We all lead busy lifestyles. So who feels like sitting down at the end of the day to do a budget?
Many of us have a personal fitness trainer. Someone that motivates us to do squats at some ungodly hour. Much like a personal trainer, financial planners are there to guide you through making smart decisions when you just don’t have the energy or the time to do it yourself.
A professional adviser will sit you down and prioritise what’s important to you, and your time-frame for achieving your goals. They will help illustrate to you, whether you are able to achieve those goals, and what can be done to bridge any gaps.
So how do you choose your financial planner? Below provides a few pointers to consider before signing on that dotted line:
1. Will your financial planner provide comprehensive advice that is tailored to meet your specific needs?
2. There’s no such thing as a free lunch or a free financial plan. You need to question how your financial planner will be making their money. Disclosure is key!
3. How is your planner remunerated? Salary verse commission. Don’t be afraid to ask.
4. Recourse! Asking your adviser where he/she is licensed is crucial. If you are based in Singapore, then your adviser should at the very least be regulated by the Monetary Authority of Singapore.
5. What education and experience does your adviser have? Is your financial planner a member of any professional body?
6. Don’t leave me high and dry. Finally, it’s all about the ongoing relationship! Our plans are ever changing; it’s important that your financial planner provides a review service to ensure you continue to track towards achieving those goals!
Contributed by Belinda Barclay, (Aon Hewitt Wealth Management). Views expressed in this article reflect the personal views of the writer and are intended for general information only. The reader retains the sole decision to choose which option is best suited for his or her needs. Reliance on the above shall be at the sole risk and responsibility of the reader.