Get Independant Financial Advice From Professionals

2007-03-08 10:33:40

( Financial )



When you're considering investments, especially for your retirement, you need good independant financial advice. There is no magic formula, however, to help you find good advice. You will have to find the right person.

You can get independant financial advice from persons who are not tied to any particular company and may be able to advise you on a wide range of financial products. Be aware that skills levels can range from poor to excellent. You will feel more confident if the person can show evidence of being at the very least a certified financial planner (CFP) or, more desirably, a certified financial analyst (CFA).

A CFP can help you draw up your overall financial plans and have a wide range of investment skills, but won't necessarily be an expert. A CFA (of whom there are few) will have all the required skills. They obtain their certifications in separate government certification examinations, but they all must register with the government's financial services board, which requires them to have skills matched to the products they sell. CFP's and CFA's also have authority to provide mortgage advice and other loan advice.

Stockbrokers and company agents can provide important guidance, but you shouldn't rely on them for independant financial advice. Pick a financial adviser whose only product is knowledge and experience, and be prepared to pay for that.

When looking for independant financial advice, you should check their qualifications and experience, and ask for references. Never let anyone rush you into making an investment decision. There are many opportunities available, and it will not undermine your wealth if you miss one. Be warned: if you get independant financial advice from a CFP or CFA and it turns out to be inappropriate, the company whose products you have used won't be obligated to make good on it.


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