Benefits of Having More than One Financial Advisor
Do you have a financial advisor who can guide you on how to best plan your finance? Unless you have adequate knowledge about personal finance and you have time to handle your finance by yourself, you will definitely need a financial advisor. Having a financial advisor is just a basic thing to do. Even, you realize that some people have even gone beyond having just one financial advisor. They understand than two good heads are better than one. If you select your financial advisors carefully, you will realize that the benefits of having more than one financial advisor outweigh the possible costs such practice may attract. But if you really want to enjoy the benefits of having minimum of two financial advisors, you will need to let them know each other or you let them be aware that you have another financial advisor elsewhere. Below are the benefits you may stand to enjoy:
Useful Information: Each of the financial advisors may have access to different information. They will be willing to share the information with you. You are not limited to information from just one source. Even if you are getting the same information from two different sources, the fact that you have access to corroborative information will give you confidence to make an informed decision. On the other hand, there are certain information that you will expect that a good financial advisor should be aware of. If one of your financial advisors is not supplying you such information which you get from the other financial advisor, it may be a red flag that the financial advisor is not up to date in information gathering. You may want to choose another advisor.
Increased knowledge: When you have two financial advisors, directly or indirectly, you are tapping into their knowledge. There is a saying that if you walk with the wise, you will become wise. Even if you don’t have any knowledge about personal finance, you will become an expert over time based on the knowledge you are able to garner from your advisors. It will get to a point that you will be able to take financial decision on your own. At that point, having a financial advisor will become optional.
Speed: When you call your financial advisors, they will respond almost immediately knowing fully well that if they don’t respond on time, another person will attend to you. That is one of the reasons you need to let your financial advisors be aware that you have more than one.
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Quality Service Delivery: Apart from the speed that you will enjoy in the execution of your order, competition will lead to better quality delivery of their services. If you are not getting the type of service you want, you can easily switch to other financial advisor without any disruption in your investing activities. I remember a time I met a young man that claimed to be having two wives. When I asked him for the rationale behind his decision to have two wives, his response was that, he would be able to get the best love he desired. Having an alternative would make both of them to be up and running in ensuring that they satisfy him. This is just on a lighter mood. But I understood his own point of view. In the same manner, having more than one financial advisor make you to enjoy quality service.