Some people think that financial advice is like legal advice. You only need to seek it when you have a problem. But seeking good financial advice from a trusted company of financial advisors can be an effective way to avoid ever running into a financial problem in the first place.
By seeking out financial advice, establishing a financial plan and sticking to it, you can avoid the problems of not having an effective investment strategy, paying too much tax or not providing adequately for your retirement.
What an Effective Financial Advisor Does
An effective financial advisor can be measured in the amount of financial freedom and peace of mind that they give to you and your family. They will help you make the right decisions on different aspects of your life other than just your bottom line and net worth.
Decisions about whether to pay off your mortgage or buying some life insurance can seem like simple decisions, but making the wrong choice can have significant negative and expensive consequences.
Your financial advisor can assist you in making the best decision and help you to do so in an informed way.
Being with your Financial Advisor for the Long Haul
A good financial advisor should be your trusted partner for the long haul. They will get to understand you and your family and your needs as a whole. You should be able to turn to them for advice on key financial matters and can have the peace of mind that they are looking after your affairs.
In short they will begin to look out for your interests without you even asking them to. This is the mark of a skilled and valuable financial advisor.
How to Find Trustworthy Financial Advice
People looking for financial advice who have never looked for it before can look in the wrong places.
If meeting a financial advisor for the first time make sure you ask them the right questions
- Who are they regulated by?
- What qualifications do they hold?
- How do they charge for their services?
- What is their investment philosophy?
- How do they work with their clients?
A trustworthy financial advisor will be more than happy to answer these questions. Beware of financial advisors that tell you their services are free, that they don’t charge or that they are paid by a product provider!
Having good financial advice is not about having money to burn, it’s about not burning money in the first place. It’s about maintaining your desired lifestyle while providing for your future and your family’s future in the most efficient way possible.