Everyone knows getting professional advice can be hugely beneficial - but not everyone knows what to look for in a good financial advisor.
There are three things people should keep in mind when they're seeking a financial planner.
1. It’s an ongoing relationship. ''Whatever you do, you need to choose an advisor you feel comfortable with and who you feel you can trust.''
2. You have to be willing to tell all. You do have to share information of a financial nature or potential impact. There are many personal issues that can have a financial impact - job security, potential inheritances and, when it comes to estate planning, whether you like your son-in-law.
3. Third, be willing to be proactive to ensure you have a dynamic and constructive relationship with your planner and keep them in the loop if your circumstances change.
Being proactive goes both ways; the advisors as well as the client should be proactive. If you're sick, you go the GP - the GP is not going to knock on your door when you're coughing and spluttering at home.
And if you receive a salary increase or a lump-sum payment, you shouldn't let it sit around doing nothing for four months until the next meeting. Younger people have a greater sense than older generations of the importance of taking control of their own wealth creation.
The trigger point for most people deciding to see a financial planner for the first time is that moment in their life when they begin to have surplus cash.
Source: smh.com
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