement your thoughts and ideas.

[snackpack]

Those are some interesting questions...for most I think if you do ask those questions you are likely not going to find too many options for Wealth Management.

Truth of the matter is there are very few guarantees when it comes to safe harbor for large sums of money, and guaranteed returns.

Clearly you will want to distribute your wealth across a few strategies just in case the one person you pick, whether they are from your church or not, lets you down.

If you haven't heard of Infinite Banking and you don't know how this works, take some time to educate yourself. There are 3 short videos you can watch that can help you start to understand how this can be used to protect your wealth and provide tax free guaranteed growth.

triple W dot mpgbanking dot com

I have been studying this strategy for years and can answer most questions you may have if you want to ping me.

Jeffrey

Ok i read up a bit on the whole infinite banking strategy and i think i get the gist of it.

Thanks for the link.

I have a question though,

when we cash in after the RV is there someway to transfer it to one of these life insurance things and not have to pay the 35% tax that everyone is talking about?

[Officer151]

One question to ask before seeking a wealth manager - DO YOU HAVE ANY WEALTH TO MANAGE! Or maybe you could just give out IOU's for everything you want like in the movie Dumb and Dumber!!