Find your financial advisor

2019-04-09 Finance No comment

It’s hard to find a trusted financial advisor. Recently, the Court of Appeal overturned the pending labor rules of the Ministry of Labor, making financial consumers more confusing. Knowing whether your financial advisor will act as a trustee for you or looking for an investment that is right for you is critical. But it's also important to understand whether this is a trusted person who understands your needs, a way to feel comfortable, and experience with your unique environment. To help solve sometimes stressful search problems, we put together our five recommended questions when looking for financial advisors.

Are you a trustee?

Trust standards legally require consultants to put your interests above their own interests. Consultants working under trust standards must disclose any conflicts of interest and share them with you because they benefit from recommending any product or other professional. For consultants to get the cost of the proposal, they must be transparent.

Instead, the applicability criteria are standards that require consultants to recommend the investment products that are right for you. There is no standard to conclude that an investment will help you achieve your goals or in the best interests of your law. In addition, there is no requirement to challenge any conflict of interest and may allow consultants to recommend products that may offer higher commissions to themselves, rather than similar products that are less expensive.

There are good consultants and poor consultants working under trust and applicability standards. We work under trust standards and attach great importance to the trust we know.

2. What is your certificate?

Professional design and experience issues for consultants. It gives you insight into the knowledge and expertise of your consultant. There are over 100 different types of credits, which can be very confusing. If you are looking for a financial advisor, you may be at least familiar with these three certificates, which reflect a wide range of training and commitments:


CFP® professionals complete university-level financial planning courses, meet experience requirements, and pass rigorous exams on the CFP® Board of Directors, covering 72 topics, from investment and risk management to tax and retirement planning, heritage management, and all of these integrations. Subject. They are also committed to continuing education and high ethical standards. More information: http://www.cfp.net

CFA® – Chartered Financial Analyst®

To receive a CFA certificate, professionals must pass three rigorous exams, each requiring at least 300 hours of master's degree, including financial analysis, portfolio management, and wealth management. Professionals must also accumulate at least four years of qualified investment experience and commit to high ethical standards each year. More information: www.cfainstitute.org

CIMA® – Certified Investment Management Analyst®

CIMA focuses on asset allocation and portfolio building. The study plan covers 5 core subject areas and applicants must meet experience, education, exams and ethics requirements. CIMA must also work to promote professional education. More information: www.imca.org

3. What services and products do you offer?

Be sure to find a consultant and company that meets your needs. If you need someone to help you invest, you might be looking for a company with a range of investment solutions, such as asset management companies.

If you need help assessing your current situation and developing a plan for you to achieve the various goals in your life, you can seek a financial planner. The consultant can help you consider retirement and university needs, tax strategies, risk management and possible wealth transfers.

If you need financial planning and investment advice, then you should seek a wealth management agency. The consultant has extensive expertise and a holistic approach to guide you through comprehensive planning and portfolio management.

How did you get compensation?

Don't be shy; ask for the fee! Every professional should pay for their expertise and services. By understanding how the consultant compensates, you can determine if the consultant's interests are consistent with yours.

Only commission – These consultants make compensation based on the investment products you choose, such as mutual funds, structured products, insurance policies or an annuity for you.

Charge only – Independent consultants usually only provide cost advice. Their fees are usually expressed as a percentage of the assets they manage for you, so that if your portfolio grows, they will also benefit and will be punished when it falls. They may also provide a flat fee for a specific service.

Charges – These consultants may charge a flat fee for financial planning services that provide and receive commissions for any financial products you purchase or sell. These may include mutual funds, real estate investment trusts [REITs], annuities and insurance.

5. What is your method for people like me?

It is important to understand the experience of the consultant you are seeking to work with in your environment. This is especially true if your financial situation is complex, especially because of the wealth you have accumulated in your career. Ask the consultant to tell the customers who have the same challenge and share the solutions provided.

Finding the right financial relationship can sometimes be overwhelming. It's a bit like dating; you have to meet a variety of people, ask a lot of questions, and wait until it feels right. Please be assured that no matter what your situation, you can find a consultant who is very happy to work with you and has the same customer experience as you.

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