An adviser is like a great pair of shoes

The worst pair of shoes you could own is those that pinch your feet whilst wearing them or those that break before getting to wear them second time round. The same concept applies with an adviser. The long term goal is to have an adviser that you are able

The big question remains, how can you find a fulfilling relationship with your financial adviser or planner?

Boitumelo Mothoagae, Manager – Customer Management Operations Liberty and financial advice provides a few pointers for readers to enjoy a fulfilling relationship with your financial adviser:

1. Understand the true value that a financial adviser can provide

Unfortunately, as with many industries, there are ‘knock offs’. To get value out of your adviser, invest time when looking for someone who will carefully consider your needs. You can receive advice from anyone; however, good advice is what you are essentially in need off. The best recommendation is to get your advice from a registered and accredited financial adviser.

2. Be prepared when meeting with your adviser

Always make notes of what you want to discuss with your financial adviser. Have reports and any other documentation ready which you can send to your adviser prior to your meeting. Have an agenda of what you want to cover in the meeting, this way you guide your financial adviser on points you want to discuss or that you are concerned about. Take the meetings as opportunities to discuss anything that you don’t have clarity on. Ultimately, you’re the boss of your financial stability; it is your money and financial wellbeing.

3. Be part of the winning team

What does it take to win? It takes a plan, diligence, perseverance, determination and ultimately team work in order to see your plan come into effect. Essentially, your money is what you are entrusting into someone else’s hands to diligently work at making your money work for you. It is therefore important to have a mutual relationship with your financial adviser to effectively plan your finances. There needs to be a consensus between both parties of your goals and you financial and investing philosophy.

4. Investment performance

Don’t mistake investment performance as a reliable indicator of an adviser’s value. A sense of confidence and comfort is knowing and trusting your adviser in helping you make good financial decisions, one who is keeps you informed and who will always have your back in a time of a financial crisis.

When you meet with the financial adviser don’t be hesitant to ask questions such as:

· How do they earn their fees?

· What are their qualifications and how long have they been in the industry?

· Are they affiliated to only one financial services provider i.e.: a tied agent or are they independent and what are the implications of each option. If they independent, which companies do they support and why?

Don’t feel intimidated by the process. In terms of FAIS (the law regulating the financial planning industry) he is obliged to disclose all of this information in writing anyway.

When you have your cholesterol checked, or your cavities filled, you consult a specialist that is qualified in that area of expertise. Don’t treat your financial wellbeing any different. There are many perks to having a financial adviser, and the best incentive is to have a shoe of sound advice that fits you perfectly! Consulting the right financial adviser is the best way to go.