What are the objectives of the personal financial advisor? ; One of the purposes of financial advice is to bring resources back into the personal budget to start investing. Since the advice is quite technical, it will not focus on the behavioural problem, but on account planning.

Without behavioural change, of course, the bills go back up. However, with follow-up financial advice, the person himself changes his habits along the way.

How to choose a personal financial advisor?

Choosing a personal financial advisor can be a challenge, as there are many factors involved in this choice.

Therefore, it is important to understand which financial institution he or she works for: is it reliable, does it have a history of providing good financial services, and does it have a track record of providing good financial services?

In addition, it is necessary to understand what investment philosophy this financial advisor follows to understand whether you will be able to get good personalised investment advice.

For example: some professionals may have a very conservative philosophy and the investor may be more daring; OR the investor is conservative, but the professional is courageous.

In Suno’s financial advisory services, for example, we use the Yale model, which diversifies intelligently across different asset classes.

The important thing is to find a professional profile adapted to the investor’s profile and from there to draw up a strategy.


What are the stages of personal advice?

Personal advice should handle all stages of the process and seek a personalised solution for each investor.

At Suno, for example, our personal advice consists of three main steps:

Defining risk profile and financial objectives
Asset selection
Monitoring progress.

1. Defining risk profile and financial goals

First, you need to personalise the service to the client. This makes it much easier to understand the investment decision-making process.

In this way, it is necessary to consider the investor’s profile and current investment situation, as well as their short and long-term stock market objectives.

2. Choice of asset

Secondly, the personal consultant will help to choose the most suitable assets for the investor’s portfolio.

3. Evolutionary monitoring

Finally, there should be some follow-up with the investor, with periodic adjustments to the portfolio depending on micro and macroeconomic factors.

Therefore, the investor’s capital will be better prepared as market conditions change.


What are the advantages and disadvantages of personal financial advice?

There are several points to consider when choosing personal financial advice or not. The value of personal financial advice lies in the benefits it can provide.

First, there is the distinct advantage of having specialised help to achieve your goals: you can rely on trained professionals to help you take care of your wealth and become more financially savvy.

You can then acquire positive habits that will help you multiply your wealth in the long run if you put them into practice.

This process can help you better understand your relationship with money and make better spending and investment decisions.

Financial advice and financial coaching

However, it is important to understand the difference between financial advice and financial coaching. Many people end up confusing these two concepts, which, although similar, are relatively different.

The main difference between financial advisor and financial coaching is that financial advisor will work more on the technical side, while coaching will work more on the behavioural side.

For example: getting the client to understand more about behavioural economics and how it affects financial decision making.

Therefore, it is important to keep in mind that both have their meaning. Yes, technical financial advice is necessary to get your accounts in order. And coaching is also necessary for a paradigm shift in a person’s life.

Did you enjoy learning about the role of the personal financial advisor? Leave your comments and suggestions or visit our website measblog.

By Jim

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