It’s an inescapable statistic that women have a longer life expectancy and are therefore more likely to be living alone than men in their later years.
Yet a research study by UBS Investor Watch showed that the majority of women leave financial decision-making to their partners. While the reasons for this vary from country to country, the outcome is often the same: women can end up working with a financial advisor they didn’t choose themselves on financial plans they had little input or understanding of in the past.
If you’re taking over the financial reins for the first time, here are a few questions that you need to ask.
Do I Understand My Current Strategy?
Without a good understanding, you’ll have little to no control. Make sure your advisor goes through everything with you. Your understanding should be good enough that you are able to explain your investments clearly and simply in a way even a child could understand. Having that transparency between you and your advisor helps to build confidence and trust in what they do.
What Investments Does My Advisor Have?
What’s good enough for them should be good enough for you. Don’t be afraid to ask your advisor about their own personal investments. If they don’t use the same investments and strategies they’ve recommended for you, ask them why. If they cannot give a satisfactory answer, then that brings their suitability – and their perception of yours – into question, and it may be time to shop around for a new advisor.
Can You Trust Your Advisor?
Like any relationship, if the chemistry isn’t right, it just won’t be successful. Make sure your advisor has a thorough understanding of your financial situation, and especially of any significant recent changes. Many professionals utilise dedicated software for financial advisors from providers such as https://www.intelliflo.com/financial-adviser-software that enable them to get a good insight into your specific needs so they can recommend a tailored financial plan for you.
Go through their fee structure with them. Make sure you understand the reason for every transaction and, most of all, ensure they’re available for consultation at any time. Your future depends on the way your money is managed. Make sure you’re in control.
