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advisorindia (

advisorindia) wrote,

20 13-0 7-16 17:0 0 :0 0

How important is the name of financial planning company?

We’ve of ten been the agony aunts f or our f riends, trying to hear them out as they’ve narrated tales of investments gone awry. T here are many such cases wherein people have lost money in bad investment schemes either because they didn’t understand the risks associated with the same properly or they

didn’t research about the f inancial investment f irm properly. And that’s where our f irst lesson f or the day starts – researching the name of f inancial planning company bef ore investing. #1 – T he reputation of the company T he reputation of a f inancial institution is pretty important in deciding whether you’d want to invest with them or not. Good reputation ensures that the company has been f air with its customers and prompt in handing out payments. Apart f rom that, a reputed company doesn’t cheat with its clients by hiding terms and conditions. On the other hand, a f raudulent company will mislead you with double meaning prospectus and unclear terms and conditions. #2 – How long have they been around? Financial institutions can be best judged by how long they’ve been around in the market. A long duration in the market is directly linked to its reputation as well. If they’ve been around f or long, chances are that a lot of people are or would have been their customers at some point of time. And with an increase in the number of customers, you’ll automatically come to know how the company is. Whether it is saf e to invest or not? #3 – Who are the employees? T here are several reputed f inancial advisory f irms that don’t have any qualif ied f inancial advisor on board. In f act, what they have on board are just well trained salesmen. T hey are trained to speak about the cons of a particular f inancial scheme in a convincing manner. Apart f rom that, they have no clue regarding f inancial investments. On the other hand, qualif ied f inancial advisors can understand your situation and give you valuable f eedback and help you out in various investments. #4 – Do they have a certif ication? Financial advisory f irms should have a certif icate or license indicating that they are enlisted with the proper authority. How will this help you? Well, if an advisory f irm is listed under an authority or a governing body, you can take any disputes with that company to the governing body. If the company is not registered, you cannot do anything in the event of cheating or f raudulent practices. All you can do is go to someone and cry! T here are various ways to research about f inancial f irms. You can use the Yellow Pages, the internet, visit discussion f orums and seminars. Only if it has a good name and reputation in the market, hire them. Else, there are many others in the market. Tags: f inancial advisors, wealth management advisors

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How important is the name of financial planning company?