How Do I Choose the Best Money Management Group?

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  • Written By: Geri Terzo
  • Edited By: Shereen Skola
  • Last Modified Date: 19 September 2018
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A money management group could be a firm that provides advice to help a wealthy individual plan for for his or her future. Another type of money management group is a professional organization that has a team of asset managers who invest money in the stock and bond markets on behalf of clients. There are also money management counseling groups that are meant to help individuals reduce and gain control of debt. To select the best provider, you should first assess your financial goals for the near term and for the long term and identify a group that specializes in delivering successful results.

Credit counselors work for a type of money management group. These professionals are trained to help individuals and families to obtain control of financial obligations while continuing to run a household. Before selecting the best money management group in this category, organize all of your debts and identify the interest rates associated with each credit card or other type of loan. There are non-profit organizations that provide credit counseling services, and the fees for these services are often relatively low. By calling a few of these providers, you can select the best group by asking a series of questions to learn about the fee structure and also about the firm's policy for keeping your sensitive financial information confidential.


To find the best wealth manager, you may benefit from identifying some large financial institutions with smaller money management group divisions. Often, the largest firms are located in major cities, but these organizations may have small independent groups in more local places. The benefit to this approach is that you are able to hire a group that is local and small, and you will probably obtain some highly customized advice for your financial future. Also, managers are able to access some of the resources provided by larger parent institution. If there are no local affiliates in your area, find a money management group that employs seasoned professionals with notable industry experience.

Professional money management groups that invest money for individuals typically adhere to certain investment strategies. By comparing different providers, you can gain a sense of the types of returns that are historically earned and also learn about different fee structures. Calling different firms to ask about the risk and reward profiles, which identify the level of risk an organization is willing to take in an attempt to produce expected profits, may help you to select the money management group that has an approach best aligned with your financial goals.



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