by: Reyna Tabbada
Before the big financial shakedown, money issues dwell on the shadows of sensitive and taboo topics. There was no urgency to put one’s financial house in order, until Filipinos realized that anyone could fall victim to bad money management and bankruptcy.
Financial advice and useful tips abound, together with a troop of dedicated experts who carries the mission of financial freedom to heart. Given our own unique situations, a financial advisor can help make sense of the jargon and lay out the best strategy to make our money work for us.
If you are looking for a financial life partner, here are five traits you should look for:
1. References
How did you know him? What are his credentials? You wouldn’t entrust your wallet to a stranger, much so your wealth portfolio. A good referral, either from friends or relatives, is helpful. However, familiarity should not be your only basis in choosing a financial advisor.
2. History
A financial advisor is affiliated with a financial service company. Looking beyond the person, know more about the background of his association: long-term growth, historical performance, even brushes with authority. His connection is his family, and you sure want to know his heritage.
3. Values
The values of a financial advisor go two ways: personal upbringing and his corporate culture. No matter how dignified and upright he is, if he chooses to be identified with a dishonest and incompetent crowd then it’s time to dump him and find a new partner.
4. Knowledge
After the background check, you should buckle down to check on how proficient and familiar he is with his stuff. Ask questions, let him explain theories in simple terms, and take in as much learning as you can. A good financial advisor is also a sage who can inspire a lifestyle change.
5. Trust
Trust is a tricky thing. It is chemistry: if you don’t have it, then you ain’t got it. And it does not stop there. Trust should be sustained, and earned at every instance. Your financial advisor should be able to trust your sincerity to take care of your money, in the same way that you are confident of his abilities and intentions.
