(NAPS)-More Americans are turning to professional investment management as a timesaving, effective alternative to managing their own investments. As people take control of retirement distributions, receive inheritances or amass personal assets beyond the point where they feel comfortable managing them, many seek the advice and guidance of a qualified investment professional.

To decide if hiring an investment manager is right for you, examine your needs and what kind of service you need. Are you looking for a financial plan, or ongoing and customized investment management? Do you desire a highly personalized relationship? Do you prefer to pay by the hour, by a set fee or by commissions?

Money Management Services

Investors today can obtain many different types and levels of investment guidance. Financial advice is available from independent investment managers, as well as brokerage firms, banks, mutual fund companies and even from the World Wide Web.

Professional, independent investment managers typically offer highly flexible, personalized service. They can create an individualized investment portfolio for you, handle the day-to-day details and periodically meet with you to help keep your investments on target. Independent, fee-based investment managers are not affiliated with a specific brokerage firm and have no proprietary interest in any particular securities or investments. In other words, they aren't compensated by selling "loaded" or commission-based products. This eliminates sales pressure and potential conflicts of interest. Fee-based, independent investment managers generally charge a set fee of around one percent of the assets being managed, but be sure to ask each professional you interview about his or her charges.

Selecting An Adviser

Once you've decided to hire an investment manager, how do you find one that's right for you? Consider these factors:

Find someone trustworthy. Ask professional associates such as your lawyer or accountant, as well as friends and colleagues, to refer you to someone they know. Or seek help from a reputable referral service, preferably one that has an extensive, nationwide network of qualified professionals. Check out a manager's credentials, licenses and years of investment experience, as well the firm's.

Look for a professional who understands your financial goals, as well as your personal rapport needs. Is the manager's personal and professional style compatible with yours? Is he or she willing to listen to your concerns and answer your questions?

Determine the manager's investment philosophy, approaches and objectives to ensure they match yours. Explore the manager's knowledge of and experience with various types of investment vehicles.

Assess investment managers' performance. Focus on their long-term track record, as well as their investment philosophy and approach. Link their performance record to their clients' objectives. Remember, while a manager may have achieved good results in the past, future results are not guaranteed.

Finally, discuss payment arrangements. You will be charged either by the hour or by a set fee. Inquire whether the manager receives any commissions for recommending particular investment products and discuss the impact of those commissions on the manager's investment decisions.

If you would like more information or help in selecting an independent, fee-based investment manager, call Schwab AdvisorSource at 1-800-265-5197 or visit any Schwab office. AdvisorSource is a free, national referral service designed to make your search easier by providing you with a no-obligation interview with a fee-based investment manager in your area.

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