Factors to Consider When Selecting Your Next Financial Planner

Choosing an ideal financial planner is critical to your success. You need to make an informed decision. The right selection can add tremendous value to your financial planning roadmap, while at the same time a wrong choice can lead to potential dent in your financial outlook. Listed below are some key factors to consider when selecting your next financial planner in Mississauga.

Know your financial needs:



There are several reasons one needs to use the service of a financial planner, such as retirement planning, child education planning, tax planning, and etc. Regardless of the reason, you should be aware that not every financial planner will be suitable for your needs. Some specialize is one area over the other. That does not mean the financial planner is any less competent. Therefore, before choosing a planner, you must first recognize and define your financial objectives. By expressing your needs clearly, you will be in a better position to ascertain which financial planner can suit your needs the best. An ideal financial planner understands your requirements and then offer objective recommendation.

Service Offering:

You need to check the service portfolio of a financial planner during evaluation. There are tons of solutions available but only a handful may meet your needs. Your ideal financial planner should have a wide range of financial solutions available. This way they can develop your financial plan with the right solutions that meets both, your budget and needs.

Qualifications:



Before serving the financial service industry, it is likely that the financial planner may have experience in another career field. In some circumstances, their past experience can come handy in better understanding the needs of a certain section of clientele. The field of financial planning is highly dynamic. Planners need to constantly sharpen their skills by getting trained, certified, and licensed. When evaluating a potential financial planner, be sure to check their licenses, credentials and referrals. 

Technology awareness:



Like most service industry fields, technology is playing its part in financial services as well. An expert financial planner adopts technology to enhance their service offerings. Technology is leading the way to automate manual processes, crunch big data to produce intelligence, analysis patterns to predict potential outcome amongst other things. An ideal financial planner would incorporate technology with their professional expertise to develop your financial roadmap. 

Trust-factor:

The decisions that you will make with your financial planner impacts your present and future. A certain degree of trust factor needs to be developed between the client and the financial advisor. Therefore, an ideal financial planner should be able to ignite confidence with their expertise, knowledge, and customer service skill-set. 

The reliability of a financial planner is an absolute, nonnegotiable element when it comes to form a successful financial advisory relationship. You simply can’t afford to work with a person who’s unethical or lack integrity.

Keep in mind that you work hard to earn money; hence, it should be a top priority to spend the time and effort required to choose an ideal financial planner who can lead you to financial prosperity. 

Sunil Chugh is a Certified Financial Planner in Mississauga helping individuals, families, and businesses with their financial planning needs.

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Disclaimer: The information in this commentary is for informational purposes only and not meant to be personalized investment advice. Please contact your investment professional for investment advice and before investing in any product. ACPI does not publish market research and Sunil Chugh is not registered as a research analyst. The content is from sources believed to be accurate and the opinions expressed are those of the author and do not necessarily represent those of ACPI.
Location: Mississauga, ON, Canada

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