MIKE COADY

Growth Expert | Business Excellence | People Transformation
Mike Coady was appointed Chief Executive Officer of swissglobal in 2018, a position to which he brings a strong financial background and experience across a variety of roles. Mike is a skilled business strategy and growth leader, coach and motivator. He is a people’s person known for his ability to inspire teams towards excellence. He mentors his people and departments to transform their passion into outstanding results and long-lasting relationships with their clients.
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Part 1 of 4 – What to look for in a great financial adviser

Mike CoadyBusiness News Part 1 of 4 – What to look for in a great financial adviser
What to look for in a great financial adviser

Part 1 of 4 – What to look for in a great financial adviser

I thought I would help you out and explain a few key areas that make a great financial adviser.

Whilst just listening to the advice of a great financial adviser may not make you instantly rich, it is an excellent way to assure you that you are on the right path toward achieving and protecting your financial goals.  With so many financial advisers to choose from, how do you decide which one is right for you?

Here are some of my top tips:

1. Trust

When you hire a financial adviser you want to be sure that you can trust that person to always give advice that is in your best interests. Before you hire an adviser, ask for testimonials and have them explain how he or she can help you achieve your financial goals.

2. Customer service

You will be spending a lot of time with your financial adviser so it is really important that you feel at ease when talking about money and how to manage it. You should have an open line of communication and be comfortable calling and talking to your adviser any time you have a question or a problem.  Test this early in the relationship.

3. Transparency 

When you engage the services of a financial adviser you are often entering into a form of contract. In return for your business, you expect a certain level of service. While no one can guarantee that every investment can turn out perfect, your adviser should clearly state what services he or she will provide. The agreement(s) you enter into should clearly disclose all of the fees and charges in writing, service expectations and protection levels.

4. Listen

One of the things that distinguishes an average financial adviser from an outstanding one is their ability to ask great questions and listen. Your adviser asks those questions because he needs to get to know who you are before he can create a plan to put you on the right path for meeting your future financial goals. If they do not know you, they cannot know how much risk you are willing to take and can only guess at the types of investments you may need.

5. Qualifications 

You can’t expect that the free investment advice you get from a family member will always be sound advice, but you should expect it to be sound advice when it comes from a professional with solid credentials. A financial adviser must have been trained and passed exams that demonstrate competency in the field.

6. Experience

No matter how smart someone is in school, nothing can replace years of experience. A veteran adviser, who has helped hundreds or thousands of clients, understands what works best in real-life situations. Often aided by a company that has a great deal of resources, your adviser should be well-versed in the specific advice they give.

7. Openness 

A great financial adviser should be tough with you and not simply accept orders. You don’t want someone who will not challenge you. You want honest advice, even if it seems contrary to your personal beliefs. If you want to make all of your own financial choices, you don’t need a financial adviser.

8. Testimonials 

You should do your research to make sure that the financial adviser you are considering is the right match for you. While a minor infraction may be nothing to worry about, multiple complaints or serious offenses can be troubling.

9. Communication 

A financial adviser needs to be sure that the client really understands the advice of a particular financial product. Not everyone understands terminology like puts and calls, bond yields or even exchange rates. An adviser can often improve communication with his client by drawing analogies, using visual aids, and listening.

10. Industry Changes

Tax and regulatory laws change and new financial products are introduced. Your adviser should be well-versed on all the relevant laws, rules and industry changes that could affect your portfolio. Embracing technology will make it easier to serve you better and also enable your financial adviser to stay current on the latest news and information.

I hope this helped you with better understanding of what makes a great financial adviser and will allow you to make the right decision when choosing. If you are a financial adviser already, I hope it helped you with improving your standards leading you to be a GREAT financial adviser.

Blog published by Mike Coady.

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Whether you are a young professional, entrepreneur or a high net-worth individual we have the right mix of people, expertise and options to suit your needs.

We are a global financial services firm, registered in Switzerland and grounded in Swiss laws and regulations. We are available to you wherever you might choose to be. In person.

Wherever you are in the world, you will have direct access to our specialists, guided by a dedicated adviser. We provide you with a resilient and agile advisory structure for every part of your financial life.

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