How to Choose Your Financial and Investment Advisor

It is critical to manage your assets in order to grow your money and achieve financial freedom. This is because, in addition to meeting our usual costs, we must also consider our insurance needs, tax issues, and retirement plans. Finding a skilled financial counsellor can assist you in avoiding these charges and focusing on your goals. Financial advisers aren't just for the wealthy; everyone who wants to get their personal finances in order and create long-term goals should consult with one.

Here are 5 tips to choose a financial planner who is right for you.

1. DETERMINE WHICH ASPECTS OF YOUR FINANCIAL LIFE WANT ASSISTANCE

Decide which elements of your financial life require assistance before speaking with a financial counsellor. You should be prepared to clarify your specific money management needs when you first meet with an advisor. It's important to remember that financial advisers do more than simply give investing advice. The top financial planner will be able to assist you in charting a route for all of your financial requirements.

2. EXAMINE THE QUALIFICATIONS

The first thing to look for is if the financial advisor has the necessary credentials and knowledges. A good financial advisor should be well-versed in the subject. To begin, with be sure that your financial planner is a registered investment advisor. In terms of credentials, the Financial Planning Standards Board's Certified Financial Planning (CFP) certification, for example, is a globally recognised certificate that meets the worldwide standard.

3. SELECT THE SERVICES YOU REQUIRE

A robo-advisor is a simple and cost-effective option if you just need help picking and managing assets. It's particularly beneficial for people who are just getting started, as robo-advisors sometimes offer low or no account minimums. If you have a complex financial position or require comprehensive assistance on areas such as estate planning, insurance needs, and so on, you should consult an online financial planning service or a local human financial counsellor. If you don't mind meeting with your adviser digitally, an online service might save you money. In addition, unlike a human counsellor, these services usually have lower account minimum requirements.

4. DETERMINE THE AMOUNT YOU CAN PAY YOUR FINANCIAL ADVISOR

Previously, financial advisers charged a portion of the assets they managed for you as a fee. Advisors now provide a range of pricing models, making their services more affordable to customers of diverse financial backgrounds. Some financial planners will charge a fixed fee, while others will charge a portion of the assets they manage. For modest portfolios, it's preferable to pay your financial adviser on a monthly basis rather than a lump-sum annual charge.

5. DO A REFERENCE CHECK

A reference check is essential, just as it is when you show a doctor. Consult with the financial advisor's previous clients to discover how content they are with the guidance they have received. Check to see whether the financial planner takes the time to understand the client's issues and has meaningful talks with them. Inquire if their financial situation has improved significantly after working with the financial planner. To check the public profile of the adviser or his firm, as well as reviews and ratings.

Due to the ambiguity in the field, you must take caution in selecting a financial advisor who will full-fill your fiduciary and financial needs. That said, we at KOHELAB INVEST, can assist you in achieving your financial goals and safeguarding your loved ones and their futures financially.

Reach out to us at [email protected] to book a free session with our top-notch counsellors to help you in your financial planning and wealth management!