A financial planner isn’t just for investment bankers and those with millions to invest. We all need a financial planner to make sure we are on the right financial path.
With the rise of digital banking, a whole host of new direct-to-consumer products, and Robo-investing, have you ever stopped to think about how much you really understand about them and how they benefit your clients finances? The usual phrases like ‘buy term, invest the rest’ aren’t enough for most people. Worst yet, what if they can’t claim when some illnesses strike nor have an emergency fund when the need arises?
It’s important to have perspective when it comes to financial planning. As a financial planner, it’s important to remember that you have a lot to offer your clients.
1. You can help them make wise investments
Investing can be a roller coaster ride, and it’s easy to make decisions based on our emotions. A responsible financial planner can help clients stay on track and make sound investment decisions, even when the market is volatile.
2. You can help them reduce their taxes
Nobody likes paying taxes, but as a trained financial planner, you can help minimize their tax bill and can advise on strategies to reduce their taxable income.
3. You can help them save money
In Singapore, it’s a given that everyone has insurance – whether it’s for their home, car, or hospitalization. But do they really know what their policy covers? Making sure clients understand their full coverage so that they can make the best decisions for your needs.
4. You can ensure their family is taken care of financially
How do their financial decisions impact their children, partner, and parents? Figuring out the puzzle might take a lot of time, but it’s important to consider all angles before making a decision.
5. You can help them save money
Saving money can be difficult, even for financial experts. Make sure you’re automatically putting some of your income into savings so you can hedge against inflation and have some money set aside for emergencies.
6. You can help them make the most of their money
Owning a home is a great accomplishment, but you don’t want to overpay for it. Make sure you understand the terms of your loan and shop around to get the best possible interest rate. We can look at the various lenders and compare their offers before making a decision – this way we can help our clients get the best deal on their home loan.
7. You can help them plan for retirement
Prices on everyday items are slowly but surely rising. Having the right retirement planning in place is critical to ensure life goes smoothly.
8. You can help them prepare for unexpected expenses
Financial documents can be just as long and tedious as legal documents, and often the difference between a successful claim and not is in the details. Are you willing to take the risk of missing something important?
9. You can teach them how to invest for the future
Making a million dollars in 10 years might seem like a far-fetched goal, but there are plenty of investment options out there that don’t require in-your-face marketing to generate returns. Do your research to see what might work best for you and your financial goals!
10. You can be the expert help when they need it
Seeing our children die before us is one of the hardest things that could happen to a parent. It’s natural to worry about money when our loved ones are in pain or going through a tough time. That’s why it’s important to have a financial safety net in place to handle unexpected costs. Let the professionals handle the hard stuff so you can focus on what’s important. Taking the first step is easy when you have a strong foundation. With a little planning, financial freedom is achievable.
After reading our post, we hope you have a better understanding of why being a responsible financial planner can be so important to everybody’s life. A financial planner can provide people with the help and support that they need to make sure that they are making the best financial decisions in their lives. You can check out the career path to being a financial advisor in Singapore
