Who are money managers? To give a simple definition, money managers are people who, for a fee, will manage other people's money. Money managers are also referred to as investment advisors, investment counselors, financial planners, and asset managers. On the other hand, the World Wide Web offers one that is complex, and reads as follows: “The person who is responsible for a portfolio of securities. In return for a fee, the manager has the fiduciary responsibility to manage the assets prudently and choose which asset types are appropriate over time.”

Many people choose to utilize a money manager due to the fact that managing an investment portfolio is very time consuming, and is sometimes complicated to understand. There are so many different ways that money can be invested, and for the average layperson, figuring out what type of account will return the biggest profit is sometimes an impossibility. Finding a competent money manager who can do the required research and make all of the decisions for you will not only afford you peace of mind, but will also allow you to take care of other pressing matters that require your personal attention.

There are a variety of people who use money managers; those with a lot to invest and no time to follow the market, and those with only a small amount of money that needs to be invested wisely.

Money management comes in many forms. There are money mangers who offer services to very large corporations, and those who cater strictly to individuals.

If you find yourself needing the services of a money manager, it is wise to conduct a bit of research. First, make sure that the appropriate licensing authority in your home state licenses them. Also, check to see what their track record is. How have they performed for other investors in the past? A money manager can be an asset, or they can be a liability. Realize that they will be managing not only your money, but also the financial security of your future.

Always have a close working relationship with your money manager. Make sure that they are well aware of the amount of risk you are willing to take when it comes to your money and investments, and inform them of your specific goals, both short and long term. Money managers will be better able to do their jobs effectively if they are aware of exactly what your expectations are. It is also imperative that you determine who holds the assets of any money management company that you decide to use. Trustworthy, legitimate companies will use a third party to hold assets, and will never charge fees to you for the third parties' services.

A trained, professional money manager will be able to manage stocks and bonds, provide you with timely reports concerning your investment portfolio, and answer any and all finance related questions that you may have, and he should be someone that you can trust unconditionally. Here's a piece of advice: ask around, get referrals from trusted friends and family, and make an informed decision when it comes to choosing a money manager to handle your investment portfolio.