When you don’t trust anyone with your kids, or car or hair, how you can take the person easily who will be in control of all your investments and financial decisions. Many pieces of research and business data reveal that there is a quantifiable increase seen in businesses that opt to hire the services of a financial consultant. So what should you keep in mind before hiring a financial consultant for yourself who has the best education, experience, and laurels in the field? Let’s find out.
Understand their working philosophy
There is only one way to probe and get the maximum from your prospective financial consultant is to ask them every question under the sun. Start with their working experience and question their investment philosophy. Check their track success with their previous clients and the number of years they have worked with them. A wise businessman or investor would never let go of a seasoned financial consultant if their working philosophy suits the need of their business. Evaluate their zeal and passion for their success stories and how they talk about their previous or current clients. Talk to them about what they can do for you? How will they help in flourishing your business? How will they be liked to be paid? Or will they be available to discuss the multiple financial scenarios with them at any time of the day? And if taken their services, where do they see your business in the next five years?
Understand the difference between Financial Planner & Financial Salesperson
Ask them how many clients they are working with currently? If the number lies between 8 to 12. You might be in good hands. If the candidate is working with more than a dozen clients at one time, he is more of a financial salesperson than a financial planning adelaide person and may not be suitable for your business and investment propositions. When you are paying 0.5% or 1% of your portfolio annually to the financial consultant, you must get a person who has enough time for you to discuss the business and investment proposals for you, has the best interest for you in hand and has sufficient energy and passion to execute the most reliable financial plans for you.
Calibration of your Goals
A personal financial consultant is under the legal obligation to put his client’s interest ahead of his own. For that he needs to have a sound attitude and transparency is his dealings. Plus he must have sufficient experience in handling the asset level you intend to entrust them with. You won’t like to hand over your 50 million dollars to someone who has experience in dealing with 10 million dollars. Other than being fiscally responsible, they need to be psychologically intelligible as well to reach theirs and your goals together.Read More