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Anonymous
So now I have 2 good friends who are both IFA, and I'm thinking of engaging one of them to be my FA to help me with managing my finances. And we know, for IFAs, they have the data and information of policies and plans from the different insurance companies in which they can help you to do comparison before advising you on what to procure and what not to procure etc. In this case, then what are some of the important factors that I should compare and consider before finalising my decision on which one of the two to be my FA?
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Cos if it is those normal tied FAs, I can just compare what kind of plans/policies that their company have, what is the amount of the premiums for each of those respective plans/policies, and what are the kind of benefits that the plans/policies have in store for me if I were to purchase them. But however, such kind of information and data are already readily available for IFAs. So what else can I compare and consider?
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IFA does not necessarily mean that he/she will act in your best interest because commissions are not paid equal across different insurance companies. There is still a possibility that an IFA could push a certain product to you in order to maximise their earnings.
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It is best that you do your own due diligence before buying any financial products from anyone.
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Hi there!
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You need to ask yourself what you are actually looking for in a FA. Is it someone who ...
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Hey OP, engaging a financial advisor is definitely something that you need to spend time thinking about before deciding to! You can check out this article here, which gathers a list of things you should know before getting an FA.