If you’re like many women you want to start investing but don’t know where to begin or who to turn to. Sometimes people are intimidated by money, but as a Financial Planner trust me you don’t have to be. The key to investing wisely is to find a financial advisor you trust, who shares your views on money and who has the knowledge to provide good advice.
3 questions to ask when looking for a financial advisor
Where do I want to invest my money?
Location. Location. Location. As mobile and online banking emerge, one may think the good old days of people visiting their bank branch are over, but that’s not true. When it comes to investing their money I often find that people like to sit down and have a conversation.
I find that even though women are happy to use banking on the go for day to day transactions such as transfers and bill payments, we’re a little reluctant to invest our money online. Why? First because people need investment advice and without hours of research you just can’t find that online. Secondly there has to be a trusting relationship when you’re investing for your future. That connection usually can’t be established over the phone, it takes face to face contact.
Find a bank branch in a convenient location close to your home or office and book an appointment with a financial advisor to start the investment ball rolling.
Who can help me?
One of the best qualities in a good financial advisor is trustworthiness. Whether you’re beginning to invest or have been investing for a while it’s very important that you trust your financial advisor.
You want to know they’re recommending investment strategies based upon your best interest, instead of just selling products for a commission. You also want to make sure they have your best interest at heart when answering questions.
If you had a meeting with a financial advisor and didn’t really feel the connection it’s O.K. to ask for a new one – there’s absolutely no shame in that. If one of my clients wanted to switch advisors I may be a little offended, but I wouldn’t take it personally. At the end of the day it’s just business.
How do I want to invest?
After you’ve found your bank and picked a good financial advisor now you have to decide how you want to invest your money. Your advisor will ask you a few questions to determine your investor profile (commonly known as KYC , know your client) and make investment recommendations based on your risk tolerance, market knowledge and financial goals.
There are a ton of investment options out there, but don’t be overwhelmed. Your financial advisor is here to help. Not all investment options are high risk and you can choose different options for different goals. Finding the right investments for your short and long term goals are all part of the financial planning process.
We would love to hear your thoughts about investing. Do you love it or hate it? Do you invest regularly or stay clear of the stock market?
Tahnya Kristina is a personal finance blogger and Certified Financial Planner. She enjoys helping people land their dream job, achieve financial success and find personal happiness. Say hi anytime www.twitter.com/tahnyakristina
It makes sense that when you are choosing a financial planner you would want to find someone who is actually able to help you. I would bet that you would want to find someone who is experienced with the type of investing you are planning to do. My sister is looking for help getting out of debt so she’ll have to find a planner that can help her with this.