What Are The Things To Consider When Choosing Your Financial Adviser?

7 May 2018

A financial adviser is a very important person to have in your life, no matter what your financial situation and goal. When chosen correctly, a financial adviser can help you reach your financial goals with ease and competence. It is therefore most important to find a qualified professional who understands your financial situation correctly and gives you the best advice consistently.

Here are some things to consider when choosing your financial adviser:
1. Identify what you need financial assistance with:

Financial advisers can help you with a number of things that you wish to achieve financially, but it is most important to start by identifying the areas where you really need the assistance. The financial adviser can provide specialized assistance in the following areas:

  • Money management
  • Investment management
  • Risk management
  • Tax planning
  • Estate planning

2. Review the qualifications and expertise of the professional:

A financial adviser should be adequately qualified, certified and should be experienced in the field. Look out for a licensed financial adviser with documented credentials. A financial advisor recommended by a trusted firm is always preferable.

3. Ask for their views on advanced planning strategy:

Discuss with the professional his/her views on advanced financial planning strategy to gain an insight into his/her understanding of the field. This will also give you an idea of whether or not the strategy is suited to your financial situation and requirements. It is also a good idea to discuss your financial needs with the adviser in an open and uninhibited manner, so that he/she can make suitable suggestions.

4. Assess the compatibility and working relationship:

Your financial adviser will be your close ally and one of the most important figures in your personal and professional life. It is crucial that you trust this person and his/her competence completely, and have a good working relationship with him/her. A detailed first interaction will give you a good sense of the same.

5. Discuss the fee and services offered:

Discuss with the financial adviser the range of services offered and the fee charged for each kind of service. In addition to a stipulated fee for the time spent working with you, your financial adviser may also charge a commission on certain financial transactions. Openly discussing the fees and payment processes will pave the way for a fruitful working relationship with the financial adviser.

Looking for a trusted and experienced financial adviser? Dravya Financial is a premier financial services firm that offers retail fundraising, syndication advisory services in Pune, Mumbai India and financial advisory services in Pune, Mumbai India.

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