Be your own Financial Adviser checklist
1: Think about what you wish to achieve now and also in the medium and long term. Build a financial plan using sophisticated financial forecasting software which lists and prices all of your goals and expected transitions.
2: Be a critical thinking partner to yourself and ask yourself the hard questions (know what the hard questions are).
3: Understand how investment management works, knowing where the returns come from, the factors involved, anticipate the changes that happen and know the companies to use.
4: Know how to insure yourself and your family against bad health surprises, know what your human capital is.
5: Know what asset classes and financial instruments provide the returns and know which ones to avoid. Only focus on ‘what’s always worked ‘and avoid ‘whats working now’.
6: Understand the flavours of risk and which financial dragons you need to fight and which you need to ignore. The three flavours of risk are ‘loss of capital’ ‘inflation’ & ‘volatility’
7: Realise you are the biggest wealth destroyer of all and as a result of this control your behaviour through all market cycles, fads, fears, euphoria and armageddon.
8: As a minimum complete the Diploma in Regulated Financial Planning, this should take you approximately 5 years to complete. More info HERE
9: Join a few online communities and face-to-face masterminds where you’ll benefit from the support and intellectual capital of your peers.
10: Keep up to date with the changes in financial rules, tax and legislation. Subscribe to
the establish professional magazines to keep you regularly informed.
11: Have a finely tuned scam avoidance antenna.
12: Schedule regular progress meetings to ensure your plan is on track and that it’s fit for purpose in the current climate.
Attempting to do ‘this’ on your own we call the ‘no-help’ option, we offer the ‘help’ option, if you wish to seek our help please get in touch and start to work towards your financial goals with a caring, considerate financial expert.