Michael Gold Westport’s Checklist for Vetting Wealth Managers
Michael Gold Westport recently shared a practical checklist for investors evaluating wealth managers, emphasizing written documentation and measurable practices over verbal assurances. Michael Gold Westport encouraged clients to confirm regulatory compliance, verify professional designations, and request detailed engagement agreements.
Westport recommended reviewing an advisor’s Form ADV and checking FINRA BrokerCheck or the SEC database for disciplinary history. Credentials like CFP, CFA, or CPA should be independently verified. Fee transparency was central to his guidance: investors should receive a written fee schedule detailing advisory, performance, and custody fees. Sample billing examples help illustrate how fees impact net returns.
On the investment process, Michael Gold Westport emphasized obtaining an IPS, historical model portfolios, and sample client reports. He suggested evaluating how the firm stress tests portfolios under historical crises, such as the 2008 financial crash or the 2020 pandemic downturn. Custodial arrangements should ensure client assets remain segregated with third-party providers like Schwab or Fidelity.
Westport stressed ongoing communication: clients should define the review cadence, deliverables, and escalation procedures. Succession planning, written disaster recovery protocols, and cybersecurity measures should be clearly documented. Investors concerned with conflicts of interest should request disclosures of any commission-based or revenue-sharing compensation. Westport also recommended understanding portfolio construction methodology, including allocation between active and passive strategies, margin usage, and tax-loss harvesting procedures.
Following Michael Gold Westport’s document-driven approach allows investors to assess wealth managers objectively. By prioritizing verification and transparency, clients reduce reliance on reputation alone and can select advisors aligned with their long-term goals, risk tolerance, and fiduciary expectations. See related link for additional information.
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