Like everyone else on this planet, you even have some aspirations and dreams. If you check carefully, all your dreams may require financial assistance. Right from funding higher education of your child so that he could become a doctor to buy a house, traveled around the world with your family to buy magnificent vehicle, all require money. Financial planning is a process that can help you achieve all your dreams. Proper planning allows you to spend wisely, fairly save, and invest cleverly! At the end of the day, when you make three wise decision like this, your net worth is bound to increase.
A personal financial planning company is the best place to go for advice. However, there are some things that even they might not share with their customers! Let's see what the 7 things -
1. Abide by fiduciary: These days, any financial advisor who is registered with the organization that regulates them were made to swear by the fiduciary. It states that they would put their clients' interests above their own. However, if the services of a financial advisor or financial advisor belongs to the old school, it is likely that they will never take this oath.
2. Tells you if they are in trouble: It is very common to see a client lodging a case against the financial advisory services or financial advisors in the case of the former thought he had been deceived or misinformed. However, your financial advisor / counselor will not tell you if they have ever been at the center of a case like that! You will need to do your own research by typing the name of a financial planning company in Google or other forums.
3. The truth behind the commission: Do you know, certain financial advisors working for a particular company is given monthly targets by their companies? They have to sell stocks, bonds, and mutual funds for a given target. That is why they might sell a lot of things instead of getting their company commission! You do not have to buy something you do not need and firmly on your attitude!
4. another ulterior motive: It is actually an open secret that the financial advisory firm announced awards such as trips to Australia, or a new brand of motorbikes for all employees who exceed the target. Therefore, the financial advisor may trick you into buying some new investment plans.
5. Investment huge costs: There are several types of investments that charge a hefty penalty for retreat. In case you ever move to a foreign destination, such things can cause discomfort. Also, sometimes you may be misinformed about the due date of your investment. If you fail to collect your money, your investment money may be forwarded to the company. Make sure you read all the offers carefully before investing.
6. They can not predict growth: The market has seen recessions many times in the past six decades. No one can predict the market, and if the advisor of each are not, do not trust him!