Wealth Management Options

By: ispeculatornew
Date posted: 05.21.2013 (1:00 am) | Write a Comment  (0 Comments)

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One of the aspects of personal finance that I rarely discuss because many readers are more interested in finding their stocks themselves are companies that do wealth management. They generally will have your money transferred to them and will charge an annual fee (generally % of your assets) and then they will reinvest it as best as they can. The major benefit is that it’s relatively hands-off, which may become the best option for all of us at some point.  The downside of course is that the fees would generally be higher for such options. I do have a few relatives using such services and they seem to be very happy with the results. I sometimes get tempted to offer my services against those fees but such arrangements can often not work out as planned.

How To Find Such Brokers

I’d say that in general, if they’re able to find out that you have some money to invest, they will be able to get to you. In other cases though, it can be good to look online for information. In the US, Merrill Lynch has a fairly solid reputation and can be a very decent option. While Merrill is present in most major countries, there are often more local players that have significant presence such as Investors Group in Canada and Suncorp (view the Suncorp Super Website). These brokers can typically offer all kinds of solutions that will include annuities but also custom products such as the Suncorp Superannuation.

I would not go as far as saying that this type of product is for everyone but it certainly can be useful for a certain part of the population that are looking for easy and convenient ways to have their finances taken care of.

Have You Worked With Wealth Management Shops? If so, I’d love to hear your thoughts

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