Not everybody has the time, knowledge or expertise to do comprehensive and effective financial planning. We may be able to structure and stick to a budget but we may not know how to legally reduce the amount of tax payable or know how much insurance coverage is enough to protect our family. Being caught up in the rat race often leaves us with little personal and family time, let alone the time to monitor the investment markets. One solution to putting your finances in order is to seek professional help.

Depending on the extent of help that you require, the cost of professional expertise need not necessarily be expensive. Banks, stockbroking firms and insurance companies are amongst some of the financial institutions that are offering customers some form of the financial planning process rather than just transacting products over the counter. Some may just offer a simplified process of determining your goals and then recommending a suitable product that is already in its arsenal at no extra cost. Others may offer a more personal and comprehensive financial planning process if you have a significant amount of wealth in their care. In future, we will probably see more independent financial advisory firms that will not sell its own financial products but will sell only its expert financial planning advise.

Whatever the case may be, it is a situation of "buyers beware". One way of ensuring that you are getting your money's worth is to make sure that your financial advisor is a properly trained and qualified professional.

Tips on Choosing a Financial Planner

1. Know what you want: Determine your general financial goals and/or specific needs, such as insurance policy analysis, estate planning, investment advice, school fees financing, etc. If you have specific needs, you can then focus your search on getting a financial planner who specialises in that particular area.

2. Be prepared: Read personal finance publications to maximise your familiarity with financial planning strategies and terminology.

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