This archive report was first published on 2 September 2019.
Did you know that your money can earn an income just like you? When you lend your money to someone or invest it in a financial product, you can earn interest on it. This means that your money can work for you, generating a steady income.
Investment professionals, such as financial planners and investment advisers, offer a range of services to help you make the most of your money. These services can include creating a comprehensive financial plan, managing your investments, and providing ongoing advice and guidance. However, it's essential to understand how these professionals get paid and what services you're receiving in return.
Some financial planners and investment advisers charge a fee for their services, which can be a percentage of your assets or a flat fee. Others may receive commissions from the companies whose products you buy. It's crucial to ask questions about how your adviser is being paid and what services you're getting for your money.
When choosing an investment professional, start by asking friends and colleagues for recommendations. Meet with potential advisers face-to-face to ensure you get along and understand each other's goals and expectations. After all, it's your money, and you should feel confident in the person managing it.
Remember, there's no such thing as a free lunch. Professional financial advisers do not work for free. If you're paying for their services, you should know exactly what you're getting and how much it will cost.
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