We discuss the importance of handling your finances and consulting a registered financial adviser.

When dealing with your personal finances, the stock market or handling your debt, it might be a daunting task, especially who to trust for advice and handling your financial affairs.

According to Nico-Louis Minnie, Investment Specialist at Liberty Life, the financial advice space is regulated and although there has been controversy around financial advisers charging high commissions for policies, this has changed for the better with the introduction of more robust regulations. “Advisers have to prove upfront and on-going that they are giving customers the best advice and that they followed due processes,” says Minnie.

“For a novice, it is highly recommended to consult a registered financial adviser to get sound advice. The financial service industry is very complex and navigating through various options on risk and investment products is a daunting task," says Minnie.

A financial adviser will be able to ascertain how much cover you need in case of death, disability or critical illness. In addition to risk cover, a financial adviser will be able to:
• Recommend the most appropriate investment vehicle (unit trust, endowment, retirement annuity, etc)
• Determine your risk profile
• Recommend an appropriate investment portfolio
• Address affordability issues

Financial novices often miss some of the steps involved in the planning process or misinterpret certain financial products, says Minnie. “It is vital that you always consult an adviser regarding any matters that involve money.”