Take a look at “Find a wealth manager website.”
Here’s what they say “So how do you know which company is right for you? And then how do you find the professional best suited to serving you, based on your own specific needs within that firm? You look online, read some print articles and maybe talk to friends, and the conclusion: they all appear to look and sound the same.
As both a private banker and a client, our founders saw various challenges for those seeking a wealth manager: opaque information and inflated fees. So in 2012 they decided to give up their day jobs and launch findaWEALTHMANAGER.com.
Our mission is to provide investors with an objective, fast and free method of finding the right wealth manager based on their own specific needs – while also giving wealth management firms a more cost-effective way to find new clients.”
They also say “we are impartial”
The idea sort of makes sense. If it’s hard to know which wealth manager to choose, because there are so many, narrowing it down must be good. Saves you time.
It appears they are working for you.
So if you want an impartial service, are you paying for it? Well, not really. It’s free to you. So if you are not paying, someone is selling you something. They also say “We represent over 30 firms, including investment managers and private banks, all with a common theme: a commitment to provide best practice and better-value fees.”
I think you’ll find out there are many more options than 30 firms. So would you call that impartial? Do you think 30 firms pay to get on the list of 30? Paying is not impartiality!
And then the words “In 2020, we became part of the 7IM group. We remain completely impartial, and serve you results based on the best match for your situation.”
Who are 7IM? I think you’ll find they are a wealth manager. So what does impartiality now mean?
As a consumer, you need to understand what is in your interests v the interest of manufacturers or producers. You need to distinguish between impartial editorial and advertising (advertorial). Sadly it’s not simple or easy.
We would never pay to be on such a list. Thankfully we would never be invited either!