Financial Planners
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What do Financial Planners Do...
As a coach to an athlete, a financial planner will help guide you in making the right decisions. The job of a financial planner is to help you to invest and grow your money ensuring financial security for many more years to come.
Your financial planner would want to know who you are, your current state of affairs and where you want to be. This personal information will help your financial planner to make informed decisions about how to make the most of your money. A financial planner can make your money grow by investing it, protecting it to your gain and by using other financial products that suit your needs.
What To Expect From Your Financial Planner
The law requires that any personal advice you receive from a financial planner must be tailored to your circumstances. While you have the right to refrain from giving personal information to your financial planner, doing that will prevent him from providing you with the most appropriate advice to suit your needs and your financial situation. What you should expect from your financial planner are as follows;
1. An initial fact finding discussion. This most likely will be free but you should check with the adviser first.
2. Collection of required information.
3. Help in identifying your goals and your current financial position.
4. Presenting you with a plan i.e. the statement of advice. This would be a customised mix of the 7 building blocks that best match your requirements.
5. Discussion of their recommendations with you to ensure that you are comfortable and agreeable to what they recommend.
6. Implementation of the agreed recommendations.
7. Regular updates to help review your objectives, financial situation and needs.
It is important you know that you are in total control, you can decide whether to stop, change or continue at any stage of the process.
Are Financial Planners Expensive?
Irrespective of how much money you have, anyone can benefit from a more structured approach to his or her finances. Having even a basic knowledge on how you spend your money can make a big difference.
Getting expert advice isn’t as expensive as you might think. The first consultation is a fact-finding session. The financial planner will look in to how he or she can create a personalized financial plan that will best optimize your money. Check with the financial planner if this is free or if there is a cost.
If you decide to proceed with seeking help from a financial planner, there are many ways as to how you can pay them. The available payment options can be in the form of a commission, a dollar amount or a combination of both. The law requires that your financial planner tell you exactly what the costs are and how you pay for them.
