Others things to consider are your tax management plan, your finances (investment and savings inclusive), and how you can have a happy retirement. To be well advised there is a need for a clear depiction of your financial circumstances.
Have a Clear Expectation
You should figure out the kind of advice you need. It could be in a specific area such as investment, tax or retirement planning or it could be a full financial plan covering all important areas.
Given your present financial condition, the right financial planner should be able to provide you with the proper solutions.
Make a List of Your Goals
Why not have your goals written down and present it to your financial planner.
You should list both the short and long-term goals.
The goals could be any of the following:
Paying your child’s schooling fee
Preparing for your child’s marriage
Specifying a period to finish your mortgage payment
Retiring early and planning the retirement
Buying your own home
Improving your insurance
Meeting your health cost
Improving your investments
You Should Know This:
A good financial plan should secure your investment and produce realistic returns without having to put you through a lot of risks. The nature of the risk you take can change depending on the time and state of affairs.
Your financial planner should be aware of your risk-taking nature.
Understand the services provided to you, the scope of the service and the cost involved.
For specific strategies chosen for you that you don’t understand, you should not waver to ask for clarifications from your adviser.
Should you not be contented with an investment solution or plan, don’t consent to it.
A workable solution should depend on estimated inflation, return on investment, savings, earnings and expenditures.
Some financial planners only charge a fee which is a compensation for the service they offer you as they do not sell any financial services or products for additional money. Some others charge commissions so you should ensure they don’t sell you products and services that you don’t desire.
So What Follows?
Planning your finance does not equate to buying a product, it is a process. When you meet with the financial planners you would have the opportunity to know more about them and the investment firm. You get to know the rough idea of your financial plan and make preparations for prospective communications. Follow-ups and clarifications can be done through the phone or in a subsequent meeting. Since it’s your money, family and future, you should take time to choose a financial planner. Before you choose a financial planner, you should ensure that: They can solve your problem
They can meet your short and long-term goals
They are trustworthy