Choosing someone to help manage your wealth is one of the most important financial decisions you can make. Your relationship with a wealth management partner can significantly impact how you grow your assets, plan for the future, and navigate life’s inevitable changes. Yet many people feel unsure about what to ask or how to know when they’ve found a good fit.
While there’s no perfect checklist, asking thoughtful questions up front can help you feel more confident about your choice. Here are some areas to explore if you’re comparing independent wealth management firms or considering partnering with a new firm.
Clarify What Services They Provide
Begin by understanding the full scope of their responsibilities. Wealth management can mean different things to different firms. Some focus heavily on investments alone, while others take a broader view of your financial picture.
You might ask:
- Do you offer planning for retirement income, tax coordination, estate planning, or charitable giving?
- Do you have experience working with clients who have situations like mine, such as business sales, inherited wealth, or family trusts?
The answers can help you see whether their services match your investment management, wealth management, and lifestyle goals, both now and as they evolve.
Understand Their Approach to Planning
Good wealth management is rarely one-size-fits-all. It can be helpful to ask:
- How do you build a plan for new clients?
- How often do you revisit and adjust the plan?
- What role does risk management play in your overall approach?
Hearing how they adapt a plan as your life changes can give you a sense of how flexible and thoughtful their process may be.
Ask About Communication and Relationship Style
Your wealth management partner should feel like a resource you can rely on, not just someone you hear from once a year. You could ask:
- How often will we meet or connect for reviews?
- Will I work with one dedicated advisor or a team?
- What happens if I have questions between scheduled meetings?
Some people prefer frequent check-ins, while others like a more hands-off approach. Understanding how they communicate helps you determine if their style aligns with yours.
Discuss Fees and Transparency
Costs are a crucial component of the puzzle. You might want to understand:
- How are you compensated: flat fee, percentage of assets, or another structure?
- Are there any additional costs I should know about?
- How will I know what I’m paying for?
Knowing how your advisor is paid and what services are included helps you feel comfortable with the value you’re receiving. Some people prefer working with independent wealth management firms that offer fee-only relationships, while others feel confident working with other structures. The best choice depends on your situation and what feels right to you.
Talk About Coordination with Other Professionals
Your financial life often overlaps with legal, tax, and insurance matters. A good question to ask is:
- Do you coordinate with my CPA, estate attorney, or insurance provider if needed?
- How do you handle more complex planning that requires a team?
Wealth management firms often highlight their ability to work alongside other professionals so that investment management, wealth planning, and tax strategies stay connected.
Get a Sense of Their Experience and Philosophy
Not every advisor will be the right match for you, and that’s okay. Try asking:
- How long have you been helping clients with wealth management?
- What types of clients do you typically serve?
- How do you handle market uncertainty or changing client priorities?
These questions can help you understand their perspective and whether it aligns with your goals for risk management, wealth growth, and family priorities.
Understand What Happens If You Need to Make Changes
Life happens, and sometimes you may need to make adjustments. It’s reasonable to ask:
- If my advisor changes roles, what happens to my plan?
- If I ever want to move my accounts or work with someone else, what is the process?
Knowing you have options can bring peace of mind for the long term.
How to Decide If They’re the Right Fit for You
When you step back, choosing a wealth management partner is about more than just performance. It’s about trust, transparency, and feeling comfortable asking questions as your life evolves.
Some investors feel more confident working with a fiduciary financial advisor as part of an advisory relationship. Others feel that different compensation models or independent wealth management firms are the best match for them. The key is finding an approach that supports your investment management, wealth planning, and overall lifestyle in a way you feel good about.
At Virtue Asset Management, we work with advisory clients who want thoughtful, fee-only guidance as part of a broader plan. But every client’s situation is unique, and it’s worth taking time to decide what works best for you.
Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results.
This is not intended to be relied upon as forecast, research, or investment advice, and is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy.
Additional information about Virtue Asset Management is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using SEC #801-123564.Virtue Asset Management is neither an attorney nor an accountant, and no portion of this content should be interpreted as legal, accounting, or tax advice.