Step 1: Draw up a list of your financial goals and estimate the amount that you plan to invest. What is the sum that you will allocate immediately and how much will you add over the next, say, one year?
Step 2: Ensure that you have clarity about the services that you would like your independent asset manager to perform.
Step 3: You can now start the exercise of looking for an independent asset manager.
– Search via WEALTH – Asia’s leading online marketplace for investors – to compare independent asset managers. The website’s recommendation engine will suggest 3-5 independent asset managers that would be a good fit for you.
– Visit the websites of the firms that have been shortlisted. See if the services that they provide match your requirements. You should pay special attention to the minimum investment amount that is stipulated. It’s also important to ascertain the length of time that the firm has been in existence.
– Carry out a quick internet search at this stage. Are there any negative comments or complaints about the firms that you are considering?
Step 4: You are now ready to begin the actual selection process. Set up meetings with the most likely 2-3 candidates. A one-on-one interaction with the representative of the firm that you are considering will play a key role in your decision.
– Keep a list of your queries handy. When you raise your questions, listen to the responses carefully. Do they address the issue that you are raising? If you are unable to get a satisfactory reply, does the person you are speaking to promise to get back to you with the required information? More importantly, do you actually get a response as promised?
– Remember that it is important to develop a sense of trust with the firm that you engage. Are you comfortable with the person that you are speaking to? You should proceed to the next stage only if this condition is satisfied.
Step 5: Choose the independent asset manager that you think is right for you.