Who is a Financial Advisor?
A financial advisor is a professional that helps people plan and advise them on the various dimensions of their finances, with the aim of achieving success in life and business. Some of the areas where the advice of a financial advisor comes in handy are income, budgeting, insurance and tax, financial deadlines, investment, retirement, education, risk management, investment, and debt management.
5 Reasons why you need a Financial Advisor:
- They will help you chart a viable course to financial success.
- They take off the stress which would be used to plan one’s finances oneself
- They assist one to make reliable financial decisions in areas in which one may not be knowledgeable about
- The skill that would be used by the advisor would be that of other financial advisors as well as the advisor may have to consult other financial experts at crucial financial cross-points.
- They help you save your time which can be put to making more money rather than thinking about money management.
Getting the Right Financial Advisor
It is important to have a credible financial advisor. This does not come easy. The following steps would help you choose a ‘real’ financial advisor:
- If you are not sure of the training of the advisor, ask for the evidence of qualification (make sure the credential is original)
- Confirm the originality of the person and the credentials from the organization any other financial planner or from a body of financial experts or planners
- Do not expose any information about your finances to the potential financial advisor when the person is trying to win you over
- Ensure that the person justifies the reason for that amount of money s/he wants to be paid
- Make use you sign the ‘dotted’ lines when the deal is agreed upon. Before then, ensure that your lawyer interprets the details for you
- If the person cannot provide document; be weary, he or she might be a quark
- In the document to be filled, make sure that the benefits to be derived from his or her consultancy service are stated