What are the steps to help customers choose the right financial product for their needs?

I like to employ some deeper exploration here. When serving members at a credit union, I encourage staff to dig deeper to get beyond the immediate "need." You can start by asking (yourself too) a series of "whys" to get there. For example, someone may say, "I need a car." What do you want to use the car for? Well, I need to get to and from work, and my kid goes to school across town." What may seem like a simple need, like a car, has layers beneath it. A car may be a means to get to keep a good job or give your family the freedom to choose different activities or schools. Getting to the deeper need helps to clarify the scope and urgency of goal which could impact the product and specific attributes needed. There are usually tradeoffs!

Defining your needs and objectives is vital when seeking financial products. It's impossible to make informed decisions without understanding your goals. Take time to assess your situation and determine what you aim to accomplish financially. Targeted financial plans deliver targeted results. Define your requirements by asking key questions about time horizons, risk tolerance, and accessibility preferences. Understand exactly what problem you need to solve before attempting to solve it. This is the critical first step.

I like to start with discovering the clients risk tolerance and then get a full picture of their current situation and goals for the future. Everyone's situation is different so their product/mix of products will look different. As a consumer, seeking professional advice is key in finding the right financial products to meet your needs. I would advise consumers to always ask questions and find a professional willing and able to answer them before making a decision!

Para la eleción de un producto financiero se debe estudiar sus caracteristicas y rentabilidad. Con este primer paso podemos regresar con el cliente y conocer que es lo que busca, una vez se tenga ambas datas podemos realizar un cruce y conseguir el producto adecuado.

The best investment at the lowest cost that will meet or exceed the client's financial goals. Being a fiduciary, fee- only adviser, I have minimal conflict of interest, when advising a client. (Series 66 license, and Certified Financial Planner candidate:are fiduciaries). If an advisor holds a Series 7 license they are not a fiduciary.

I think that it is important to pay attention to the details of the product. Small details might not seem important at first but impacts of a half-percent here or there, for example, can really compound over time. Don't be afraid to ask for examples or projections. Financial products can be complicated and only when the mechanisms or features are put into motion can you see how the various features unfold. It's your money and it's not unreasonable to put the provider to work for you. How they respond can tell a lot about how they would value you as a customer. Don't forget to think about factors like convenience or ease of use. Even the best product isn't great if you can't use it consistently or in a way that helps you achieve your goals.

Getting professional advice is great! But it isn't always free. Don't be afraid to explore the individual's motivations behind the advice. Personally, I don't mind if the professional is motivated by earning a commission or fee. As long as there is transparency on both sides, there can be a lot of win-win situations where you get the best product for your needs and the professional can meet their goals as well. Not everyone is out to get you, but not every financial service professional acts as a fiduciary (commits to acting in your best interest). There is a lot of competition from financial providers - have them earn your business and loyalty by consistently showing that your needs matter. Get a second opinion if needed!

When reviewing a decision, put it in the larger context of your whole financial ecosystem. All your decisions impact each other. What and how you save matters to what you use for loans and how you plan for the short and long-term and so on. Several seemingly good decisions could independently make sense, but added together could spell trouble for your financial picture. Your complete financial picture can get complicated quickly. Find tools that help you simplify the picture and prompt you to review or take action. Life is busy - finding ways to help make daily trade-offs can be just as important as the big life decisions. It all adds up!

I am unabashedly a credit union person. When looking for a financial product, I recommend putting one on your list to compare products. If you don't know credit unions - check them out. Unlike many financial service providers, as a member you are an owner, and you have a vote in how the credit union is run. The best credit unions put you first and reinvest profits in you and other members, to create better products, charge lower fees, and provide better rewards. Choosing a credit union can also benefit your community. Your money stays local to help others in your community access financial services. Give a credit union a try - but do your research and ask how they are fulling their mission of people helping people!