Why its important to talk to your Financial advisors.

There is a lot of  financial advisors out there, it pays to know how to separate the good from the bad. When it comes to your finances, knowing which advice to follow and which to ignore can mean the difference between building serious wealth and demolishing your entire life's savings. 

There's no denying the damage that taking the wrong advice can do to your long-term financial planning. So, here's what to look for: 

When you are sick you visit a doctor, when you need advise on your vehicle you take it to a mechanic, same rule should apply to your finances.

when you go to a doctor you advise him of your ailment and he diagnose it based on the information provided as well as his examination, tests and experience. Your advisor does the same, but you need to disclose to him your needs, financial goals. 

He then does a needs analysis, assessing your current financial situation and identifies your financial needs in details such as your retirement needs, investments etc. 

It should be a collaboration, we are not always objective about money and we don't always know all our needs upfront. 

Your financial advise should be tailor made to what you can afford - remember there is no shame in not being able to afford something at the moment. 

Understanding your needs and why a product is recommended is very important, ask questions and take the time to listen to the advisors reasons they recommend it to you, so that there is no risk of you purchasing something that is unsuitable to your immediate needs. 

Your finances and needs are not cast in stone, as your life changes so your financial plan needs to change accordingly.  

Good financial advisers will guide you through this process, using their training, experience and expertise to help you reach your financial goals.
  

This article is for informational purposes only and should not be construed as financial, legal or medical advice.