My Money Tree
Do You Need Independent Financial Advice
It is the dream of many – to be rich! Or even if not to be rich, at least be well off so that you can afford to buy the things you desire. However, to have lots of money you need to put in lots of work, not only in earning that money but also in managing that money. I'm sure you've heard stories of people who have won the lottery but in no time at all have lost it all and gone bankrupt. When you have money you need to know how to protect it and even grow it and to do this it is advisable to seek some independent financial advice. You don’t need to find someone that you hand everything over to and let them manage your money completely, but you need to find an advisor that can help you manage your finances and make good decisions. There is a lot involved when it comes to managing money and also investing money so if you plan on doing it yourself you will have a lot to learn.
There are different types of investments such as bonds, stocks, mutual funds; even property investing and most people just don't have time to learn all about each one. That is where a professional financial advisor can help. When looking for an independent financial advisor it can be difficult to know who you can trust, after all you don't want to trust your money with just anyone. You can start by asking your friends, family members and co-workers whether they use a financial advisor and can recommend one. If they have someone that they can trust with their money then you too should be able to trust them.
There are also a number of finance advisor options on the internet. If you find an advisor online I recommend that you find one in your local area so you can meet them in person. If you are dealing with an advisor elsewhere and can't meet them in person then it can be more difficult to get a feeling of trust with them. When you meet with a financial advisor you should ask them whether they are an independent or a tied agent. A tied agent works for a specific company and will only recommend services or products that the company provides. It is possible that the best option for you is not with that company but because they are tied to that company they will try to sell you one of their products. An independent advisor isn't biased to one company and is more likely to work with your best interest in mind. Independent financial advisors work for a number of different companies and so they have a wider variety of products and services to offer you. Although some advisors will work in their own best interest and try to sell you products or services that will earn them a higher commission. So there are advantages and disadvantages to both independent and tied advisors.
Whichever one you decide to go with you just need to make sure that you are comfortable with them and you can trust them. You want an advisor that is going to include you and explain all options to you. You want one that will help you to make a decision based on what is best for you and not one that will just try to sell you products. You will generally get a feeling about whether you can trust an advisor or not, try to stick with someone that explains things well and is working in your best interest and not one that is just giving you a big sales pitch. Remember, this is your money and your financial future at stake so you want to stay informed and keep tabs on how your investments are performing. So choose an independent financial advisor that you can trust and feel comfortable to help you with your investment choices.
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