Tips for finding perfect Financial Planner for investing Successfully

With a Royal Commission into the finance industry over here are some tips to find the perfect financial planner In the old days,

our parents would head off to the local bank manager who would be the oracle of all things financial. How the world has changed. Now banks employ teams of Financial Planners to give advice/sell products that in many cases the banks themselves own. How can you be sure you’re getting the best advice?

 We have put together a list of questions to ask before you partner with a financial planner Who owns/controls your license to give financial advice? It’s a sad fact 80%* of financial planners are owned/controlled by the banks. What are your qualifications?

It’s a worrying fact only 52% # of advisors have a degree or higher How many years’ experience do you have? This is important they may have the knowledge but do they have the experience. What are your fees? And how do you charge? If the fees outweigh the benefits what’s the point?

Does the planner have a conflict of interest with any in house products? If they manufacturing the products, how do they have a clear view of what best suits you ? Asking these questions upfront at your first financial planning meeting to help avoid unpleasant surprises down the road. Having the right financial planner can make a world of difference. Research by Financial services council showed people who received financial advice were almost $100,000 better off in retirement.

 

Principles for investing successfully

 

Setting goals buying your first car. Helping the children get a good education. Enjoying a rewarding retirement. It’s important to plan your goals when you invest to give yourself the best chance of success. Without a plan, it’s easy to get distracted by daily headlines.

You can end up trying to time the market, chasing returns and missing out on long-term gains. With a plan, you know where you’re heading. Along the way, you may not know exactly what each day will bring or have control of everything but a plan will keep you focused on your future goals.

 Defining your goals and constraints because most objectives are long-term, your investment plan should be designed to endure through changing market environments, and should be flexible enough to adjust for unexpected events along the way.

Most investment goals are straightforward. Constraints, on the other hand, can be either simple or complex, depending on you and your situation. The primary constraint in meeting any objective is your tolerance for market risk.

 Your investment plan should be designed to endure through changing market environments and flexible enough to adjust for unexpected events