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RP: Historically, financial advisers have been more like salespeople than advisers. People have gone to them expecting to be sold financial products, and by and large, that’s largely what happened.
But financial advice is not about products. It’s not even, primarily, about what’s in your investment portfolio. Here’s the financial planner and author Jason Butler.
JB: It’s not about maths, it’s not even about numbers, it’s about defining your lifestyle, it’s about understanding where money fits in and it’s about bringing in people to help you, using the appropriate products, only and so far as they’re necessary to help you achieve your goals and if you find providers, advisers or any organisation that keeps telling you this is complicated - run a mile.
RP: Another thing to remember about advice is that it’s an on-going process. A good adviser will keep on adding value throughout your lifetime.
JB: The best analogy is I’ve always done workouts at the gym and every couple of years or so, I then hire a personal trainer to relook at my program. I do not need the personal trainer to get me to lift the weights and do the running and do the stretching and the yoga. But I still bring in professionals every couple of years to reassess my body fat, reassess my goals, reassess what's working because I’m changing all the time and therefore, I need to have an expert to recalibrate where I’m going and that’s the best way I would sort of explain it to someone. And I use a financial planner even though I’ve got all the experience in the world and I don’t need them to run money because I value them helping me articulate what I do, help me to account for the things I say are important and also being their if anything happens to me, my wife knows what number to call to help her.
RP: So, remember. You don’t need a financial product salesperson. You need an adviser — someone who can keep you on track, whatever the future holds.
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