Poor advice on your finances is like bad cooked food, bound to affect our Health!
Today we meet numerous individuals for their financial planning requirements. Many are already in an indigestion face with their finances and advices. Please do not get us wrong that all financial advisory companies are wrong. There are many advisors in the industry who work with the high values of Honesty and Right Advice. We are happy to identify that there are so many clients who have obtained honest and right advice from their financial planner. We have a high value for such companies who are in fight with so many mis-sellings that is happening across the financial domain.
In order to find the right financial planner, you should be aware of certain qualities of them before you take the first step.
Some key areas that you should focus on choosing a financial planner is:
He should first identify your need and requirements and draw a “PERSONALISED FINANCIALPLAN” for you
All financial discussions should start with a financial goal/objectives. Every single money which you are earning, saving and investing has an objective. We fight for our salaries in order to maintain or enhance the standard of living. Similarly one saves and invest with an objective. Few of the common objectives may be one or moreamongst - Retirement Planning, Child Education, Child Marriage, Wealth Accumulation. Hence your financial planner should be more interested in knowing your objectives rather than knowing how much you are looking to invest.
He should evaluate your past investments and advice you over the same.
Before meeting a right financial planner many start investing on the basis of advice from near by surroundings or other financial product sellers. A right financial planner,once after designing the financial plan should be able to advice you on the financial products that you have already invested into.
He should be ready to do your financial review periodically.
The way one keeps maintaining his/her vehicle periodically i.e. servicing, so as to keep the vehicle in a good working condition. Similarly your investments is like a vehicle which helps you to create wealth. A right financial planner is one who understands the importance of reviewing the plan periodically and make necessary changes whenever required.
He should always do a fee based advisory
A main aspect to judge thefinancial planner is he/she should charge a fee for his/her advisory. In case an advisor is not charging a fee from you the first question to put before your financial planner is “HOW WILL YOU EARN”, in such a case the silent unsaid answer is through commissions. Hence chances are very great that his/her focus would be to advice and sell you those financial products that could earn your so called Financial Planner a high commission. A word of high caution to such investors “BE CAUTIOUS OF SUCH FINANCIAL PLANNERS”
ETHICAL FINANCIAL SERVICES