Thursday, August 25, 2016

5 Things to Consider When Finding a Financial Advisor

Let's admit it. Very few of us know how to do proper financial planning. On our own, it will take a lot of time to self-educate ourselves on how best to manage our personal finances along with planning for a secure future. Sure, there are self-help books, seminars, and courses we can enroll in to learn more about handling our finances but it will greatly benefit us to get help from an expert we can directly talk to about budgeting, investing, etc.

personal finance planning can be tricky if you don't know how to go about it properly
That's what a Financial Advisor (FA) is for -- to properly guide you in choosing the best ways to grow your money towards financial freedom for yourself and for your family. According to Registered Financial Planner (RFP) Aya Laraya, "Planning ahead with specific goals and getting the help of a licensed financial professional will help you make smarter financial moves and help you take more control of your future."

Last Saturday, my husband and I attended Sun Life's #Money4LifeChallenge seminar where Aya helped us understand the importance of finding a financial advisor who is a perfect fit for our needs.

Aya advised that before beginning this business relationship, one should clearly state expectations by letting the potential FA know the financial goals you'd like to achieve and what you would like him/her to help you with.    

a Financial Advisor is someone you can trust and be comfortable with 
Don't hesitate to ask questions. He suggests inquiring about the following:
  • How are you being compensated for this engagement?
  • How knowledgeable are you about the products you are offering me?
  • Do you have insurance policies of your own?
  • What's you location and limitations? Could you meet me any time there's an emergency? 
  • How will you be updating me about my policy and investments? 
Likewise, it is strongly recommended that you verify the company the FA is representing as well as his/her license as a Financial Advisor. Do not rush into a relationship after talking to just one or two people. "It's perfectly okay to take the time to talk to several advisors first to know who you will be comfortable to work with for a long time," counsels Aya.

prepare NOT to fail by finding a financial advisor today!
Once you find the best FA who you think suits your needs, "Be transparent as much as possible. It's just like consulting with a doctor. He/she cannot treat you correctly if you do not provide accurate information."

By the way, I advocate for financial literacy for fellow Filipinos and dream to see all of us living better lives. If you are interested to talk to a competent and reliable financial advisorlet me know so I could refer you to ours. She handles my and my husband's Sun Life policies and is very accommodating in answering any questions we have. FYI, she will not pressure you to buy anything. Just let her explain to you your life insurance policy options and then you can decide whether you'd also like to build a trustworthy relationship with her or not :)

* first two photos borrowed from Sun Life Canada's website and the last photo from Sun Life Financial Philippines' Facebook page

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