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financial advisor

How to Identify A Reliable Financial Advisor?

by Holistic Leave a Comment | Filed Under: Financial Plan

How do you determine that your financial expert is actually providing you with genuine or fake advice?

Can you easily trust any financial advice that you get?

Are you sure,whether the financial advice you have received,will fill your pockets or your advisor’s?

There are a few questions that one must address, before going ahead and trusting someone as their financial advisor, mentor, expert,or money manager. Therefore, let us get an insider’s view into some very important things to know, to let you differentiate between good and bad financial advice.

This sense of wisdom will help you in getting the right advice and value for money, and thus prevent you from being cheated.

1. Is your advisor walking the talk?

It is very crucial to check whether your advisor is exactly practicing what he is preaching. Always remember that you do not seek advice from an advisor, who has built his wealth from selling advices, rather than actually investing. Be careful from advisors, who primarily sell investment products like stocks, bonds, or MFs. Investment planning function should be separated from the product sales function.

In addition, one must also not seek his financial advice from academicians, or financial authors. These people may have a lot of fascinating theories, but very less real-world experience, thus seeking advice from them can drag you towards risky returns.

Lastly, one must never accept his financial advice from someone, who may be financially very successful, but lacks the requisite qualification. This may comprise of anyone from your friends or relatives, or anyone known and having an opinion. Remember that every viewpoint is not oriented to quality and results.

Concluding the first point over distinguishing between the false and legitimate fiscal advice, one must only go for experts, who have a personal investment experience with the advice they are providing and are honest.

2. Look for proof or evidence:

I am sure that you will agree to it undoubtedly, if I tell you that the actual proof are none other than the results. Evidences could include the past and present references from clients, and testimonials, that will help your future prospects to verify the quality of your services.It is an unquestionable fact that only the results, and nothing else than that, speak for the truth and one must always go with the same.

3. Research on your advisor’s skills and experience:

In terms of your financial advisor’s qualification, background, skill-set, training and overall investment experience, never compromise for anything less than the best.Personal experience and training add unique colors and shades to your expert’s advice. There may be numerous knowledge levels in the financial advice industry, but it is a hard reality to accept that the bulk of useful advice comes from the core ground level.

 

4. Is your financial advice tested through various market cycles?:

Building wealth as well as preserving it, should be viewed as a full-cycle perspective. Creation of capital should not be just restricted to rising markets, rather one must also control his losses in order to preserve wealth during the depreciating markets. Thus, it is advisable to ensure that your financial advices have been tested through the inflation and deflation, a bull and bear market, or any other attempt that one can imagine. Therefore, it is safe to make sure that your fiscal advice is able to manage risks during the worst outcomes possible. Doing this will assure you profit, under all possible situations.

5. Know the drawbacks, along with the benefits:

No investment strategy is perfect. To understand any investment completely, it is necessary that you know all the ways of losing money with it. Knowing all the risks will only make you capable of avoiding the same. Once you know your investment plan’s drawbacks, you will automatically know the potential rewards as well. Every financial strategy has certain pitfalls.

What would you prefer – learning the risks and avoiding them, or just proceeding being unaware?

6. Trust the facts, not opinions:

Consider facts as the only thing that matter in the financial advice, and opinions to be merely unnecessary clutter that just complicate your investment decision. Never confuse opinions with facts, as that may lead to wrong conclusions. Facts (that comprise of hard data and numbers) are what is true and knowable at this point of time. Opinions are simply our interpretation of the known facts.

Is your financial advisor advising based on the facts on opinions of the market?

7. Consider Risk Management:

How do you control the investment losses during adverse times? Risk Management is the simple and straight solution to this question.Managing risks and saving capital can let your investment portfolio, earn returns through wavering market conditions. Therefore, you should never believe any financial advisor, whose primary concern does not include capital preservation and risk management.

8. Is the advice specific to your personal needs?:

Everyone and his/her life is unique, with different set of goals, resources, abilities and necessities, that cannot be compared with anyone else. Rather than going for a generic or computerized financial advice, one must look for something that is customized to his/her own personal needs. Do you think that the information provided to millions of people simultaneously, can be personalized to everyone’s requirements?

 

Summarizing the above-mentioned things to remember, always check up on your advisor to find if he is actually practicing what he is preaching. Moreover, does he possess any documents that validate the successful trial-and-testing of his advice?

Differentiating good financial advice from the bad is a technique must to learn, in order to make smarter and more profitable investment decisions independently.

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

Skip the queue by registering for your 30 Minute FREE Financial Plan Consultation. Click the ‘‘BOOK YOUR SLOT NOW!’’ button below. 

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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