It may seem daunting to trust and choose a wealth manager for your financial future, but it’s actually very easy to approach them and find out if they are right for you. If you are worried about what to ask a potential wealth manager, we’ve spoken to the experts and put together some initial questions to get your started.
Wealth managers differ significantly in the services they offer. Some are online only digital wealth managers offering access to investment products through a range of pre-chosen ETFs, some focus on ethical investments, others only offer their own selection of funds, whilst some offer access to the entire marketplace of investment and savings products.
Top five questions to help you choose a wealth manager
We spoke to Ben Covey,Β Head of private clients at 7IM to find out what the most important questions are that you should ask any prospective wealth manager on expertise, investment philosophy, performance, costs and relationships:
- Can they handle all your financial planning and tax needs?
- What is their approach to investing and what tools do they use?
- How have their investments performed, and do they deliver on promises?
- Are their fees and costs fully clear and transparent?
- Who will be your advisor, and what does the relationship team look like?
- Need a wealth manager? Find a wealth manager here.
Make sure you also ask about fees
It’s important to ask about fees, in particular exit fees. If you don’t get along with your wealth manager you need the option to leave and switch to another wealth manager without being penalised financially for doing so. After all, you could be using the same point of contact for twenty years. So it’s important you have a good relationship with them.
Some large wealth managers, charge up to 6% of the value of your portfolio when you leave. In many cases, this acts like a handcuff as if you have Β£1m under administration with them, the fine for moving is Β£60k.
Most wealth managers are upfront about costs but do note it is hard to compare wealth management fees directly as many offer different service levels. For example, some include advice for free but have a higher annual fee, whilst others have a lower annual fee, but charge extra for advice

Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com