In today’s economy, many wealthy individuals and families are looking for ways to safeguard their wealth, and a private asset management firm, wealth management firm or investment management service can help make sure that an individual’s wealth continue to grow. If you are part of a wealthy family or have worked hard to earn your own wealth, then choosing a private asset management or wealth management firm to help you safeguard and grow your investments and assets is an important step to make. Individual wealth management companies have in depth knowledge of the investment and banking industries and can give you sound investment advice to ensure that your wealth continues to grow.Tips for Choosing a Private Asset Management/Wealth Management Firm:Why choose a private asset management/wealth management firmUsing the services of a private asset management company can help you safeguard your wealth better than making investment choices on your own because individual wealth management professionals have extensive banking and investment expertise. A private asset management firm can help you save money on taxes, asset reporting, estate planning and wealth protection. An investment management service can help you pick the best investments that will give you the highest returns with little risk.What do you need from your individual wealth management firm One of the first things you should do is make sure you need the services of a private asset management firm. If you like to be in control of every financial decision that affects you, it might be a better idea to find a reputable brokerage firm to help you set up investments. There are even online brokerage services that allow you complete control of your investment decisions. A wealth management firm might be a good idea for help with other services like estate planning or asset reports and general asset management rather than investment management services.Do you need a private asset management firm or a financial advisor Before you sign on with a wealth management firm, take the time to research your options and make sure an individual wealth management firm is better than a private bank or financial advisor at a larger bank. Large banks may have more resources available to help you manage your wealth, such as well-trained financial analysts on staff or state of the art trading facilities. However, the problem with large banks is that they will have an agenda in working with you, and may be biased towards their own investment or banking services.What are the private asset management firm’s credentials You need to know the people who will be managing your assets and investments, so do some research about the firm’s members before your sign up with an individual wealth management firm. Check the credentials, education and experience of your financial advisors. Make sure that all partners in the firm are trained and qualified CPAs or CFAs because you want your wealth management team to be the best. Find out what financial institutions they work with, and make sure they will manage your wealth in the way you see fit. You should also check the banks they work with to make sure that your investments will be secure.What type of investment management professionals should I use? The right wealth management firm or investment management service will have trained professionals on their staff. When looking for a trained private asset management professional, there are three credentials to look for: a Certified Financial Planner, a Certified Investment Management Analyst or a Chartered Financial Analyst. Each one of these certifications can only be earned by rigorous coursework and exams, and only professional financial advisors will have these designations. A Certified Financial Planner can help you create an overall financial plan for your wealth and help you with investment management services.A Certified Investment Management Analyst is specially trained in managing money through investments and has extensive knowledge of brokering investments, using options and futures, insurance and managing money. A Chartered Financial Analyst is often called an investment manager or portfolio manager, and they earned their CFA throug h years of investment experience and several rigorous exams.Will there be fees charged by an investment management service? Third, before you sign with a private asset management firm, make sure you read the small print. Hidden fees will often lurk in many contracts and can sneak up on the unsuspecting client. Many firms will also charge a fee to enter an investment fund, and the fee may seem low. However, an unscrupulous investment management service will suggest that you change funds often, and as a result, you will pay those small fees several times over.