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Nov 03

Lessons in Asset Management 2

1. Choose your manager wisely

When hiring an asset manager, make sure that you know them in some capacity. If you don’t know anyone personally, ask people to recommend managers that they are happy with.

When asking for recommendations and referrals, do a little background check first. Ask how many years the person is working for the person who made the recommendation. Ask for his accomplishments, qualifications, and his track record over the years. A good performance for one person may not be good for another.

Ask for the contact information of at least 3 other people, and call them randomly. Also make sure you search for this person on the internet.

Do not just be contented with one referral. Get recommendations on several people, and then ask them the same questions in your interview. Then draw up a chart so that you can compare each one to the other in an organized and meaningful way.

When evaluating their expertise, look both on the paper and in person. Remember that these people are very good with charming their clients. Therefore, it’s good to base your decisions also on something that is really concrete. This is not to say to ignore your gut instinct, but just to make sure that you have all the facts.

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