Financial Investment Tips That Can Save You Money
If you are planning your financial future and considering some sort of investment it can get quite confusing with all the choices that are available. There are so many different financial services that it can be a bit overwhelming so it is an idea to seek help from a professional financial advisor. Any financial advice that you receive can make a big difference to your future financial security so you don’t want to trust just anyone. You want a financial advisor that you can trust and one that is qualified to be giving you the advice that you need. It is recommended that you visit a number of different financial advisors and ask as many questions as you can. Your financial advisor will be working for you and in your best interest so you want one that will genuinely do that. You have every right as a customer to ask as many questions as you need to and make sure that they are qualified. If an advisor develops an attitude because you are asking too many questions then they are the sort that you should walk away from. A good financial advisor will realize that you are looking for sound advice from a qualified advisor and they will be more than happy for you to ask questions. Here are our top three tips to help you when you are looking for a financial investment advisor:
1. Find out if the advisor is an independent or a ‘tied’ agent? If they are a tied agent they are bound to the company that they are employed by and will only recommend that company’s products and services. Although their products and services might be good, they may not be suited to your needs, but they will recommend them anyway because they cannot recommend products or services from outside of that company. Because a tied agent can only sell the products from the company they work for their advice can be biased. However, if that company has a great product that is very suitable for your needs then this shouldn’t be a problem. A good agent should tell you if they are a tied agent, but it doesn’t hurt to ask if they don’t tell you up front. An independent agent will not be tied to one specific company but will work independently and can sell products and services from several different companies. Even though they have a bigger range of products and services to recommend, they may still be biased and promote the product or service that will earn them the highest commission. Both independent and tied agents have advantages and disadvantages and a good, honest advisor will want to do what is best for you and not what is best for him. It is helpful if you do your homework and have some idea of what you want so you will know if their recommendations would be suited to you and your family.
2. Find out how the advisor makes their money. Many financial advisors will work on a commission basis and as such they may try to sell you higher priced items to earn a higher commission. They may also contact you whenever they are trying to make a sale rather than contact you to follow up with your investment plan.
3. Find out just how qualified the financial advisor is and whether they are experienced in just one area or whether they can help you with all of your financial needs. If you find an advisor that specializes in one particular area but can’t help you in other areas then you might need to find another advisor for the other areas of financial advice. This can be more costly if you have more than one advisor working for you. There are many financial services that will be able to help you with all of your financial needs in one place. I find that these three tips are the important factors to consider when choosing a financial investment advisor. Remember that they will be working for you so take your time to choose someone that you believe is right for the job.
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