Wouldn’t it be nice to have a plan for your money instead of seeing it go out as quickly as it comes in?
Understandably, it can be tough these days to try and accumulate wealth while raising a family and paying a mortgage for example, especially when the unexpected can happen at any moment.
This is where it pays to have a financial planner working for you to get your finances organised and keep you on track… but the question remains; what makes a good financial planner?
Here are some quick tips on what to look for and how to choose between the many options available to be certain you’re getting the right advice:
Strong Advice Process
A good adviser should be able to listen to and understand any given clients’ concerns and goals, and from that, identify solutions that help to address them. There are certain steps that need to be taken to help piece together the puzzle, and a good adviser should have a strong advice process to support you along the way. This includes regular communication, access to the right information gathering and educational tools and resources, as well as well-structured, efficient face-to-face meetings that aid in forming your tailored financial plan.
Strong Client Relationships
A good adviser should listen, understand and follow through. They should also be concerned about the extended family of the client, both older and younger.
By taking a long term, holistic view, your adviser can better prepare you for all life events surrounding you and your family. For example, parents of clients may present future windfalls that should be taken into account, but they may also present concerns around funding for aged care. Clients themselves may wish to provide for children or grandchildren but these younger generations could also pose a threat to your retirement income if not addressed correctly. Therefore, your adviser should be across strategies looking at the pros and cons facing intergenerational planning.
Strong Industry Knowledge
It can be difficult to stay up to date with the economy and global financial markets, not to mention laws and regulations, all of which can affect your financial situation. Your financial planner should be across all of this so that you can get on with enjoying life.
In a financial sense, a good financial planner should be looking to make the most effective use of a client’s cash flow and assets to help build wealth for the future. There are many areas that need to be addressed and it’s simply not good enough to set up an investment and have it generate some sort of return. Things need to be thought through and targeted at the appropriate time to maximise their value.
Be An Educator
For the most part, an adviser will need to be extremely good at presenting complicated information to a client in a clear and easy to understand manner. They should keep things in terms you can understand while aiming to simplify strategies where possible.
In addition to this, your adviser should also be actively sharing helpful tips and advice, whether it’s through the use of educational articles or regular news and industry updates. Their website should reflect this educational theme with plenty of content about the practice, its staff, their offerings and access to accompanying online platforms (such as social media).