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Selection of a financial advisor is a critical step to get right advice at right time to manage your money in a better and successful way. Through, it is considerably difficult to identify a good financial advisor. There are some important factors should come under your scrutiny to identify whether the financial planner has right qualities to manage your hard earned money or not. Good understanding on the required qualities would highly help you to select a right advisor to manage your money. What are those points for your consideration? This article would definitely help you to analyze the qualities of advisor you meet.
I have already published an article under the title of “Top 10 Qualities required by a good financial advisor” some time back. Though, it is a well tuned, revised edition of the same to help the readers to choose good financial planners easily. At the start up, I would remind you an important quality required by good financial advisors or financial planners. Advisors who consider and act on customer issues and manage investment portfolios as his own have better chances to perform in an excellent way than who consider himself and customer as different entity.
Must required PERSONAL qualities
Here are some must required personal qualities of a right financial advisor. You can measure a person upon these qualities to understand how he is personally.1. A financial advisor should be a well qualified person in his area. One can easily identify the qualifications of any financial advisor by contacting the associations where he is registered as a member of or checking the credentials with the association who provides certification or license to work as a financial advisor.2. A good financial advisor should have considerable experience and knowledge to the area where he is operating to. Check any specializations and hands on experience. Check past and present performances to understand how successful he is in his job.3. A good financial planner should be smart and energetic. He should have a passion to his job and should not be a lazy fellow. He should be able to guide the customers with ultimate knowledge on all products and services suitable to various customer requirements. More over this, he should always update self with the changes happening in the market.4. A right financial advisor should be available to the customers all the time. He should show good tracking and follow up capabilities through contacting customers regularly.
5. The most important personal quality required by a financial advisor is, he should not be greedy or a profit minded person. He should not work on behalf of any company to promote their products or services by forcing it to the customers. Instead, being an individual with ethics to profession should have ultimate knowledge on products and services available in the market and how to perfectly mix those products to meet customer requirements.
6. He should be a person able to meet all the financial goals from all customers. He should have received ample feedbacks and success stories from his customers and able to expose the same to other customers in a better way to add glory to his career.
Must required PROFESSIONAL qualities
7. A good financial advisor able to study the requirements of customer and understand all the objectives in a better way. He should be able to analyze customer background, objectives, strong and weak points to take decisions on how to lead them to meet the goals in a better and structured way.8. A good financial planner should be able to understand the risk profile of his customers in a perfect way. He should also be able to select right options for his customers to meet their goals which par with the risk taking capacity of his customers.9. An advisor always take responsibility and keep vigilant on his investment advices to each customer and able to provide time to time advices to protect the customers money from any possible loses.10. A right financial advisor should track the portfolio of all his customers in a structured way to avoid possible mistakes that lead goal failures. He also should be able to balance the portfolio in a better way by considering factors like market conditions, age of the customer, risk profile, financial changes of customer, product performance, duration of customer goals and overall performance of the portfolio to meet the customer goal.Try to find these qualities to the financial advisors you are contacting to. Any financial advisor you have contacted, doesn’t have any of the above qualities, certainly he is NOT the right one for you. A good financial advisor always values the goals and money of his customers, as his own. He should take responsibility of his advices and able to solve issues at the earliest to safeguard customers money. A good financial planner always consider his customers issues and portfolio as his own and take careful decisions to avoid possible errors and mistakes that may lead to the investment failure.
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