RDFS - Financial Plan

How to Find The Right Financial Advisor

A financial plan is a strategy to help you attain your life goals. With a financial plan, you can effectively manage your cashflow and other recurring financial responsibilities with the aim of putting you in a better financial position to attain your set financial goals. A good financial plan should include provisions for your debts, income, insurance, savings, investments, and other things that make up your financial life.

This doesn’t mean that you need to be a financial expert; but you do need to find the right professional to help you reach your goals.

Don’t Choose A Financial Advisor Based On Referral Only

What is good for the goose may not be good for the gander, so you should not select a financial advisor based solely on the fact that your friend or family member has good things to say about them. Every situation is unique, and not every financial advisor is equipped to handle all situations. Make sure you do your vetting using your criteria and not what your friend tells you.

Don’t Choose A Financial Advisor On Sentiment

When you select a financial advisor because of an existing relationship with them, then you might be making a big mistake. You should choose a financial advisor based on your current and future financial needs. Also, you must ensure that such a person is absolutely qualified to handle your financial needs.

Past Performance Isn’t the Only Indicator of Success

When you only consider the past achievement of a financial advisor as a criteria, then you may be making a mistake. The past performance of a financial advisor does not guarantee future success or a better plan going forward. If you notice that your financial advisor is not adapting to your current financial situation, it may be time to look for a new long-term financial advisor.

Always Do Your Research

When selecting a financial advisor, there are a lot of things you have to consider. Such a person must tick as many boxes as possible of what you want in a financial advisor. You should vet the credentials of the financial advisor, and if possible, get referrals from existing clients to know how they handle different financial situations that may be similar to yours. Also, try and interview multiple financial advisors to know the different personalities and investment styles to be able to pick the best one for you.

Don’t Get Carried Away By Big Promises

Yes, we want the best financial advisor but that does not mean a one who promises the moon is the best. You should ensure that your financial advisor is not only concerned about choosing the most profitable investment and exploring the market. Go for a financial planner that has your long-term financial goals at heart. They usually make the best decisions at every turn.

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