Gitterman Wealth Management logo
Gitterman Wealth Management logo

Your Guide to Choosing the Best Wealth Management Firm in NJ


Understanding their wealth management options can be a stressful experience for many New Jersey residents. Not only do you need to evaluate the pros and cons of different services, but you also have to determine whether or not the wealth management firm you do business with is a good fit for you. This blog post will serve as a guideline of what to look for when you begin seeking out wealth management firms in NJ.

What Are Financial Advisors?

Financial advisors are responsible for advising clients on how they can best save and invest their money, though this is admittedly a very broad definition. More specifically, financial advisors are capable of guiding you through many different financial decisions, and if you have a specific goal in mind (for example, purchasing property), financial advisors can help.

Wealth management firms also come in all shapes and sizes. Some focus on retirement planning, others are known for investment advice and a select few even specialize in multiple areas. Additionally, it is important to note that financial advisors are not stockbrokers, and you would not usually call a financial advisor, for instance, to lower your tax bills or to purchase insurance policies.

Do You Need a Financial Advisor?

While challenging from the outset, this does not necessarily have to be a difficult question to answer. It depends on your personal finances and what exactly you want to do with your money. In other words, determining whether or not it even makes sense to look into wealth management in NJ can be a tricky process. However, the right wealth management firm will make it easy for you by explaining exactly what to expect and how they can assist you in achieving your financial goals.

Tax Refunds

We all know that filing your taxes can be an aggravating experience for sure, made worse by the time it takes to collect your receipts and organize your affairs so you can even file.

However, if you are not receiving a tax refund whatsoever, this could be a sign of poor planning. This means you are not getting back interest on your tax dollars. In this case, a good financial advisor could help you to more efficiently maximize your returns.

Protection From Down Markets

It’s realistic to expect a down market every few years or so. This is why it is important to manage your wealth in such a way that a market crash does not create unnecessary hardship. If you have done little in the way of diversification, you might want to consider how a financial advisor could protect your money.

What Services Are Right for You?

If you think a financial advisor would be good for you, the next step is defining how exactly a financial advisor could help. As mentioned already, wealth management takes many different forms, and normally you have options as to what services to pursue. You need to evaluate the pros and cons of what you are looking for, defining exactly what your concerns are and how a financial advisor could assist.

Independently Owned Financial Advice

If nothing else, financial advisors can give you a proper assessment of your assets by providing you with an overview of your finances and identifying key areas of which to take note. At this stage, however, you should be aware of if you are getting financial advice from an independently owned wealth management firm or a corporate subsidiary. If it’s the latter, beware of advice that tips your investments into the favor of corporate interests, rather than advice that aligns with your personal goals.

Investments by Trusted Professionals

Figuring out how to intelligently invest your money is difficult no matter who you are. Good financial advisors will be well-versed in different investment strategies while still being able to take your personal needs and wishes into account. As they construct plans that will lead to tangible results further down the line, you should continue to maintain an open and honest relationship. This can only benefit your investments by providing a clear idea of what you want to financially accomplish.

Retirement Planning With a Focus on Client Relationships

Much of wealth management revolves around retirement planning, and if you are a working professional in today’s age, it is more important than ever to look into solid retirement plans.

That being said, your retirement should be a reward, and if your financial advisor does not have a solid client relationship with you, there is a chance you might not get quite the retirement you were expecting. This level of attention can be difficult to find, but you should aim to find a wealth management firm who offers this connection.
wealth management