It is said that investment should be taught in schools, and people should be given a better financial education. When you consider that everything you need in life – from your home, to your car, to your education and the food on your table – will likely involve a transaction involving money, it’s a wonder that proper training isn’t in place for people to understand how best to save and how to protect their wealth. Everyone is told that they need to have insurance and that they need to provide for their retirement, but the difficult part comes in deciding where to go and what to do with your money. This is when you need to look at proper financial services and obtain expert advice.
Finding the right financial advice
The problem is that the financial markets are extremely complex and there are so many different avenues and products that you can invest in. For a start, it is always a good idea of consult with a firm that has registered financial consultants. This way, you know that there is a level of training and expertise available to you, and that a code of conduct needs to be adhered to.
Another area that you might consider is whether the broker/dealer you consult is part of commonwealth financial services. There may be many independent broker/dealers, but they will need to be part of a ‘back office’ where the transactions they carry out on your behalf will be processed. This needs to happen because of the strict regulations in the industry. Some of these services, such as commonwealth financial services, will take on only the top advisors, and they will assess this through the earnings that they are obtaining for their clients. Obviously, those that are earning the most will be making the best investments and will be getting the best returns for their clients. If you’re trying to wade through a plethora of names and firms, all with their own financial instruments, having access to a group of advisors that has been vetted for excellence would be a good starting point.
Making certain that your financial advisors are compliant
If you’ve partnered with registered financial planners, the chances are that you’ll be protected. However, you need to ensure that your advisor is properly registered and licensed and that the securities laws are followed. You will probably be able to tell very quickly whether your financial planner will act responsibly by the amount of time and care taken to establish your unique investment profile, and exactly what your financial circumstances are.
