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Everyone in the working age group right from a fresher out of college to retired professional needs a financial planner. If you handle finances in any way right from planning a household budget to running your own business you will have to meet with a qualified financial advisor.
A qualified financial advisor is essential to our lives and they can prove to be the crucial difference between our success and failure financially. Rule number one is to find a financial advisor who finds time to explain things clearly to you. Knowledge is power and when you invest with knowledge and not just blind faith, you become better at it. You will become steadily better at saving and investing and generally be in control of your life. Most people have no clue about where exactly their money is invested and what they could have earned by investing in something else. This approach to investing will not work. Your financial advisor should be able to fully explain all options open to you keeping in mind your ultimate financial goal. He should be willing to share information on all options available and not just peddle investment he has a good commission on.
It is always better to seek independent financial advisors who have several products in their basket. They will be able to identify apt products for you. A financial advisor attached to one particular institution will only be trying to sell his company’s products and may not have your inquiries at heart.
They should be willing to provide examples and proof of their financial plans with other clients. So you can have proof of how much a person in the same situation as yourself has earned by investing in the same concern. Ask to see proof of previous performance. By asking this pertinent question you can really choose a financial advisor like an expert. You can also benefit by asking the financial experts further questions by using these templates. You can find out if the advisors had really given the opportunity they promised, and how sensitive they are to customer’s needs. Check the financial planner’s credentials; This is an obvious tip to give, but really check if they are the right people for you.
Find out how responsibilities to the financial planner are calculated. If they get tickets only on products they sell or the earnings made by the investor. It is always better to pick the latter as they will be interested in making more money for you. Go online and check with their websites read thoroughly about their expertise and work ethic.
People are afraid to ask questions but by asking the right questions you can be in control and actually ‘plan’ your finances instead of just investing and hoping for the best. All these tips given are practical and require no prior knowledge of finances and will help take you one step closer to financial freedom.
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