Is Wealth Management for me?

It depends on the amount of the portfolio, your investing skills, and time available. For small portfolios you would be better off buying a few ETFs from a discount broker to cover US stocks, bonds and International stocks. There would be a small transaction fee and a very small admin fee yearly. These would be much cheaper than most mutual funds.

If you portfolio is a significant portion of your net worth, you need to apply advance portfolio design strategies. If you can do this yourself but don’t have the time, you can outsource it to a Wealth Management firm and monitor their performance.

If you don’t have the skill set and the portfolio is a significant portion of your net worth, you should seek professional guidance. There are a lot of services out there and you should do thorough due diligence before entrusting one. But, a good one is worth the fee charged and you would be better off over time than letting is idle under your watch.

(Credit: Robert Margetic, Investment advisor)


Wealth management experts recommend wealth management services for individuals with a minimum portfolio of $2 million or more in assets.

In addition to the dollar amount, another important factor to consider is the complexity of your holdings. When you have multiple accounts—401(k)s , after-tax accounts, college savings—and if you are married and your spouse has these as well, it may serve you to use a financial advisor or wealth manager to coordinate a global strategy for all of your investments.


Wealth management is a term used to describe a holistic approach to your financial situation. This term is a new term and is now used by many people who do not share this approach, but you can equate it to financial advice for simplistic purposes.

You have been managing your portfolio yourself up to now. Why do you think you need to switch? What can they offer you that you cannot do yourself?

I run a wealth management firm and have been in this industry for the past 15+ years. There are no top 3 financial services companies. The question you should ask yourself is, “top 3 based on what facts?” Are these facts pertinent to you?

What I am trying to say is that don’t buy into the “firm”. There are broke dealers and there are RIAs and some are a hybrid of both. None of these companies provide advice, their advisors do. so think of it as you are buying into one of their advisors.

The next question you should ask yourself is how do I find a good advisor? Here is a good article about the different types of financial advisors, and what they do
Top 8 Titles Used by Financial Advisors. You should also consider their titles (background accreditation, you can read about the 208 designations available and what they mean,    Top 7 Financial Advisor Designations. Yes there are 208.

I’m going to show a little bias here since this is my profession. You should highly consider finding a fee-only financial advisor, and one that is not part of a broker dealer, and does not sell insurance. This way you can get unbiased advice in regards to your finances without worrying about them selling you products.

You also should look for someone who is experienced. I started in 1999. I have seen 2 bear markets and 2 bull markets. That kind of experience cannot be learned in text books. Find someone with this kind of experience. If you are working with someone who started in 2009-present, they will not fully understand how to manage risk because they will not have lived it with active clients. This is important.

Also you should consider what you want to invest in and what your goals are. Do you just want tax-free income for 30 years or do you want to invest in other startups or similar ventures. You might consider finding a financial advisor who understands the market you are considering rather than someone who does not.

Think hard about what you want for your future and for your kids. Spend time mapping this out and when you know what you want, then you should consider advisors who can help you reach those goals.

(Credit: Kirk Chisholm, 15+ years providing financial planning services)

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