Choosing An Investment Firm: Derry Gadson of Elkhart Explains What To Look For

Feb 28, 2022 1:00 PM ET

Managing Your Money Wisely Starts By Partnering With The Right Investment Firm, According To Derry Gadson of Elkhart

When it comes to wise money management, Derry Gadson of Elkhart recommends considering your options carefully. Here, the financial firm owner shares what you need to consider when choosing an investment firm.

1. Consider a Fee-Only Investment Firm

Some firms run on product sales and commissions, while others offer fee-only investment services. Decide which is the best fit for your needs, and eliminate firms that aren’t in line with what you need. Doing this from the start can help you stay the course and quickly find the right investment firm for you, according to Derry Gadson of Elkhart.


Choosing An Investment Firm Derry Gadson of Elkhart Explains What To Look For

2. Do Your Research Online

When people have a bad experience with a company, they’re often quick to talk about it online. A quick search for investment companies you’re considering can give you some insight into whether their customers are generally satisfied. If you come across something concerning about a firm that you otherwise have positive feelings about, don’t be afraid to reach out to them for more information about the concerning review. Listen to their explanation, and trust your gut on whether you’d like to move forward with their services.

3. Talk to Family and Friends

Money can be an awkward topic to discuss with friends and loved ones, but talking to people in similar financial situations to yours can help you get some ideas on high-quality investment firms in the area, according to Derry Gadson of Elkhart. Talk to people you trust about which firm they use to manage their money, then do some research to see if that firm might be a good fit for your needs.

4. Consider Investment Requirements

Some firms don’t require a minimum investment at all, while others require investments upward of $25,000. Many firms also have a minimum asset requirement, says Derry Gadson of Elkhart. When you’re considering investment firms, be sure to only place those who will accept you as a client on your shortlist. If you talk with an investment firm and it turns out that you don’t qualify for their services, you may want to ask them if they’d be willing to recommend another firm that’s a better fit, according to Derry Gadson of Elkhart.

5. Think About Your Budget

When you’re looking for someone to help you manage your money, it’s important that you consider how much you’re willing to spend on investment services, says Derry Gadson of Elkhart. Don’t assume that the firms charging the most are the best — this may not be the case. Don’t let an investment professional talk you into spending more on financial services than you’ve budgeted for. It’s ok to know how much you want to spend and stay strong as you talk with different investment firms about potentially working with you as a client.

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