When was the last time your financial adviser did a comprehensive financial review with you? Was the feeling like, "Aiyar... must be got new products to sell then find me"? I used to have that kind of feeling as well. From there, we will give all sorts of excuse of not meeting up our "advisers".You see, true & quality financial planning entails a long & tedious process of understanding a client's need for certain investment returns, his ability to bear the risk because of the returns he needs, and finally how willing he is to bear the risks. This must be done before any recommendations are given.
But sometimes, it is not always the fault of the financial advisers not doing their jobs. It may also be that the consumers themselves prefer not to share too much personal financial details with their advisers. This is quite typical of an Asian's trademark.
To give reasonably sound financial advice, one should have at least a tertiary education, a professional certification like a Certified Financial Planner. But most importantly, I feel the personal trust must be established. Without this factor, it will be like a bank transaction of buying and selling a product.
Just like we expect our doctors, lawyers and accountants to be properly qualified, you should not expect something less from someone who will be managing your life savings and hard-earned income. A responsible financial adviser is someone who looks after your financial welfare like a financial doctor, and looks after your best interest. And not like a roadshow salesman trying to shove the product down you throat, and tempting you with a FREE GIFT!
Joining this industry as an Independent Financial Adviser, I am determined to serve my client in the truest professional manner. Do refer to my earlier blog entry on what are the advantages of engaging an IFA to look after your portfolio.
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