Wealth management includes comprehensive financial planning and investment management aimed at accomplishing your financial goals and helping you grow and preserve your wealth over the long term.
There are several different wealth management firms in Minneapolis, MN. It is beneficial to understand the services a wealth management firm offers as you make your selection.
When choosing a wealth management firm, one important factor to consider is the team’s experience. What are the specialties of the advisors? Do you need estate planning, tax planning or retirement planning? The wealth management firm you choose should have a team of experienced professionals who can provide you with the right advice for your situation.
Another essential aspect to consider is the source of revenue the firm receives. Is the wealth management firm fee-only? Or does the firm receive commissions from selling products or other incentives? If a firm gets commissions, they may have conflicts of interest in their advice. Fee-only firms are free of these conflicts of interest. To make sure your wealth management professional is working with your best interests in mind, we advise that you stick to fee-only firms.
Finally, it is also important to consider the reputation of the wealth management firm. Does the firm have a record of any disciplinary actions by the SEC? By whom is the firm regulated? Is the firm regulated by FINRA or the SEC? The SEC has a higher standard of fiduciary care compared to the suitability standard of FINRA.
With the firm best fitted to your situation, you have the potential to grow and preserve your wealth over the long term. Taking the time to think carefully about this decision may benefit you.