Investing your hard earned dollars is tough work. The markets and economy are hard to navigate and choosing suitable investments can be challenging. Getting smart advice can significantly help improve your financial health. So, how do you find smart financial advice?
Placing your trust in an advisor that provides you with investment advice can be challenging and sometimes overwhelming. There is a lot of competition for good advice yet it’s often hard to figure out which advice is appropriate. Some people don’t always understand the value in independent advice, until they’ve had it. It’s important to take the time to understand your investments but also very important to understand how they were developed. It’s hard to make the case for advisors that have proprietary products and whether or not their advice is unbiased. An advisor without proprietary products can review your situation and provide unbiased advice.
Independent advisors often don’t have the sales goals as their counterparts in the captive world. In my experience, many advisors that move to the independent channels are driven by the need to increase their service. Their goals aren’t based on immediate production to drive quarterly earnings growth. Independent advisors aren’t focused on theses results because independent advisors don’t have shareholders breathing down their necks. They are focused on service and in my experience is one of the top reasons advisors go independent in the first place, to avoid the sales driven, nearsighted sales goals. It’s also in my experience that independent advisors go independent to offer their clients unbiased and independent advice. Its not just about treating clients with a high level of client service but also their ability to have the tools necessary to do so. Giving a client the choice and recommendations from multiple sources and strategies, speaks volumes on the validity of those recommendations. The market changes and so does the investment landscape. Having the ability to change from one product provider to another based on the market changes and your needs can provide the advisors clients and ultimately you, the service you may need.
Your situation is unique to you. Getting independent advice can provide you a solution that may not be available otherwise. Life and disability coverage can sometimes be challenging to obtain if you have health issues. An independent advisor may be able to move over a wider range of companies to find the right coverage for you. While you may have been denied at one company, an independent advisor may be able to search high and low to find a company that specializing in writing policies for you.
Independent advice can be challenging to find. It’s the trust that you put in your advisor to make the investment and financial planning recommendations that you’ll be counting on. Make certain their motives are true to your goals. Independent advisors often have a wider range of products to help you meet your needs. At the end of the day it’s your money. Make certain your comfortable with your advisor and their advice.