Selecting the right qualified advisor for your business will save your business time and money in the long term. In this week’s blog, we will look at the role of Financial Advisor.
Many people are confused about the role of a Financial Advisor. Quite simply they identify your monetary needs and goals and prepare a financial plan for you to work from so that you can meet those needs and achieve those goals. They will also recommend investment products that may help you in your endeavours.
They can give you advice on managed investments, investment portfolio planning, superannuation, allocated pensions and rollovers and life insurance, income protection insurance, retirement planning and the list goes on.
You must ensure that the Financial Advisor is independent of the investment products they are recommending; otherwise their advice may be tainted by the commission offered by those investment companies.
Many businesses choose professionals to act for them on the recommendation of another people. Financial Planning can be very complex and you will need to trust your Advisor therefore referrals from people you trust can be a good way of choosing your advisor.
Other professionals who do work for you may be able to recommend a Financial Advisor who will be appropriate for your needs.
Other Financial Advisors who do not handle your type of work may be able to assist with the decision making process and refer you to someone who would suit your business.
There are a number of Financial Advisor referral services which you can contact for a recommendation. The only problem with this kind of service is that the Financial Advisors pay a fee to be on the list of referrals and they may not be ideal for your circumstances. These services can be found in the telephone directory or on the internet.
In next week’s blog, we will look at asking the right questions to determine which financial advisor is right for you.