We’ve all heard the saying, “Money makes the world go around”. Although science would argue something totally different, our most immediate circumstances are undeniably affected by how much money we have and how we put it to use. It’s no surprise then that making the right financial decisions can be challenging, which is why the help of a professional can come in handy. How do you choose the right financial planner? As the Beyond I Wealth team provides expert financial planning services, we’ve decided to give you some tips on how to choose the best financial planner for your specific needs.
Tip #1: Go Back To Basics
Once you realize that you urgently need financial advice, you may be tempted to just hire the first planner you come across. This isn’t always a good idea, as there are chancers out there. Do a background check on their qualifications, experience and memberships to the relevant regulatory bodies. Information like this usually isn’t hard to find and firms that offer legitimate financial planning services usually include all this information in their websites.
Tip #2: Whose Pocket Is It, Anyway?
There’s a variety of payment structures used by financial planners. Some charge an hourly rate for consultations or even a set rate per session, irrespective of the hours. Others, however, may get paid through a commission on financial products that are sold to clients. These are the ones to be wary of, because their financial interests may not be in alignment with yours in the long run. Shop around and ask questions for clarity, then you can pick the financial planning services that work best for you and doesn’t just make someone else money.
Tip #3: Remember That “There’s No ‘I’ in Team”
You and your financial advisor should be an effective team, using a structured plan you’ve created together to work towards financial freedom. If this isn’t the case, then the job’s not being done right. How do you know if a financial planner has you best interests at heart? Pay attention to what they focus on. Your needs should come first at all times, instead of the sale of pre-packaged financial products.