Choose the best financial advisory services Most often, choosing financial advisory services is not a pragmatic decision. We either try to go by the recommendation of our relatives, or generally end up hiring the firm where one of our relatives works, just because we think he will charge a lesser fee. However, such decisions
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fee. However, such decisions can jeopardiz e your future because choosing the right financial advisory service should only be done after researching. Just because your good friend works there doesn’t necessarily make the financial advisory service good!
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We know that it is a bit difficult to separate emotions, but when it comes to investments, always think logically. Let’s browse through the concerns of choosing a good advisory service:
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Deciding t he t ype of f inancial advisor Choosing a financial advisor/advisory service is largely dependent on what type of investment you want to make. We have identified four distinct types of advisors who can help you out in pursuing your financial dream – 1. Stock brokers/representatives: We have a lot of stock brokers in vicinity. They usually work for a particular firm, and represent their policies. Brokers and representatives charge commission for giving advice and investing on your behalf. 2. Financial planners: Financial planners can ideally be anyone who has passed a small financial exam pertaining to financial planning. However, there are certified financial planners (CFP) and charted financial analysts (CFA). They are the crème de la crème! 3. Advisors: Financial advisors usually have the best ethical practices and are compensated with fee. 4. Managers: You will find money managers in mutual funds. They differ from the above three in the respect that they can make decisions on your behalf without informing you about the same. They manage your portfolio in mutual funds. Meet t hem personally You should meet all the four types of financial guides and understand what exactly they can offer you. PDFmyURL.com
Some might mention of venturing into mutual funds, others might divert your attention towards Life Insurance India, whereas some will urge you to invest in the stock exchange. Choose the one that you identify your goals the most with. Goals include keeping the money parked, gaining current income, looking for long term benefits etc.Donâ€™t get floored by someone with a charismatic personality. Try to look at their experience, educational qualification, and results. Cross check Cross checking is just a means of being sure about the intentions of your financial guide. You can either log onto a financial forum on the internet and post your query, or visit the website and cross verify the credentials. Since investment is a big decision, you cannot go about lightly. The financial world is pretty small, so there are chances that someone will know about the financial advisor and give you an honest insight. Posted by Financial Advisor at 03:08 +3 Recommend this on Google Labels: Financial Advisor , Financial advisory services, Life Insurance, Life Insurance India Location: India
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Published on Oct 24, 2013
Most often, choosing financial advisory services is not a pragmatic decision. We either try to go by the recommendation of our relatives, or...