Hiring a Money Manager: 5 Do’s and Don’ts for 2025
By Brian Famigletti, Managing Director & Head of Marketing
Financial Foundations
Hiring a money manager is always a big decision. And that’s especially true for high-net-worth individuals with a multitude of financial responsibilities.
It’s important to find someone you trust with the experience to advise you on how to build wealth, minimize tax liabilities, and navigate economic and political shifts.
A good money manager will work by your side and, ultimately, give you financial peace of mind. With over 300,000 financial advisors in the U.S., use these five “do’s” and “don’ts” to find the right money manager for you.
3 Do’s When Hunting for a Money Manager
Do: Be clear on what you expect from your money manager
There are several types of money managers, including wealth managers, financial planners, and investment advisors. Think about what services you need and how you want to work with your advisor.
For example, a high-net-worth individual might want a wealth manager to help them manage their investments, retirement strategies, estate planning, and more. Someone new to the markets might decide to work with an investment advisor to define strategies and closely manage their portfolio.
Do: Check their credentials
Always check to see that your money manager is licensed. Look for advisors who are bound by “fiduciary duty.” This means they are legally obligated to put their clients’ interests first and avoid conflicts of interest.
Chartered Financial Analysts, Certified Financial Planners, and Registered Investment Advisors all have a fiduciary duty to their clients.
Do: Fully understand their fees
Money managers follow various fee structures — sometimes a combination of several. There may be a flat fee or an hourly rate. Others may charge a percentage of the assets they manage, or a fee for strong performance.
Make sure you are comfortable with the manager’s costs, and look for advisors who are transparent with these details upfront.
Avoid These 2 Money Manager Don’ts
Don’t: Work with the first money manager you meet
Talk to at least three money managers before you commit to anything. This can help you compare and contrast different approaches to find someone qualified to help you handle your financial circumstances.
Don’t: Settle for an advisor you don’t get on with
You might find a money manager who seems great on paper and convinces you they can develop a comprehensive plan for you and your family. No matter how competent they are, that relationship will fail if you’re on different wavelengths. If you’re dealing with a firm, find out exactly who will manage your account and make sure it’s someone you have confidence in.
At Griffin Asset Management, we understand that every client is different. That’s why each portfolio is designed to exceed our clients’ expectations. If you’re in the process of vetting money managers, contact the Griffin Asset Management team today.
Sources:
Investopedia: What Is a Fiduciary Duty? Examples and Types Explained
Investopedia: Money Manager: Definition, Duties, Examples, Compensation
SmartAsset: Financial Advisor Industry Statistics to Know
NerdWallet: How to Choose a Financial Advisor
Forbes: How To Choose A Financial Advisor Who Aligns Your Wealth And Values
Bankrate: How much does a financial advisor cost?
