As a resident of Wisconsin, is there a risk in hiring someone who lives in California to manage my money?

I live in Wisconsin. Is there any risk in hiring someone who lives in California to manage my money?

Choosing an Advisor
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January 2018

Ahrens, Matt

Overland Park, KS
50% of people found this answer helpful

If you are comfortable with them as an individual and the manner in which they manage money then that should go a long way. One very important question that I would ask is where your money is being held. If they are managing your investments, but the investments themselves are being held at a Schwab, TD Ameritrade, Fidelity, etc. then you should feel much more comfortable. One major red flag is when an advisor has custody themselves of your investments.

We are an advisory firm in Kansas City, and we have clients all over the country. With today's technology, we check in with clients online throughout the year and usually make a trip once a year or every other year to see them in person. So no, as long as they don't hold custody of the money themselves I wouldn't have too much concern.

Good luck to you!

January 2018
January 2018