How To Choose A Best Financial Adviser


You may think, "I have a good salary, I pay my bills on time, know about their taxes, I have insurance. In general, I am quite copes with personal finances, so a waste of time and money on financial planning will not bring benefit to me. "

This is misleading. It is born out of a lack of information about your potential and best practice more successful people than you.

If your financial situation looks sad, then all the more should change the situation by resorting to professional help finance "the doctor."

Professional financial advice is not limited to the selection of specific financial products, such as investing in stocks, placing funds on deposit, the choice of insurance or a method for optimizing taxes. You can enjoy the valuable experience and communications professional who has repeatedly solved the problems that you are facing. With it, you can plan your financial future. A knowledge and support of personal financial adviser will help you to move steadily to the goal, despite various difficulties, and ultimately to achieve the desired level of financial well-being.

But all this has happened, for a start it is important not to be mistaken with the choice of a financial advisor. The questions listed below will help you to assess the level of financial advisor. Understand whether in front of you a competent, qualified professional with whom you can feel confident you meet your financial needs his experience and business style.

1. What is your experience?


Find out in which financial companies and banks worked as a financial adviser. Ask him to describe briefly the basic experience, responsibilities and how it relates to its current practice, financial advisor.
Find out how many years the expert working as a financial advisor. Choose a financial advisor with the greatest experience in advising clients.
It is also important that the Advisor has successfully passed at least one financial crisis with its customers.

How To Choose A Best Financial Adviser
How To Choose A Best Financial Adviser


2. What is your qualification?


The title "financial adviser" may be applicable to professionals in different areas (and sometimes to non-professionals).

Occupation financial advisor requires constant training. Ask your financial advisor what expertise allows it to offer financial advisory services. Does he have a professional diploma, Russian or western certificates, such as:

  • Certified by the Institute of Financial Planning - before INFIS (Certified Independent Financial Advisor)
  • Certified financial adviser "School Financial Advisor"
  • Certificate of FFMS (albeit basic, if a financial adviser also acts as an investment adviser)
  • CFA (Chartered Financial Analyst - «Certified Financial Analyst")
  • CFP (Certified Financial Planner - «Certified Financial Planner").

Professional title of show loyalty to the person of the profession, as well as the ability to pass exams.

Another piece of advice - look for financial advisors who have proven professional experience in fields such as insurance, tax optimization, investment planning investments in real estate, drawing up of the pension plan.

3. What services do you offer?


The number of services that can offer financial advisors, depends on several factors, including the licensing restrictions and work experience.

In particular, advisors can not on its own behalf to provide services for insurance (ie, act as insurers), the purchase of shares and bonds, investing in mutual funds (ie, as brokers or CC) so that these and other types of activities subject to mandatory licensing.

Some advisors offer services only financial planner, not the financial products. Others may provide advice only in a particular area of ​​personal finance, for example, in the area of ​​tax planning.

You should see a specialist you need a profile. Referring to the narrow profile experts calculating that in the future you may also have to resort to the services of other advisers.

4. You are an independent financial advisor or offer only products of specific banks and financial companies?


Get advice from financial advisers who earn only commissions of banks, insurance and investment companies, it is like asking a car salesman in the showroom, "Should I buy a car today?"

It is important to ask the counselor about what the structure of its revenues (only if payment for advice or even commissions from the sale of financial products). Commission - this is not bad, only if the adviser does not hide them, and recommends certain financial products just because they are suited to the client, not because of the high commission.

Ask the adviser with which customers and situations, he prefers to work on the kind of customers it targets. Make sure that his view on investing is not too cautious or, conversely, not overly aggressive for you.
Some advisors prefer to work with clients who have accounts on a certain amount of money, or if they are willing to invest not less than a month a certain amount.

Make sure that the financial advisor will not just be a plan for you, but with you to implement it by providing services in support of the plan.

5. You'll be the only person who will advise me?


A financial advisor can work alone or in a team.
If an advisor is working with a group of professionals in related fields, such as with lawyers, insurance agents, tax specialists, always ask for a list of their names and data on their experience.

Ideally, you should talk to is the person who will work with you, otherwise the communication will become a "broken telephone".


How To Choose A Best Financial Adviser 2
How To Choose A Best Financial Adviser 2

In a personal meeting is always a need to clarify many of the small details of cooperation, which is difficult to discuss the e-mail. In addition, only in person you can understand whether you cute your financial adviser.

6. How will I pay for your services, and how much they usually cost?


We need to clearly discuss and record in a written agreement procedure of payment for services of a financial advisor.

There are several basic ways to determine the amount of remuneration for work of a financial advisor:

  1. Monthly payment in a fixed amount;
  2. Hourly;
  3. % Of your assets or income (a practice increasingly common in developed countries, in the Russian Federation);
  4. Commission from the sellers of financial services (bank or finance company), whose products you have purchased through a financial advisor;
  5. The cost of a particular service (for example, drawing up a personal financial plan).

The fee financial adviser depends on work spent time and money and, of course, the result.
Sometimes the assistance of a consultant for the construction of resort only personal financial plan, and then the man alone is engaged in its implementation.

But more often different: for many it is important that a consultant with them monitor the implementation of personal financial plan, introduced in the course of its implementation the necessary adjustments. Think about what would be better for you.

7. What is the procedure of our work together? How often do we need to meet? And what information do I need to convey to you at the beginning of our cooperation?


From the answer you need to understand how to organize your communication with a financial advisor. This work may be based on various schemes.
You can get an explanation remotely using modern means of communication, and you can meet with a counselor in person each time in the event of some issues and problems.

8. Can I get you the answers to these in writing your signature?


Despite the fact that this requirement does not correspond to the Russian approach to the agreements, we recommend that before the final signing of the contract with your personal financial advisor to get these answers signed by a financial consultant. Keep this document for future reference it.

Implemented on a portal "My plan" independent rating system experts, their advice and answers to open questions, customer reviews and comments of the professional community, will allow you to get a complete picture of a particular financial adviser.

On the site you can add to your personal advisor to several financial advisors, to ask them questions that you care about, and only then decide. We hope that through the portal "My plan," you will make the right choices and achieve financial goals.

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