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?
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!
I see no issue with it. Assuming they are credible and you trust them as I think they are the most important things. This day and age it is very common for us to work with people in other states as webconferencing is so prevelant.
There is no inherent risk working with an advisor from another state. The only problem would be if you’re picking this person for the wrong reasons. If you’re choosing them because they helped someone with investments that were specific to California - say, high-end real estate or sustainable salmon farming - there’s no guarantee it’s the right fit. However, if you have good reason to trust their advice, there’s no reason not to move ahead.
It’s most important that your advisor understand your personal situation and financial goals. If your location heavily influences those matters, you might want to go with someone closer to home. If you’re just going for the best overall advice, feel free to search as far as the internet will take you.