A few years ago, Binney Wietlisbach was sitting in a meeting when her assistant knocked on the door and delivered an urgent message. A long-time client had called and said they needed to speak with her about a family emergency.

The president of The Haverford Trust Company stepped out of the meeting and answered the phone. The couple was having a disagreement over whether they should sell their house. Wietlisbach talked them through the financial plan they had been working toward for the past 10 years and helped diffuse their tension and fear to reach a decision.

“And that’s what we try to do for all of our clients,” she said. “We want to be that trusted advisor. We want to be that first call.”

It’s not often a wealth manager gets emergency calls. Still, when they serve as trusted advisors, a wealth manager can — and should — be the first person an investor calls in some situations. A wealth manager takes the burden of managing money off a client’s shoulders.

Many investors are operating without this assistance choosing to go it alone or shoulder more of the decision-making burden. Just six of 10 investors said they work with a wealth manager, according to a recent Philadelphia Business Journal survey, commissioned by Radnor-based investment management and wealth strategies firm The Haverford Trust Company.

Haverford Trust Bar Graph- "Who Oversees Investable Assets"

Half said they don’t have a comprehensive financial plan or wealth strategy developed by a professional, leaving them exposed to emotional stimulus and working harder to make each decision.

Haverford Trust Bar Graph - "Status of Comprehensive Financial Plan". Statistics show that nearly half (49%) of the survey participants do not have a written financial plan developed by a certified financial planner.

Wealth managers provide a wide range of services to the investors polled. The most frequently used, according to the survey, are portfolio management, financial planning and diversifying investments.

Haverford Trust Wealth Manager Statistics - Bar chart of "Areas of Support You Depend on From Wealth Manager".

Finding the right wealth manager means choosing a firm whose team takes the time to understand your goals and needs, said Joseph McLaughlin, Haverford’s CEO. Investors also want a partner who connects managing their investment portfolio with strategies to help achieve their overall financial plan. That way, they can be part of a well-defined process and adjust as needed.

“Like any great relationship, it’s all built on communication and trust over time,” McLaughlin said. “It’s so important when life changes, you have those types of conversations with your advisors so they can help you factor that into the plan and your future goals.”

Most investors in the survey gave their wealth manager positive ratings when it comes to understanding their needs and goals, resolving critical issues in a timely manner and accessibility.

This chart shows the "Ratings of Wealth Manager" which was surveyed from investors for very good/ Excellent ratings. 69% advisor understood needs and goals, 64% timely resolution of critical solutions, 63% accessibility to right professionals at right times, 59% investment performance, 58% reasonable fees charged, and 48% Holistic wealth management offerings.

The survey respondents also said their advisor provides customized advice, reviews performance on a consistent basis and communicates frequently and proactively.

This chart shows the "Statement agreement" which was surveyed from investors on how much they agreed with statements about their advisors. About 72% investors agreed with their advisor providing customized advice that meets their individual financial circumstances, 67% agreed with their advisor reviewing performances on a consistent basis in good and bad markets, 63% agreed with frequent communication from advisor, 57% agreed with their advisor sharing new ideas, 53% agreed with advisors leveraging technology in support, and 48% agreed with advisor connecting them with outside professional expertise.

Those attributes are particularly important for successfully managing a portfolio over a long period, McLaughlin said.

“When you go through bumpy periods like we’ve been through in the second quarter this year or what we went through in 2008 and 2009, it’s important to have somebody who is going to be by your side when you need it,” McLaughlin said. “You want professionals who have been through many market cycles.” During market corrections, individuals tend to realize how much time and energy it takes to be your own advisor, and how broad and impersonal the advice on the internet is.

Investors also noted benefits from wealth managers who embrace technology. The majority of investors surveyed — as shown in the previous charts — said their advisors bring new ideas and insight to them and leverage the latest technology for support. Meanwhile, responses indicate that investors prefer an even blend of digital and personal communication.

This chart shows the "Preferred Methods of Engagement" which was surveyed from investors. About 61% investors preferred both advisor and digital platforms equally, 34% investors preferred mainly an advisor relationship manager in person or by phone, and 5% preferred mainly digital platforms.

Ideally, your wealth manager will coordinate with your larger professional services team, especially your accountant and lawyer. That way, Wietlisbach said, everyone on your financial team is working on the same page.

“It’s amazing what a difference that makes,” Wietlisbach said. “I think about two families in particular where we had a good relationship with their accountant and lawyer. In both cases, when the head of the family passed away, the estate settlement went smoothly. That is such a gift to the people who are left behind. It cannot be overappreciated.”

This content was published in partnership with Philadelphia Business Journal. To see the original article, click here.