WE ALL want financial security but not many of us are willing or even know what needs to be done.
Lizl Budhram at Old Mutual personal finance said: “The idea that financial advisers are a luxury reserved for wealthy people is what’s stopping most South Africans benefiting from the proper financial advice they need.”
A nationwide study by the Financial Planning Institute of Southern Africa found that 70% of Mzansi people don’t know who to trust when it comes to financial planning.
“Finding an adviser that you feel you can trust is often a challenge – many do not even know where to begin sorting out bad advisers from the good.”
How to find a good financial adviser
- First ask to see the adviser’s training credentials and FAIS or Financial Advisory and Intermediary Services accreditation, as well as the products and services they are able to provide.
- An adviser who is part of a reputable financial institution will have access to a range of specialist support services that will suit your specific needs.
- A good financial adviser will take the time to understand your personal circumstances, needs and goals before building a plan.
“A good financial adviser is a professional who is up to date with industry standards, always has your best interests at heart and offers the highest quality of advice,” Budhram said.
