Money Manager

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Definition of 'Money Manager'

A money manager is a professional who helps individuals and businesses manage their finances. They can provide advice on investment strategies, budgeting, and debt management. Money managers typically have a financial background and are certified by a professional organization.

There are two main types of money managers: fee-only and commission-based. Fee-only money managers charge a flat fee for their services, regardless of the amount of money they manage. Commission-based money managers earn a commission on the investments they make for their clients.

When choosing a money manager, it is important to consider their experience, qualifications, and fees. It is also important to make sure that you are comfortable with their investment philosophy.

Here are some of the benefits of working with a money manager:

* They can provide you with objective advice.
* They can help you to develop a financial plan that meets your specific needs.
* They can help you to save for retirement, college, and other major expenses.
* They can help you to manage your debt and improve your credit score.

If you are considering working with a money manager, there are a few things you can do to find the right one for you. First, ask for referrals from friends, family, or colleagues. You can also search online for financial advisors in your area. Once you have a few names, you can contact them to schedule an initial consultation. During the consultation, you should ask about their experience, qualifications, fees, and investment philosophy. You should also make sure that you are comfortable with them before you hire them.

Working with a money manager can be a great way to improve your financial situation. However, it is important to choose the right person for the job. By doing your research and asking the right questions, you can find a money manager who can help you to reach your financial goals.

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