Here’s What You Need to Know
Money makes the world go round, but for many of us, managing our finances can be a daunting task. Whether you’re trying to save for retirement, pay off debt, or invest in the stock market, it can be hard to know where to start. That’s where having a talk to a financial advisor comes in.
You could learn about everything there is to know about better personal advisors on the Internet. But having a professional financial advisor can help you to make informed decisions about your money. They can provide guidance on everything from budgeting to investing, and help you create a plan to achieve your financial goals.
In this article, we’ll explore the world of free financial advice and help you understand what to expect when working with a financial advisor.
Is Consultation free?
Yes, financial advisors are always happy to be able to support anyone’s financial future. It can be daunting to most people walking past a financial advisor holding a folder asking you to take a survey. I myself am an introvert so I tend to pick advisors that I personally know.
Give a choice, if you should too! Unless you are wary of your finances with the people that might know you. Then you should have a talk with a financial advisor online.
What to Expect When Working with a Financial Advisor
If you decide to work with a financial advisor, there are a few things you should know. Here’s what you can expect when working with a financial advisor:
- Initial Consultation: When you first meet with a financial advisor, they will likely ask you about your financial goals and current situation. This will help them understand your needs and create a plan that is tailored to your specific situation.
- Financial Plan: After the initial consultation, the financial advisor will create a financial plan that outlines the steps you need to take to achieve your goals. This may include recommendations for budgeting, investing, and saving.
- Ongoing Support: Once your financial plan is in place, the financial advisor will continue to provide ongoing support and guidance. This may include regular check-ins, portfolio reviews, and adjustments to your plan as your needs change over time. Do check out this article to learn more about what insurance companies typically provide or cover.
- Fees: Financial advisors do not upfront earning any money from you unless you buy a product from them. Their business is commission based so they are more dedicated to serving you.
Template Questions to ask your Financial Advisor
- What are your qualifications and experience in the financial industry? Are you licensed by the Monetary Authority of Singapore (MAS)?
- How do you charge for your services? Is it a flat fee, a percentage of assets under management, or commission-based? Can you provide a breakdown of your fees?
- What is your investment philosophy? How do you choose investments for your clients, and what is your approach to diversification?
- Can you provide examples of how you have helped clients in situations similar to mine?
- How often will we meet to review my financial plan and investment portfolio, and what is the process for making adjustments if necessary?
- What type of ongoing support do you offer to your clients, such as access to online platforms, newsletters or seminars?
- What is your approach to risk management and how do you manage risk in your clients’ portfolios?
- What is your opinion on the current state of the Singapore economy and how do you think it will affect my investments?
- Can you provide references from current or past clients who have worked with you in Singapore?
- Are you a fiduciary? Will you always act in my best interests, even if it means recommending a product or strategy that may not benefit you financially?
It’s important to feel comfortable and confident with your financial advisor, so don’t be afraid to ask as many questions as you need to in order to make an informed decision. Also, do check if they are licensed by the MAS and if they follow the regulations in place for financial advisors in Singapore.
So I guess before you find yourself a financial advisor, here are some questions and answer to get you started:
How do I find a free financial advisor?
To find a free financial advisor, start by asking friends and family for recommendations. You can also search online for nonprofit organizations in your area that offer free financial advice. Additionally, some financial advisors offer free initial consultations, so it’s worth reaching out to a few advisors in your area to see if they offer this service.
What should I bring to my first meeting with a financial advisor?
To make the most of your first meeting with a financial advisor, it’s a good idea to bring any relevant financial documents, such as bank statements, investment statements, and tax returns. You should also be prepared to discuss your financial goals and any concerns you may have.
How do I know if a financial advisor is trustworthy?
When working with a financial advisor, it’s important to choose someone who is trustworthy and experienced. Look for advisors who are certified by reputable organizations, achieved MDRT (million dollar round table) or other awards, have other referrals to them as the go-to guy, or build large valuable information for people to learn more about personal finance.
Need a Financial Advisor?
If you need a financial advisor in Singapore to help in managing your finances, here’s Benjamin!
He is a financial advisor who is actively on Instagram sharing valuable information and helping his readers understand more about having better personal finance.