High net worth individuals balance many financial responsibilities. From continuing to generate revenue in their careers while managing expenses to managing and protecting their portfolios, there are numerous important considerations.

Oftentimes, optimizing portfolios and properly allocating assets can become too complex for a single person to manage alone. This is where a wealth management group can provide immense value. 

If you were to search “wealth management group” online, you will find many organizations promising a laundry list of services designed to assist you in growing and protecting your wealth. This raises a significant question, though: How do you determine the right team to work with for your specific portfolio?

Today we are going to review 5 important traits of high-performing wealth management organizations. With these guidelines, you will be able to identify wealth management groups that have the experience, qualifications, and drive to help you achieve your financial goals.

1: Group Experience

The first trait of a great wealth management group is experience. When it comes to managing wealth, there is no substitute for experience. The team you work with should have a wealth of knowledge and experience in the financial industry.

Look for a wealth management group that has produced success for its clients over many years and has a proven track record. The team should also have experience working with clients who have similar wealth profiles to yours.

2: Industry-Specific Experience

In addition to general experience in the financial industry, it is also important to look for a wealth management group with specific experience in your industry.

For example, if you own your own business, you will want to work with a team that has experience helping successful entrepreneurs grow and protect their wealth. If you have built a fruitful career in the medical field, you will want to find a wealth management group with experience working with doctors and other medical professionals.

Industry-specific experience is important because it gives the wealth management team a deeper understanding of the unique financial challenges and opportunities you face. This can also include business-related factors like liabilities and outstanding debts.

3: Fiduciary Values

A wealth management group that puts its clients’ best interests first is a wealth management group you can trust.

The wealth management industry is regulated by the SEC, which requires wealth management groups to act as fiduciaries. This means they are legally obligated to put their clients’ best interests ahead of their own.

When you are reviewing potential wealth management groups to partner with, ask them about their fiduciary values. How are they working to help their clients achieve their specific business goals?

4: Boutique Service

Wealth management is a complex process that requires a high level of customization. The right wealth management group for you will offer boutique services that are tailored to your specific wealth profile, business goals, and investment objectives.

Boutique wealth management groups are typically smaller than large banks or financial institutions. This gives them the ability to be more nimble and provide a higher level of customization and attention to their clients.

When you are considering different wealth management groups, ask them about the types of services they provide and how they are customized to meet the needs of their clients.

5: A Complete Range of Financial Services

While a strong asset portfolio is foundational to any wealth management strategy, there are numerous other financial services that can also help protect you against future financial complications. 

Beyond assisting you with allocating assets to build a stronger portfolio, a wealth management group should also offer additional services that could include, but are not limited to:

• Legal Consulting: Reviewing and advising on legal documents like contracts, trusts, wills, etc.
• Tax Consulting: Reviewing your tax situation and providing advice on how to minimize your tax liability.
• Estate Planning: Working with you to develop a plan for passing on your wealth to future generations.
• Philanthropic Planning: Assisting you with charitable giving strategies that align with your wealth goals.
• Divorce Consulting:  Reviewing your financial situation and advising you on the best way to protect your wealth in the event of a divorce.
• Insurance Services:  Reviewing your insurance needs and making recommendations on the best type of coverage for you.
• Retirement Planning:   Assisting you with developing a retirement plan that empowers you to retain your financial independence.

These are just a few of the additional services wealth management groups can provide. When you are considering different wealth management groups, ask them about the complete range of services they offer to help you determine the right one for your financial situation. 

Work with a Boutique Management Group Today

Choosing the right wealth management group is an important decision. By considering the qualities listed above, you can be sure you are making the best choice for your financial needs.

At Hutchinson Family Offices, we provide a comprehensive boutique wealth management solution for our clients who are seeking to optimize their portfolios while growing and protecting their wealth. If you are looking for assistance in managing your portfolio or other financial planning services, contact us today to get started. 

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