May 7, 2008: Illinois Wealth Managers and Investment Advisors helping new millionaires.

A recent survey shows that Cook County, Illinois was in the top 10 counties in the country, ranked by number of millionaire households. It was actually number 2, right behind Los Angeles County. Clearly, there are a lot of high-net worth investors in Chicago and the surrounding areas. Fortunately, there are a lot of wealth managers and trust advisors to help them.

How do wealthy investors find an investment advisor they can trust? Until now, there hasn't been a good process. Individuals sometimes get a referral, look up an advisor at random, or passively get contacted by an advisor's sales pitch. Wealthy individuals often think the referral from a friend is the best way. However, no one's financial needs and goals are the same! You might have a second home in a different state, a child with special needs or restrictive trusts, or unique assets. Unless your friend has the identical situation, you might need a different advisor.

This is why you should determine what your needs are and what you are looking for in an advisor. As you interview wealth managers, get a feeling for a match in the investment philosophy, communication style and personality of the advisor. This is important because good communication and a similar style are necessary for a good working relationship. And if you are one of those many millionaires in Cook County, Illinois, then a good working relationship with your financial advisor is important for you to reach your goals.