In your time and efforts to manage your money and arrange for financial security, are you currently sometimes persuaded to buy something or engage a consultant's services on the basis of claims such as:
"This can be the best financial product in the whole industry."
"We are the best financial services company."
"I am the best Financial Consultant in the business."
Such statements are not uncommon in the financial services industry, so how can you decide who to trust or which lender to place your organization with? You will be grappling with this particular issue when you graduate and begin planning your finances or perhaps nonetheless as you take stock of your retirement pans.
Why don't we look at these common statements to get a clearer picture of what's truth or myth:
1. "HERE IS THE BEST FINANCIAL PRODUCT AVAILABLE IN THE MARKET"
There is no one-size-fits-all product in the market. What is ideal for one person could be unsuitable for another. A specialist Financial Consultant should gather information about your financial needs and status prior to making any recommendation. https://finsbury-associates.com/ would expect your physician to prescribe medication only after he's got made a diagnosis, so have exactly the same expectations of your financial consultant.
Ask your consultant: "On what basis is this recommendation ideal for me?"
2. "THE MORE AWARDS THE BETTER"
Awards do give a sign on a Financial Consultant's performance. However, remember that awards are mainly measured by sales performance. Just as an easy food chain that sells probably the most burgers may not have the best cooks, a Financial Consultant who has achieved a higher sales performance may not necessarily be the most suitable person for you.
Ask your consultant: "How did you be eligible for the awards?"
3. "WE ARE THE VERY BEST FINANCIAL SERVICES COMPANY"
Reputation and branding matter however the key question is how much emphasis you should place on them. Different financial services companies claim to be the best, so which is actually the best? Well, they might all be the best and that depends on the basis of one's measurement, for example, home based business sales or assets under management. Just like a hospital that has probably the most number of patients does not mean the doctor that you are seeing is best.
Ask your consultant: "Best in what area?"
4. "WE CAN SOURCE FOR YOU THE BEST PRODUCT FROM DIFFERENT COMPANIES"
That might be possible only if a Financial Consultant might have access to all financial loans from all finance institutions and the financial products can be easily compared to one another. Unfortunately, like the theory of perfect competition in Economics, this may prove elusive in the real world. Major financial services companies still use their very own pool of Financial Consultants because the only distribution channel for most of their products. Furthermore, competing financial products will often have different pros and cons. Make certain the financial product recommended is the foremost suited for you and not the one that is best for the Financial Consultant when it comes to remuneration.
Ask your consultant: "How are you currently remunerated for the different options listed in your recommendations?"
When you run into these statements, be sure you ask the consultant to back them up. A good financial consultant can help you make investment decisions that are appropriate for your preferences, and these change in accordance with what stage you will ever have you are at.