Choosing a financial adviser
We get financial opinions on a Saturday night at a braai from friends and family, and almost every day from our favourite influencers. But is that really financial advice?
Finding a finance partner is like finding a life partner. It can be daunting as you want to be able to trust the person you’re sharing your aspirations and savings goals.
A good financial adviser will partner with you to help you keep track of your financial goals and isn't afraid to disagree with you when you become emotional about money.
Most South Africans save very little of their salary every month
In a recent survey conducted in January 2022 among 2 702 Moneyweb readers, the majority indicated that they save less than 15% of their salaries (76% of respondents) while 35% indicated that they don’t save at all.
LIFEHACK
3 tips to help you choose the right financial adviser
- The golden rule is that your financial adviser must be your partner – someone you can trust and who has a good track record.
- Find a real fiduciary – someone who is registered and legally accredited to give you advice.
- Learn about the different types of advisers and what services they provide and if they align with your needs.
Let's have a financial heart-to-heart
We all have behavioural biases, known as psychological biases, which lead us to think differently. It can deviate us from thinking rationally or having good judgement.
Additionally, we seek information that confirms our existing opinions. This means that the way we reason, and should reason end up being different, and this gap often leads to bad decisions.
Our emotional biases lead us to believe in things that positively affect our emotions, even if there's evidence to the contrary.
We don't like accepting hard facts that are unpleasant to us. Because your financial adviser has your best interests at heart, they can help lessen these biases and change your behaviour towards reaching your savings goals.
Create a #MomentumShift by partnering with a Momentum financial adviser to get #AdviceForSuccess.
EPISODE 3 | 26 MAY 2022
How to manage debt
You may think that you have too much debt to save. But that’s where you’re wrong. Now that you have the right financial adviser in your corner, you’ll be able to create a financial plan to get you out of debt and start saving simultaneously. Stay tuned!
Find the right financial adviser for you
The tips from this week’s episode may just be what you need to make a #MomentumShift. Speak to a financial adviser today.
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