Why should you manage your wealth manager? In fact, how do you manage your financial adviser, stockbroker, private banker, as well as your wealth manager?
Have you ever purchased anything in your life you regretted? Perhaps a meal, clothes, a car, a holiday…..and you question yourself, “Why did I buy it?” It happens to all of us. In fact, making mistakes is an opportunity to learn.
Some mistakes however are difficult to spot. If you can’t spot them, you are unlikely to regret them.
Using intermediaries to manage your money, it’s hard to know whether you’ve made a mistake or not. And if you have, it may take years to identify and almost impossible to correct.
It means you need a process in place to make sure you are managing the people who you delegate your money to.
It’s no different to an audit. You can employ an investment auditor independently of those wealth managers looking after your money. Alternatively, you can learn how to audit yourself. Either way, without some auditing process to manage your managers, you may not spot the problems early enough to take action.