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Financial planners – Do you need them and how do you pick them?

Out of all the financial planners in Johannesburg, Olemera takes the time to establish a healthy relationship with our clients, building a foundation of trust and transparency.

Many people wonder if having a financial planner is necessary and often try to manage their finances independently.

However, having a financial planner could solve many, if not all of your financial stresses, especially during this time of uncertainty regarding South Africa’s economic status.

Financial planners are able to analyse each client’s unique circumstances and then use this information to develop a strategy best suited to them.

Financial Planners Johannesburg

Should I hire a financial planner?

The task of managing your own investments can be quite time consuming as you will need to keep a close eye on the global economies and stock markets.

Furthermore, understanding how stock markets and share movements work requires many hours of in-depth research.

Financial planners already understand how to interpret the different markets, thereby allowing you to focus on other areas of your life.

A financial planner will help you invest your money wisely while making sure you stick to your budget and other financial strategies.

There are many other legal matters that financial planners can assist with, depending on their field of expertise.

How do I choose a financial planner?

  • Choose the right type of financial planner

Generally speaking, there are 3 types of financial planners. These include commission based, fee based or fee only.

Commission based financial planners sell financial products such as annuities and insurance. These planners earn commission based on what they sell, which can cause conflict of interest. Often, the commission aspect can influence their recommendations to you. This may result in them selling you something which is not entirely in your best interest.

Fee based planners provides financial planning for a set fee but also earn commission on financial products sold by them. There may still be a certain degree of conflict of interest with these planners as they are more likely to advise you to purchase the products they are selling, regardless of how appropriate these products are for you.

Fee only financial planners have an obligation to act only in the very best interest of the client. They do not earn commission based on product sales and are more likely to provide sound, appropriate and comprehensive financial advice.

  • How much assistance do you need?

Are you looking for someone who can simply answer some questions you have around a financial situation such as selling a business or buying a house? In this case, a financial planner who offers you hourly consultations is the best choice.

Comprehensive financial planning involves an accredited financial planner devising a once off roadmap which you may use to achieve your financial goals. These planners look at education, investments, retirements etc. You will be charged either an hourly rate or a flat fee based on what you require.

Asset management is for someone who is looking for a long-term financial partner who can invest and manage their money. This advisor will be there to provide continuous financial support and advice.

  • What to look for in your financial planner

Ethics – Take a look into the history of your financial planner, paying specific attention to past investigations, criminal charges or bankruptcies. Financial planners are obliged to disclose any disciplinary action taken against them. You are looking for a planner with a clean history. This indicates good ethics.

Credentials – Always make sure your financial planner is qualified as well as certified. Furthermore, you are looking for a planner with a relevant amount of experience under their belt. Experience in dealing with real life financial situations indicates that you are in good hands.

Compatibility – Due to the intimate nature of your relationship, you need to be able to get along with and trust your financial planner. Arrange a few meetings with different advisors so that you can get a feel of their approach and philosophies around their practice. If you have an uneasy feeling, trust it.

Olemera – Financial planners in Johannesburg

At Olemera, we take utmost pride in providing ongoing sound financial advice to our clients. We always have our client’s best interest at heart.

Our approach is focused on helping our clients reach their financial dreams. Contact us to find out more about our tailormade financial services.

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