Tips to select the right financial advisor

The key to investing successfully is to choose the right financial advisor. A good financial advisor can help save you a lot of money and get better returns with your money. Here are some tips to select the right financial advisor.

  • Trust: You and your financial advisor should have mutual trust. This is very important as different advisors tend to give different recommendations. So it can easily mislead you. It is only when you have mutual trust, that you can manage to get the best returns on our investment.
  • Willingness to serve: Your advisor should be available to you whenever you want. He should have entered into a service agreement with you. This will assure you are in safe hands.
  • Need assessment: The advisor should be able to understand your needs and your risk profile before making any recommendations. If you are a low risk client, and you are advised to invest in risky investments like equities, then you are better off avoiding the advisor.
  • Track record: Get references from your friends and relatives about the performance of your advisor. Talk to the advisor’s clients personally before actually hiring him.

 

These tips are common sense but are essential for your financial health.

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Laxmi Kasbekar

Laxmi Kasbekar is a freelance finance writer based in Mumbai. She also offers guidance on investment and financial planning in order to help you achieve your financial goals.

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