Finance

Tips for finding a good financial advisor

Tips for finding a good financial advisor

When a person decides to invest, he or she can do it in many ways. For many experts, the key is to choose a “financial advisor near me” who not only manages savings but also knows how to guide you through the good and bad times of the market. The main key to a good financial advisor is to ensure that they have the best possible training, that their knowledge is up to date, and that they are firmly committed to meeting certain ethical standards.

The figure of the financial advisor is little recognized in the country. Any person should go to a “financial advisor near me” in the same way that one goes to a doctor. This lack of recognition means that it is not valued at an economic level. In most individual investors/savers’ mental scheme, they do not pay to receive quality financial advice.

A financial advisor is not a service limited to wealthy people; this is a preconceived idea in Spain, and it is misleading. A financial advisor should provide service to everyone and add that the more limited the economic resources, the more important it will be to count on the help of a professional who will help you draw up financial planning to maximize the resources you have.

It is necessary to distrust advisors who promise great profitability assuming few risks, especially in the current situation in which the markets live. Similarly, he adds that we should stay away from those who dare to offer investment advice or a detailed analysis without knowing the saver’s investor profile, characteristics, interests, and time horizon.

It is important to bear in mind that there is no such thing as a perfect product, nor are there strategies extrapolated to different types of clients. An advisor must be distinguished from a seller of financial products. The advisor listens to his client’s needs to work with him to develop a financial plan that best suits his circumstances.

He also ensures that a qualified advisor will be calm and temperate in market panic times and will call his client to reassure him and clarify any doubts that may arise. A good financial advisor can draw up a plan and manage the client’s money in times of panic.

Good management is not enough because the client may have it, but if he is not well-advised and does not hold on, it is of no use. Therefore, the perfect combination is management with good advice; it is what produces the best results.

Characteristics of a good financial advisor near me

  • A good financial advisor should have a broad knowledge base.
  • Know and be up to date with all the appropriate tools to understand the particularities of the markets and the changes that occur every day in a completely alive sector.
  • He must accompany his client throughout his investment cycle. Hence, he must know his personal circumstances well and have a certain empathy to understand his needs and fears and know how to answer his doubts.
  • The financial advisor must speak your language, avoiding technicalities as much as possible, being able to explain his financial recommendations in a correct language but understandable to you, as a client, without using complex or vague terms to highlight or avoid certain issues.

Besides, in the current environment of low rates, sustained over time, volatility as a real protagonist in the markets, and the continuous launching of products, it is more important to have professional help when making any decision related to savings and investment.

About the author

Sravani Reddy

I'm a breaking news reporter for crazy speed tech focusing on economic policy and capital markets. I completed my master’s degree in business and economic reporting at New York University.

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