5 Things Your Financial Advisor Wants You To Know


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If you are not happy with your current state of finances, you could do one of two things. You could ignore it and shove it aside for another day… Or go eyeball to eyeball with what you don’t like and take corrective action.

I don’t know about you, but I am someone who has difficulty keeping track of my monthly expenses. How much went where, to whom… These are questions that enter the personal finance black hole, never to be seen again. Without a driver that nudges your personal finance management in the right direction, you might soon find yourself stranded in the desert of personal finance, with no help in sight.

How To Find A Financial Advisor has helped me sit down together to take a look at how I am doing for my financial state of health. It is not something every one of us would look forward to doing, balancing our income and expenses.

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If you haven’t already set in place a plan to cover yourself and loved ones, here are 5 things your future financial advisor wants you to know.

1) Buy Off-The-Shelf Products At Your Own Risk

Once I was approached at an MRT station by someone asking me to consider picking the best financial products from various companies. The person claims that I can save more by avoiding certain products which are less competitive compared to others on the market.

I am glad I had that talk because now I know there’s such an option of picking and choosing financial products ala carte, and customizing a portfolio to suit you to a tee… But the problem is…

Would you trust them?

To really compare products side by side would require the effort no less than preparing for an entrance exam to a prestigious school. How many of us will be willing to do that to improve our financial state of health?

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2) Be A Good Customer To Get Good Customer Service

In order to get the help you need to keep your financial engine running in tip-top condition, you must know yourself well first. When you provide the accurate figures, and paint an accurate idea to your advisor what you need to achieve, that’s when you can set in motion a plan that benefits you in the long term.

As much as you’d like to work with the best advisor for your lifestyle, your advisor needs to know you’re ready and committed to the same level before you have an enjoyable working relationship.

If you’ve seen Transformers the movie, it’s not you who chooses the car; the car chooses you.

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[image credits youtube.com]

3) Do You Want To Entrust Yourself With Your Financial Well-Being?

Some of us are naturally better managers at numbers, more so when there is a dollar sign preceding those numbers. But if you find yourself running into situations with zero savings despite having an income, you may just lack the ability to manage your own finances.

Even someone who has a background in finance education may engage the help of experts to manage their savings and investments. Why then do they bother?

To answer this, let’s look no further than our TV screen for the answer. If you’ve been following the reality singing competition, The Voice of China… Do you think Season 1 Winner Voice of China – Liang Bo can succeed without the mentor-ship of Na Ying to guide him?

No doubt the talent is present, but without the leverage provided by someone who has gone further and deeper in the musical journey, he will forever remain a diamond in the rough.

It’s not easy to cope with full-time employment and still have time and energy left to manage your savings and investment. With the help of experts in their fields, we can go further with the finite amount of time we’ve given in a day.

4) Knowledge Is Nothing Without Action

If you think about it, why do bosses have PAs to execute their spoken word? Knowing the best direction to go, having the best plan to set into play is nothing… Without corresponding action to accompany it. If you’re constantly stuck somewhere by inaction, that probably shows that you need help on your journey navigating through your financial road map.

In exchange for service, parting with a sum of money is only reasonable. And if you’re prepared for that, why not benefit a friend in the process?

5) A Good Advisor Has The Ability To Touch Your Heart

Let’s say you have signed with 2 advisors, each representing different companies.

A is an old classmate whom you reconnected with during a chance encounter. The classmate catches up with you on old times over coffee, in the process also setting aside time to service your financial needs. You get the opinion from a professional aspect, and then that of a genuinely concerned friend. Because this person has seen you through phases in life and is perhaps more capable than you are of predicting what is rationally the best way moving forward.

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B on the other hand, is someone who approached you near the train station. With an instant win lucky draw, you sit down and get educated on the risks of skipping financial planning. A deal is done professionally, but you can expect less follow-up after the business aspect is done. Not lamenting here, because that’s how relationships of a transactional nature is – you really don’t know that person well enough to want to catch up.

Recently, during a disruption in full-time employment, I asked for a review of my commitment to long term savings plans. Advisor A who happens to be a friend met up in person, bought me a drink to hear my plans out. Advisor B sent a projection of maturity values before and after cash-back by snail mail.

In comparison with personal experience, the difference is feeling the service from the heart.

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What do you look out for in a financial advisor? Tell us!

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