Checklist of questions to ask a private wealth adviser

Here is a checklist of questions you should ask when choosing a private wealth manager:

• What experience does the private wealth manager have?
• What are their qualifications?
• When was the firm founded?
• Has the ownership changed over time?
• Does the firm provide independent and objective advice for clients? Does the wealth manager have captive (in-house) investment products? Do clients have to use these products?
• Is there a dedicated relationship manager? Who is the backup in case the relationship manager is out of the office?
• How frequently does the adviser talk to or visit clients?
• Does the adviser have regularly scheduled face-to-face meetings with clients?
• Could anyone besides you benefit from the adviser's recommendations?
• How does the firm charge for its services? Can the wealth manager provide a list of all fees? How and when are fees paid?
• Is there a minimum account size or fee requirement?
• How does the fee structure differ for different client types?
• Does the firm offer any performance-related fees?
• Does the firm accept fees from any other service providers? Under what circumstances and how is this disclosed to clients? Are these fees rebated to clients?
• How many clients does each relationship manager have?
• How many new clients has the firm added and lost in each of the past three years?
• Has the firm or adviser ever been publicly disciplined for any unlawful or unethical actions in their professional career?
• What kind of client education does the wealth manager provide?
• Does the firm publish research for its clients' benefit?
• Does the firm provide electronic versions of client reports? Do clients have online access to its reports?
• Can the adviser describe its typical client profile? Do they specialise in looking after particular types of client?
• Will the adviser provide references from existing clients?
• How many employees work at the firm?
• Ask for a written agreement of the services to be provided.