Look out for the quality of planning that is rendered. In this given economy where the market is relatively efficient, it is advisor's ability to see and plan things based on your "big picture" that matters and less so about the company and product itself.
Please do not make the mistake of isolating your financial plan and addressing each component independently of one another - Example: Planning for your insurance portfolio without thinking about the consequences it may have on your investment porfolio, etc. That is a key reason why people FAIL in managing their finances.
To provide you with an anology, imagine now that your financial plan itself takes the form of a sailboat.
In general, the purpose of finance - be it corporate or personal finance - is to get you from point A to Point B.
Point A being your present state - where you are today
Point B being your desired state - where you want to be in the future
To get from point A to point B, you're riding on a sailboat that you've built for yourself overtime. There are two key components to a sailboat:
1) The sail - represents things that contribute to your financial success (e.g. investments, savings, lottery winning, job promotion, etc)
2) The boat - represents things that prevent you from drowning due to an unplanned event (e.g. death, disability, illness, retrenchment, etc)
The reason why people FAIL at managing their finances is because they like to isolate their financial plan into different components and address them indepedently of one another. Because of this they end up with two common type of sailboats.
1) Big Sail Small Boat: Gets you from point A to point B very quickly but also overturn very easily (once that happen its game over)
2) Big Boat Small Sail: Prevents the boat from overturning but moves extremely slow and because of that they cant get to point B on time
When finding an advisor, try to find someone who can address both your sail and your boat, someone who can see things from the bigger picture and provide appropriate planning and strategy that will ensure your financial success rather than focusing on the type of products and what company the "advisor" is in.
If i may do some self promoting, I'm an IFA who practices full financial planning, to help you understand what full financial planning is you can visit my website: https://www.sgifa.net/services and learn more about the importance of planning and strategizing base on the big picture. Hopefully the information on my website will help you make an informed decision for that is the reason why it is being created in the first place :)
Cheers
Look out for the quality of planning that is rendered. In this given economy where the market is relatively efficient, it is advisor's ability to see and plan things based on your "big picture" that matters and less so about the company and product itself.
Please do not make the mistake of isolating your financial plan and addressing each component independently of one another - Example: Planning for your insurance portfolio without thinking about the consequences it may have on your investment porfolio, etc. That is a key reason why people FAIL in managing their finances.
To provide you with an anology, imagine now that your financial plan itself takes the form of a sailboat.
In general, the purpose of finance - be it corporate or personal finance - is to get you from point A to Point B.
Point A being your present state - where you are today
Point B being your desired state - where you want to be in the future
To get from point A to point B, you're riding on a sailboat that you've built for yourself overtime. There are two key components to a sailboat:
1) The sail - represents things that contribute to your financial success (e.g. investments, savings, lottery winning, job promotion, etc)
2) The boat - represents things that prevent you from drowning due to an unplanned event (e.g. death, disability, illness, retrenchment, etc)
The reason why people FAIL at managing their finances is because they like to isolate their financial plan into different components and address them indepedently of one another. Because of this they end up with two common type of sailboats.
1) Big Sail Small Boat: Gets you from point A to point B very quickly but also overturn very easily (once that happen its game over)
2) Big Boat Small Sail: Prevents the boat from overturning but moves extremely slow and because of that they cant get to point B on time
When finding an advisor, try to find someone who can address both your sail and your boat, someone who can see things from the bigger picture and provide appropriate planning and strategy that will ensure your financial success rather than focusing on the type of products and what company the "advisor" is in.
If i may do some self promoting, I'm an IFA who practices full financial planning, to help you understand what full financial planning is you can visit my website: https://www.sgifa.net/services and learn more about the importance of planning and strategizing base on the big picture. Hopefully the information on my website will help you make an informed decision for that is the reason why it is being created in the first place :)
Cheers