WrapManager's Wealth Management Blog
When life changes, we can help you thoughtfully respond.

How Do You Know it’s Time to Hire a Wealth Manager?

Posted by Gabriel Burczyk | CEO
October 4, 2017

Hire-a-Wealth-Manager.pngFor some investors, hiring a wealth manager is a no-brainer. Whether it’s because finance and investing was not your chosen profession, or because you enjoy spending time doing other things, managing your financial life may feel like something best handled by a professional. Easy enough.

For others, the decision to hire a wealth manager or financial advisor is not as clear-cut. There are “do-it-yourselfers” who prefer self-managing; people who keep all of their retirement assets at the bank or in the old company 401(k) plan; and even those who want to hire an advisor but simply don’t understand enough about the wealth management profession to know where to start (if that’s you, start here.)

But even the “do-it-yourselfers” and others resolute on self-managing have circumstances that warrant the help of a professional wealth manager. Here are four of those circumstances:

  • Big Life Change – there is no shortage of big life changes that many of us encounter throughout our lives—weddings, births, high school graduations, moving the family to a different city, job changes, health issues, and so on. These life changes often mean devoting more of our time to addressing that change, whether it's life with a new spouse or life in a new town. But having less time might also mean sacrificing attention and detail to our financial plans, which can have an adverse impact over the long-term. Hiring a wealth manager, in this sense, ensures that an adequate amount of time is being dedicated to your financial future.
  • Finances Suddenly Grow More Complicated – a child that wants to attend an expensive university, a parent that needs long-term care, or perhaps an inheritance or promotion that means having more complex finances to manage - these are just among a few reasons a person’s financial situation could become more complex, which may move it from “do-it-yourself” to “needs the help of a professional.”  
  • Retirement – when a person retires, their wealth management needs often change. No longer is wealth planning about accumulating assets and growth – it now becomes about managing cash flow needs throughout retirement with disbursements, RMDs and healthcare costs. It also means making sure you maintain the money you need to fulfill your long-term objectives.
  • Estate Planning – wealth managers often work alongside your estate planning professionals to set up accounts and manage investments with a set long-term objective in mind. Wealth managers also often interact with various members of the family (including spouses and adult children), so that when the time comes to distribute and manage assets for beneficiaries, there is a trusted wealth manager there to help the family through the transition.

So, Is It Time for You to Hire a Wealth Manager?

If you’re ready to hire a wealth manager and need help with how to best evaluate a financial advisor, WrapManager has created a Guide to Finding a Better Financial Advisor. This helpful guide is full of insights and tips to help you evaluate a financial advisor, including:

  • Signs you need a new wealth manager
  • What you should expect when talking to a financial advisor
  • Objective evaluation strategies to help you find the best advisor for you
  • Plus, a bonus financial advisor review checklist to use when interviewing candidates

Download your complimentary copy here.



Hiring a Financial Advisor

a guide to finding a better financial advisor