In your efforts to manage your cash and plan for financial security, are you currently sometimes persuaded to buy something or engage a consultant's services based on claims such as for example:
"This can be a best financial product in the whole industry."
"We are the best financial services company."
"I am the best Financial Consultant available."
Such statements aren't uncommon in the financial services industry, just how do you decide who to trust or which financial institution to place your organization with? You will end up grappling with this particular issue once you graduate and begin planning your finances or perhaps nonetheless as you take stock of your retirement pans.
Let us look at these common statements to obtain a clearer picture of what's truth or myth:
1. "THIS IS THE BEST FINANCIAL PRODUCT IN THE MARKET"
There is no one-size-fits-all product available in the market. What is suitable for one person could be unsuitable for another. A professional Financial Consultant should gather information regarding your financial needs and status prior to making any recommendation. You'll expect your doctor to prescribe medication only after he's got made a diagnosis, so have the same expectations of one's financial consultant.
Ask your consultant: "On what basis is this recommendation ideal for me?"
2. "THE MORE AWARDS THE HIGHER"
Awards do give an indication on a Financial Consultant's performance. However, do keep in mind that awards are mainly measured by sales performance. In the same way an easy food chain that sells the most burgers might not have the best cooks, a Financial Consultant who has achieved a higher sales performance might not necessarily be the most suitable person for you.
Ask website : "How did you be eligible for the awards?"
3. "WE ARE THE BEST FINANCIAL SERVICES COMPANY"
Reputation and branding matter however the key question is just how much emphasis you should put on them. Different financial services companies claim to function as best, so that is really the best? Well, they might all function as best and that depends on the basis of one's measurement, for example, home based business sales or assets under management. As being a hospital that has probably the most number of patients will not mean the doctor you are seeing is the foremost.
Ask your consultant: "Best in what area?"
4. "WE ARE ABLE TO SOURCE FOR YOU THE BEST PRODUCT FROM DIFFERENT COMPANIES"
That would be possible only when a Financial Consultant can have access to all financial products from all financial institutions and the financial loans can be easily in comparison to one another. Unfortunately, just 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 some of their products. Furthermore, competing financial products usually have different benefits and drawbacks. Make best investments for accredited investors recommended is the best 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 remunerated for the different options listed in your recommendations?"
When https://diigo.com/0uae4a run into these statements, make sure you ask the consultant to back them up. An excellent financial consultant will assist you to make investment decisions which are appropriate for your needs, and these change according to what stage of your life you are at.