For most South Africans talking to a financial adviser is something they do when they marry or reach retirement age and need advice on what to do with their pension. <\/p>\n\n\n\n
But the fact is that financial advice can help at any stage of your life, and building a long-term relationship with an adviser can help you reach your financial goals faster, says employee benefits firm NMG. <\/p>\n\n\n\n
When choosing a financial adviser, the most important thing is to make sure you have a rapport with the adviser, said Stian de Wit, head of financial planning at NMG Benefits.<\/p>\n\n\n\n
\u201cA financial adviser is there to help you create a financial plan and support you in implementing that plan as life is too short to do business with people you don\u2019t like. You have to feel they\u2019re interested in you and your financial goals, and not just another client on their books. Then ask yourself a few key questions.\u201d<\/p>\n\n\n\n
\n Is the adviser competent and trustworthy? <\/b>\n<\/p>\n\n\n\n
Your financial adviser should be upfront about their qualifications and experience. The Certified Financial Planner (CFP) designation is an internationally recognised standard for financial planning professionals. Financial advisers with the CFP designation are usually members of the Financial Planning Institute of Southern Africa (FPI), which has strict requirements around qualifications, experience and ethics. <\/p>\n\n\n\n
\n Which services does the adviser provide?<\/b>\n<\/p>\n\n\n\n
It\u2019s important to understand which services the financial adviser can provide and whether they provide \u2013 and help you implement \u2013 advice. Find out how often you will have contact, what reporting you can expect, and how often you will review your financial plan together. <\/p>\n\n\n\n
\n How do they charge?<\/b>\n<\/p>\n\n\n\n
Financial advisers are remunerated in different ways, and this can affect their decisions. For instance, if the adviser earns commission for selling certain products, they may have an incentive to sell those products, whether they meet your needs or not. <\/p>\n\n\n\n
\u201cYour adviser should be transparent about how they earn fees,\u201d said De Witt. \u201cIs there an upfront or ongoing fee? Is the fee charged as a percentage of the amount invested or the assets under management? The most important thing is that you understand how the fees are charged and that you are comfortable with what is being paid.\u201d<\/p>\n\n\n\n
\n Is the adviser independent or a \u201ctied agent\u201d?<\/b>\n<\/p>\n\n\n\n
An independent financial adviser is typically not affiliated to any one service provider, although they may have a few providers that they prefer to work with. Financial advisers licenced to one service provider are referred to as \u201ctied agents\u201d. <\/p>\n\n\n\n
Ask about the adviser\u2019s independence, which providers they use, and how they review the products available in the market. Working with a tied agent might have certain restrictions that you are not comfortable with.<\/p>\n\n\n\n
\n Why you?<\/b>\n<\/p>\n\n\n\n
Your financial adviser should be able to tell you why you should choose them. You want to know that your expectations are matched by what the adviser is offering and whose approach meets your needs. <\/p>\n\n\n\n
\u201cAn adviser is going to be privy to your personal information, and you need to be sure that you are comfortable having a long-term relationship with them,\u201d said De Witt. <\/p>\n\n\n\n
\u201cThey should be someone you can communicate with and who explains things to you in simple terms. It\u2019s important that you take your time and make the right decision. One specific question that your adviser should guide you to is achieving your (not his or her) definition of financial success \u2013 your financial goals may depend on it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
For most South Africans talking to a financial adviser is something they do when they marry or reach retirement age and need advice on what to do with their 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