WEALTH going to a restaurant and doing financial planning with your financial adviser ends.
How tasty is your financial planning experience?
By Johan Gouws, Head of PPS Wealth Advisory
When visiting a restaurant, one would measure your experience based on the ambience of the establishment, the quality of service provided by the waiter, the options on the menu, the tastiness of the meal and the value you got for the bill you received. But how should you evaluate the quality of the experience you have when it comes to planning your personal finances?
The one common denominator that exists between comparing a restaurant experience with a financial planning experience lies in the extent to which your expectations have been met. If the overall experience did not meet your initial expectations, you will be disappointed. However, if the actual experience exceeds your initial expectations, you will be satisfied and even tell some of your friends or colleagues about it. But this is where the comparison of
While receiving food or wine as part of a dining experience, you will never be able to touch or taste or see what you are paying for when it comes to receiving financial advice. The closest you will get to something tangible is a copy of your financial plan that contains facts, figures and recommendations. This is the fundamental nature of the financial services industry and most probably also the greatest challenge for advisers and for you as the financial consumer.
Fortunately, the financial planning experience is not limited to receiving a financial plan and involves various other important elements to be considered as evaluation criteria. It is important to understand what these elements are and how to think about each of them. The most important element of a good advice experience involves your financial adviser. The reason is that the less tangible any
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