At the heart of planning your finances, there is you. And to help you achieve your financial life goals, experts often advise you to meet and join a consultant. What is the point? The motto of this financial advice is to better understand the boost that an advisor could give you and your financial life.
A financial security advisor can be seen as a coach, your private coach to reach your financial life goals. Taking care of your physical health and taking care of your finances is a bit of the same challenge. Taking control of your finances is caring for yourself and those you love. By talking to you, your advisor helps you make informed choices about your personal finances based on your reality: understanding who you are, where you are in your life and where you want to go. It’s as simple as that and everything starts from listening. Together, you establish your current financial profile to set realistic goals. You develop your plan to achieve them.
Reviewing your advisor regularly allows you to adjust the shot; as your life changes – the arrival of a child, the purchase of a house, etc. – your needs change. So, together, you follow this evolution and you can optimize your savings and also find tactics to protect your future plans and your savings, as much as possible, against the unexpected. In short, it makes things easier.
Who should call an advisor?
Anyone can benefit from the services of a counselor: whether you are at the beginning of your career or close to retirement, that you do not understand much about finances or that you are more knowledgeable. Whether you have a small amount to save or you are more in the middle, the advisor is there to help you achieve your financial goals and retirement goals. And everyone has financial goals, even without realizing it. The use of financial advice happens to be important there.
Do you want to build a house? Enlarge the family? Visit Europe? Support your children in their studies? These are your goals. You also probably want to make sure that nothing will happen to your loved ones if you get sick, and be able to pay you some treats at retirement. There are as many goals as there are people, and all goals are valid.
How to find the best advisor for you?
Choosing your advisor is not easy. As you will detail the state of your finances with this person, you will need to have a lot of confidence in it. Ask yourself what qualities you want it to have. You have to do a little research to find the right counselor; you may meet more than one, the important thing is to find the right fit for you. Also, ask all the questions you have.
Prepare the first meeting to find the right professional for you. Think about your goals, financial responsibilities, and priorities. Do not try to hurry, make sure you are listening. And ask current clients of the financial security advisor, if you know of it, to give you their impressions of it to learn more about the quality of the service offered. Ask difficult questions. Words are also often a good way to get in touch.
What kind of questions you should ask?
Ask him about his experience and skills such as:
Are financial situations like you common?
What products and services does he/ she offer?
Why did he choose the career of financial security advisor?
How often should you visit him?
How should you prepare for your first interview?
If the counselor you meet has been referred to you by someone you know, ask that person about it. It is common to check the background of financial services professionals. You may want to know how long this person has been with this advisor and if they are satisfied with the service offered.
And if it does not click, you’ll have plenty of time to find another advisor, politely explaining to the first that you’ve found someone else who best fits your needs.
The common confusion among a financial advisor, a financial planner and a mutual fund representative
The financial security advisor is a professional who analyzes the financial situation of his clients and offers insurance services or products such as life insurance, disability insurance, critical illness insurance or individual annuities.
The mutual fund representative is a professional who analyzes the needs and financial objectives of his clients and offers them mutual funds.
The financial planner is a professional who carries out a personalized financial planning based on the situation and the financial objectives of the client by relying on various fields of activity.
your advisor must be trustworthy. And he must also offer you more than just investment opportunities by helping you set financial goals that fit your lifestyle and stay connected to your priorities. Remember that using an advisor means accepting advice but above all deciding to follow them or not. The advisor must allow the investor to mature and make decisions accordingly.