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Nov 09

Asset Management Essentials 2

1. There are a lot of scams and con artists in the world

Greed can make people do things that they will not normally do.

This is a sad fact of life that you need to know before you start hiring somebody to handle your assets and properties. Keeping this in mind before hire any one means you will be more careful when looking for an asset manager.

When hiring somebody, make sure that you have done a thorough background check on the person first. As far as possible, hire only those that you know personally.

If you don’t know anyone who can handle your finances, ask the people that you know and trust to make recommendations. Start with your family and friends, as they will be careful to give you their honest answer.

But before you hire the person, make sure you talk to them on the phone, and in person. Even if he or she is recommended by your most trusted friend, you cannot be too sure. Go with your gut feeling about them.

After you have hired him or her, still take an active part with the investing of your money. Make sure that you are informed about every investment made.

Do not give full power to the asset manager to decide on investing issues. Your approval must always be asked before making an investment.

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