If you're a working adult, you’ll know how challenging it is to juggle between all your responsibilities. Besides trying to perform at work and hitting your KPIs, you still need to take care of your family’s needs and personal aspirations.
With so much on your plate, keeping track of your finances wouldn’t be at the forefront of your mind. That’s why you need a financial advisor who you can trust to give you sound financial advice — and not just any generic advice, but quality advice that is aligned to your life goals.
Not all financial advisors are created equal
Here’s the truth, some financial advisors are more interested in making sales and earning commissions. Not all advisors have your best interest in mind and they may push for products that you don’t really need. These financial advisors have caused many individuals and families to carry the burden of unsuitable financial plans and that’s a scenario you should avoid at all cost.
Choosing the right financial advisor who takes into account your personal goals can keep you from buying overpriced plans. Trustworthy advisors are knowledgeable and often give a balanced perspective, instead of trying to use fluff or jargon to persuade you into buying a product you don’t need. Having the right financial advisor walk alongside you in your journey is perhaps the most crucial aspect to your own financial success.
Look for advisors who walk the talk
You may be surprised, but not all financial advisors do what they preach. Before making a decision to entrust an advisor with your financial plans, try to make some observations about their lifestyle and habits. Are they always getting new luxury items? If you happen to follow their social media, do they seem to be living a lavish and extravagant lifestyle?
You can ask them about how they manage their expenses and how many of their friends and family entrust them with their financial policies. If they steward their finances well, they wouldn’t be afraid to disclose how they manage their personal finances. In fact, that puts them in a better position to give you practical advice on how you can manage yours.
It’s easy to tell when a financial advisor has healthy spending habits. They budget well and practice what they preach. They’re not constantly getting new branded goods or luxury items or spending beyond their means. Some of you might think “What does it matter to me if my advisor spends his/her own hard earned money?” Well, it matters because it impacts the quality of financial advice they can give you.
Find a financial advisor interested in your life
"Why so?" You might ask. Shouldn’t a financial advisor be focused on your budgeting and insurance? How is that relevant to other parts of your life?
The answer is simple.
Our financial journey and priorities are closely tied to our aspirations and life stage. It’s impossible to separate our financial decisions from other aspects of our life. Ultimately, your dreams and goals have a dollar tag attached to them — and any financial advisor worth their salt will understand that.
So how do you tell if a financial advisor genuinely has your interest in mind? Firstly, they are not just contacting you when there’s a ‘hot off the shelf’ product. They’re not trying to hype up any new plans or products with no reason.
Instead, they spend time to understand your life stage, goals and dreams during your meetings. They don’t go into a mechanical fact-find, but rather, take the time to know you as a person. And from there, they can come up with a long-term strategic plan and introduce a product mix that is a best-fit for you.
You’ll be clear of your financial journey
How many times have you walked away from an appointment with a financial advisor feeling even more confused than before you met them?
From the experience with my clients, too many to count!
Many clients come to me unsure about the plans they’ve bought, and unclear about how it fits into their goals.
This usually happens when the financial advisor spends most of the time pitching a product to you, rather than actually clarifying your priorities and objectives. Instead of thinking how a product could fit you, they are thinking of how you fit their products (and their commissions)!
A sign that you’ve got a good financial advisor is the confidence you feel about your financial journey after your meeting. You are clearer about where you are financially, and more importantly, the action steps you need to take to achieve your goals.
Summing it up
Choosing the right advisor is crucial for you. It seems like trouble to transfer your existing policies to a new advisor, or even start on a search for a good one.
But making this choice would mean the difference between a train wreck of a financial plan, or a clear and defined action step to reach your goals. It could mean a life where you achieve your dreams, or one that you don’t.
I don’t know if that is important to you, but it sure is to me.
Have A Question?
Feel free to contact me via the links below.
Whatsapp: https://wa.me/6591871251
Telegram: https://t.me/chuilaam