Money Heroes
In this episode, we're talking about choosing a financial adviser. Once you have your financial plan mapped out, it's the perfect time to find a financial adviser who will guide you to reaching your financial goals.
Rianet Whitehead, the Editor of the financial magazine FAnews, shares her expert tips about choosing a financial adviser. While Hester van der Merwe, a Financial Planner from Ultima Financial Planners & Wealth Management, takes us through her five fundamental tips for sound financial planning.
Let’s kick things off with Momentum’s Stanley Gabriel, who gives us a perspective on how our unconscious biases can affect how we interact with financial advisers.
Financial Biases
When it comes to securing your financial goals – an integral part of the process involves finding a reliable financial adviser and working out a savings strategy. However, before you can get to those steps, you need to understand the biases related to your finances.
"We all have an inclination to think a certain way, which can lead us to deviate from thinking rationally or having good judgement," explains Stanley Gabriel, CEO of Momentum Investo. This psychological bias, mixed with emotional biases, leads us to believe in things that positively impact our emotions – even if there's a contradiction to this.
So, how do you navigate these biases while trying to handle your finances? Well, this is where your financial adviser comes in. Acknowledging these personality traits will allow you to find a financial adviser that will guide you in the best manner to achieve your financial goals. Momentum has a list of financial advisers that you can filter through to find a partner near you.
"They (financial advisers) can recognise when you're being emotional and irrational and put you on the right track to meeting your financial goals," explains Gabriel.
And when it comes to saving, Gabriel implores you not to wait for the right time to save and instead start saving now and getting into a habit of being financially smart with your money and overflow.
Watch the video to hear more about the key elements to look out for when fostering a solid relationship with your financial adviser and saving tips for a smooth journey to your financial goals.
Financial Biases
When it comes to securing your financial goals – an integral part of the process involves finding a reliable financial adviser and working out a savings strategy. However, before you can get to those steps, you need to understand the biases related to your finances.
"We all have an inclination to think a certain way, which can lead us to deviate from thinking rationally or having good judgement," explains Stanley Gabriel, CEO of Momentum Investo. This psychological bias, mixed with emotional biases, leads us to believe in things that positively impact our emotions – even if there's a contradiction to this.
So, how do you navigate these biases while trying to handle your finances? Well, this is where your financial adviser comes in. Acknowledging these personality traits will allow you to find a financial adviser that will guide you in the best manner to achieve your financial goals. Momentum has a list of financial advisers that you can filter through to find a partner near you.
"They (financial advisers) can recognise when you're being emotional and irrational and put you on the right track to meeting your financial goals," explains Gabriel.
And when it comes to saving, Gabriel implores you not to wait for the right time to save and instead start saving now and getting into a habit of being financially smart with your money and overflow.
Watch the video to hear more about the key elements to look out for when fostering a solid relationship with your financial adviser and saving tips for a smooth journey to your financial goals.
Choosing your Financial Partner
CEO of Galileo Capital, Theo Vorster, takes a closer look at what to consider when seeking financial advice.
"A key element of advice is that the person giving you the advice must have your interest at heart," Vorster explains.
And when it comes to choosing your financial adviser – Vorster suggests considering these three personality traits:
Trust
You need to know you can trust your adviser to offer you sound and reliable financial advice, and they need to trust that you will follow their advice in order to achieve your financial goals.
Your interests come first
When it comes to your finances, it's fair that you would feel protective over your money as well as your goals. This is why you need to partner up with a financial adviser that recognises and challenges your behavioural or emotional biases as well as aligns with your final financial goals.
They challenge you
Somebody that gives you advice that's in your best interest will not always agree with you. You should be wary of advisers who always agree with you and don't challenge you on your biases. While these challenges may seem intimidating, they are what will ultimately pivot you toward the path of financial success.
Choosing your Financial Partner
CEO of Galileo Capital, Theo Vorster, takes a closer look at what to consider when seeking financial advice.
"A key element of advice is that the person giving you the advice must have your interest at heart," Vorster explains.
And when it comes to choosing your financial adviser – Vorster suggests considering these three personality traits:
Trust
You need to know you can trust your adviser to offer you sound and reliable financial advice, and they need to trust that you will follow their advice in order to achieve your financial goals.
Your interests come first
When it comes to your finances, it's fair that you would feel protective over your money as well as your goals. This is why you need to partner up with a financial adviser that recognises and challenges your behavioural or emotional biases as well as aligns with your final financial goals.
They challenge you
Somebody that gives you advice that's in your best interest will not always agree with you. You should be wary of advisers who always agree with you and don't challenge you on your biases. While these challenges may seem intimidating, they are what will ultimately pivot you toward the path of financial success.
Success Stories: Rianet Whitehead
Choosing a financial adviser is a decision that shouldn't be taken too lightly and should take some careful consideration.
Rianet Whitehead, the Editor of the financial magazine FAnews, shares her expert tips about choosing a financial adviser. Her main piece of advice is that you should ensure that the financial adviser you're partnering up with is registered and official.
"Make sure that they are registered to give you advice. You can go to the FSCA website, type in their name or the FSP number that they share with you," Whitehead explains.
Watch the video to hear more of Whitehead's advice on seeking a reliable and trustworthy financial adviser.
Success Stories: Hester van der Merwe
While you're on the journey to seeking your perfect financial adviser match, Hester van der Merwe, a Financial Planner from Ultima Financial Planners & Wealth Management, shares her fundamental tips for sound financial planning.
Van der Merwe unpacks five fundamentals of financial planning that she implores people to heed when setting up and sticking to their financial plans. These include:
1. Living within your means,
2. Avoiding debt,
3. Building an emergency fund,
4. Setting long-term goals and
5. Living with an open hand
Watch the video to understand how these five tips can empower you to reach your financial goals with focus and peace of mind.
Financial success is as unique as a fingerprint. That’s the beauty of defining your own aspirations and ambitions. Getting to where you dream of takes grit, determination and most importantly, honesty.
With two tough years of living through the pandemic and an increasing cost of living, it will take great introspection to be honest about where we find ourselves and seek help when we need it, especially from an expert.
The right advice can propel you forward. Our financial advisers have a vested interest in you: what do you value? What are your goals? This deep discovery sets the foundation for a relationship that will bear fruits of success.
Ready to begin your journey?
Financial success is as unique as a fingerprint. That’s the beauty of defining your own aspirations and ambitions. With two tough years of living through the pandemic and an increasing cost of living, it will take great introspection to be honest about where we find ourselves and seek help when we need it, especially from an expert.
The right advice can propel you forward.
Ready to begin your journey?
Built with Shorthand