Individual investors need to view themselves as the CEO of their own small financial enterprise when selecting an adviser, said Charlotte Beyer, author of 'Wealth Management Unwrapped'. Along those lines, Beyer said investors should make it clear to their financial advisers at the very beginning what they are willing to pay for and what kind of services they will receive for their money. She added that investors should clearly and honestly communicate with their wealth manager to make sure the relationship is working for both sides. Finally, she said investors should not fire an adviser too quickly, giving them a chance to win back the business.

More from Video

Striking Options: Holiday Volatility, WTI Crude Oil, & Equities

Striking Options: Holiday Volatility, WTI Crude Oil, & Equities

Jim Cramer Prefers Secular Growers to Cyclical Growers

Jim Cramer Prefers Secular Growers to Cyclical Growers

Why End of 2019 Could Loom as Scary For the Economy

Why End of 2019 Could Loom as Scary For the Economy

Nvidia is Building the Future. How Did They Get There?

Nvidia is Building the Future. How Did They Get There?

Jim Cramer Says There's A 'Two-Prong' Market

Jim Cramer Says There's A 'Two-Prong' Market