How To Choose A Good Financial Doctor.
November 23, 2009
With the recent economic crises in all sectors of the economy, individuals need to know how to choose a good financial adviser. l liken a financial adviser to a doctor, because just like a doctor should know about your health so should a financial adviser know all about your financial health. This blog looks at five key features that can guide you in selecting a good financial adviser.
1. Pressure.
This is generally not a good sign as you need time. Time to understand and feel comfortable about the investment in which you want to put your hard earned money. If you feel pressured well buyer bewayer they is a chance that this is not your financial advisor..
2. Their payment.
L think l have one of the greatest financial advisers. Initially when l started to work for her he at first gave me lots of free advice. l had to ask her how she made her money. She was not only eager to tell me but explain but on all other engagements she volunteers her info beforehand. Well it is no wonder l have referred her to my family and friends.
3. Your background
When l first met my financial adviser. She wanted to know where in life l was. What l was able to save comfortable. She took time to compare my income and expenses. This helped me be realistic on how l was going to achieve my goal. So if your financialadvicer does not go through your financies how then will they be able to realistically advice you
4. Incentive to invest
My financial doctor then looks at my 401 and various investment that were offered. We then were able to diversify, and within 6 month we saw a difference. Now we review every my statement every six month this give me incentive to save for retirement. Hence l have not really lost my retirement even in this market. Your financial doctor should be able to diversify your investment, if the put them all investment together that should trigger an alarm in you.
5. Incorporate the whole family
Your financial doctor should discuss your investment with the whole family if they insist on seeing just party then they have a problem with authenticity. The financial doctor should have the whole family interest at heart. This starts with incorporating both parties. That is husband and wife or both partners.
lastly take time when looking for a good financial advisor. This is your hard earned money and just like your health, your financial investment could mean life or death
