Secrets Your Financial Advisor Should Tell You

  

 

Most people I know deal with a financial advisor. It makes total sense since we can’t be good at everything and personal finance is probably one of the most important things in your life. If your finances are not in order, you won’t be able to do what you like and financial problems often lead to high levels of stress. This is why we all look for a financial advisor to help us take care of our personal finances. As is the case with any other job, some financial advisors are awesome while others are clowns. Let’s just say that it’s harder to find a good advisor than most people expect!

 

We are often stuck with very few options when it’s time to find our financial advisor. We either go to the bank we do business with and pick the guy or the gal who’s available or we ask our entourage for a referral. You may have been solicited as well by people who promise that they are better than who you have right now. It might be true (if it’s me calling…lol!) but how can you really tell the difference between a professional and a clown?

 

The answer is easier than what you think…For each industry, there are some “secret facts” known by those who work in the field and may be ignored by others. If you want to know which car breaks down more often, don’t ask the dealership, ask a trusty mechanic. It’s the same thing in the financial industry; the professional will tell you about his secrets…

#1 How much he earns

The first question you should ask your advisor is how much he earns and what pays him the most. Money drives everything, once you know how your advisor is paid, then you know how he can help you… or waste your time.

#2 Should I pay my debts?

If you have money sitting in a cash or money market account and you have an outstanding debt at 6%, sound financial advice would be to use your cash to pay off your debt. Most advisors will ignore this principle since each time you withdraw money from their  your account, they lose money.

 

#3 Are you worth your rate?

I don’t believe the best financial advisor is the cheapest one. Your mortgage rate may be higher or your banking fees might be competitive but not the cheapest in town. However, if your financial advisor picks up the phone to advise you about finance without you asking for anything; this guy worth every extra penny you paid. Ask your advisor why he is more expensive – the right answer is “because I am worth it”.

 

#4  What’s good about my investment?

A good financial advisor won’t be afraid to tell you that a part of your portfolio (or even the whole investment) is well invested even if it’s with a competitor. The point is that you ask him to be honest; if you are doing the right things he must be able to tell you.

 

#5 Insurance is incredibly profitable

If you didn’t know yet, one of the best secrets of the industry is that insurance policies sold are incredibly profitable for the advisor (and his firm). Ask him how profitable the insurance you purchased from him is… and wait for his answer.

 

#6 Insurance shouldn’t be sold with fear

I’ve ran into too many insurance agents selling insurance based on the clients’ fears. Insurance needs are real, fear isn’t. Therefore, ask for a realistic proposal with numbers that make sense for you. I once saw a permanent life policy of $300K for a client who was sitting on $1M cash in his company…. What are the odds he needs an additional 300K upon his death if the company is already full of cash?

 

#7 He doesn’t call all the shots

Regardless of which firm your advisor works for, he doesn’t call all the shots. It’s better for him to be upfront and tell you that a credit department or a compliance board will have the final say in your application. It’s better if he’s transparent.

 

#8 Mutual funds are good even if they are expensive

Yes, mutual funds can be seen as expensive and they are if you compare yourself to a DIY investor who picks his own ETFs. However, when we make this analogy, we don’t consider the time and passion invested by a DIY investor to manage his portfolio. If you ask any mechanic about an oil change, they will all tell you it’s stupid to pay for that since you can do it yourself. Well, when you don’t want to take care of something, you might want to pay a professional to do it for you. This is why mutual funds can be good for investors who don’t want to manage their own portfolio.

#9 How much it will cost if you leave

Some advisors don’t have any penalties attached to their investments or mortgages while others charge a final bill if you ever leave. This is important to know the complete structure of your personal finance and to understand if you are attached to your advisor (and his company) or not. It’s not necessarily a bad thing, but you need to know before your sign-up!

 

#10 Why he is doing this job

I believe personal finance is more personal than financial. Therefore, the most important thing when you deal with a financial advisor is to be able to trust him and get along with his way of working. A simple question that will tell you a lot about the guy/gal in front of you is “why do you do this job?”.

 

Here’s my answer:

Because I love the stock market, I love to talk about finance and love even more when I can teach finance to other people. 

 

This will tell you if he will stay in his job or not!

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easy ways to earn money via referrals

Lots of companies are scrambling to get new clients in the ever-shrinking local and global markets. This has necessitated competitive pricing, better services as well as freebies and lots of cash offers. One of the ways these companies are building their clientele is through earning money via referrals.

This is simply a means of earning perks by having your family and friends namedrop or use a specially sent sign-up link to join a service. They can also fill in your name on a slot reserved for ‘referral.’ This is an excellent means of income for lots of people. There are several ways you can earn money via referrals.

I. Refer People to Products You Like

There are lots of quality products in the market that offer referral incentives. Even then you are more likely to make better revenue by referring products you are passionate about. When you like products, it’s easier for you to make a more persuasive appeal to your family and friends.

The more you use a product, the more experience, expertise, and ability you will have to recommend it to your buddies. This makes it easier for you to show its demonstrable value. It’s critical that you research what is required of you before recommending a product to others.

II. Sign-Up & Find your URL

Many referees sign up for referral programs, and then nothing ever happens on their platform. Most reward sites, especially those that offer referrer’s rewards, have a URL stat that you will use to keep track of how you are performing. A typical program involves members who already have an account. The referral program is easy. All you have to do is invite a friend to open a live trading account, and you get paid a bonus as per your friend’s initial deposit and trade volume.

In such a referral program there is no limit to the number of friends you can invite. There are several other types of referrals including forex affiliate, referrer’s networks, or partnership programs that focus specifically on referral marketing. Most referrer’s reward programs are slated in such a way that they have an embedded code which you can simply link to your site.

III. Use Quality Articles & other Resources for Your Audience

While slotting the logo or link with an embedded code on your site will generate organic traffic, having quality content will create a higher traffic and increase conversions. Keep in mind that you have to offer useful content and resources for your audience if they are to follow the link to the referral program.

You have to consider your referral as a form of content marketing. It’s best to avoid a hard sell. Instead, you can rely on a subtle or suggestive recommendation. For example, if the referral reward program is in marketing, it much easier to slot them into marketing related blog posts.

IV. Rely on the Rewarding Company’s Blog

Given that referrals programs are easier to publicize through content marketing it’s easier to rely on the content produced by the company offering the referral program. Visit their site and use their valuable stats, best practices and resources to share on your own site.

This makes your marketing even more persuasive and compelling. You can rewrite the content of your favorite product from the producer’s site then share them on your own site. You can also keep track of the rewarding company’s social media pages and sites for the latest info, launches, upgrades, etc. and use it to market the referral.

V. Use the Product and Share Your Experience

Most companies would love their referrers to use their products then review it for them. However, this isn’t always possible. Sometimes you can simply review the product using the content from other reviewers or making your own insight from the firm’s ads. This strategy is obviously easier to do with some products than with others.

There are a number of ways of going about this. First, you can do it as an experiential. Secondly, you can do it through a step by step instructional method. Thirdly you can do it as an educational moment while offering the option of a Q & A ta the end of the lecture, as well as a call to action.

VI. Simplify a Referral Company’ Program

There are lots of companies with challenging, and seemingly complicated product offers in the market. One of the ways of making money through referrals involves creating tutorials or resources that simplify the process of purchasing or using a particular product and posting the instructional online with links to the program.

There are referral programs created specifically to cater to this market. This mainly works for products that need a customized guide for different markets.