Following the feature on MyPrivateBanking in Bloomberg we got a fairly high number of questions from private banking clients on how to find the right wealth manager for their needs and assets. Unanimously they stated that the are unhappy with their current wealth manager, however, somehow feel “they all are the same” and do not know where to start when looking for a new one.
We have different guides providing a systematic approach to tackle these challenge, but I would emphasize in particular one measure every client (also the ones that do not want to switch providers) should take as a first step: Determining his/her financial personality.
Before shopping around for a wealth manager every client has to become clear on his/her investment goals, risk tolerance and ability to cope with uncertainty. A mandatory, but too often skipped first step (unfortunately also by most wealth managers). Only after such an honest and thorough self-assessment one has the right parameters for the selection of a wealth manager and portfolio strategy.
For determining your financial personality you can take our questionnaire. For determining the subsequent steps please refer to our various guides on how to choose the right wealth manager, cut the wealth management costs and determine the best asset allocation.