Many investors are tempted to manage their own investment accounts. Some have a great deal of interest in the stock and bond markets and enjoy the challenge. Others may want to just save money in fees. In either case, an investor shoulders the critical responsibilities of making sure their investments perform well and meet their needs for the long-term. This is a challenging task.
Before deciding to self-manage, we’d consider these three benefits to hiring money managers to do it for you.
Save Time and Reduce Stress
Retirement should be about enjoying the fruits of your labor and reaching your lifelong goals. Self-managing investments may become a hindrance to achieving this, because the amount of time, research, and the frequency with which someone needs to make critical decisions is great. Hiring money managers places these responsibilities on someone else.
Maintain Control over Your Investments
Hiring a money manager does not necessarily mean giving up complete control of how your money is invested. If you have a financial advisor who recommends money managers to you based on your needs, you can also work with that financial advisor to constantly evaluate the job that your money managers are doing for you. If you or your financial advisor decides that a money manager isn’t working for you in your plan, make a change.
Use Your Money Manager as a Learning Experience
If investing wasn’t your chosen profession in life, but you want to learn more about strategies and techniques, hiring a money manager is a great way to accomplish that. Just about every money manager is different in their investment approach and style. By studying how they make decisions and reading their published investment materials, you can start to learn how the investment process works. This can be an invaluable stepping stone on your way to self-managing some of your assets, if that is your ultimate goal.
WrapManager Can Help You Find Money Managers Worth Hiring
Our focus is to research, evaluate, and recommend money managers to our clients. We can work with you in the discovery process and provide you with materials to learn more about how money managers work, and which ones might be worth hiring based on your needs. You can call one of our Wealth Managers at 1-800-541-7774 to learn more.
Michael is a Certified Wealth Strategist and Wealth Manager at WrapManager, Inc.
