Many people are not very well versed when it comes to managing their money and making investments. Are you also one of them?
If yes, there is nothing wrong with it. Managing money can be tricky, and we know it. Everyone can’t know every financial arena, and it can be risky. In that case, getting investment advisors is the best alternative for you.
An investment advisor is someone you can hire to make suggestions regarding your investment and finances. They provide you with the best possible advice according to their knowledge and experience in the field, and they charge you a fee in return. Some advisors’ fees can be a specific percentage of your assets they are dealing with, while some charge you with hourly, monthly, or yearly rates. Some also charge with commissions from a third party. There are many incredible firms among top investment advisory firms in Tanzania, but before getting an investment advisor, you should determine what type of fee method you are more comfortable with.
Getting an investment advisor for the job is equivalent to giving someone access to the most vulnerable thing in your life because it involves money. This task requires your utmost attention. Do not make rash decisions and take your time with it so you don’t make a wrong move.
We know what it sounds like in a job interview, but it is much more crucial than that, so focus on the answers of each advisor you meet. Ask a relevant question and observe thoroughly because you will hand over your finances to that person or group. Make sure you can build trust with them.
You don’t have to know everything about investments but make sure to know the basics, so you understand what you are looking for in an advisor. Many advisors are ready to give you advice, but not all of them have the best interest of you. They might end up making your situation terrible. To avoid all of that, you need to know a little about the work. Do your research and then move ahead.
There is a difference between investment advisors and salespeople. Some people might act like advisors and make you invest in something, but they are only salespeople from a company indirectly working for them. Try to understand the difference between them and hire independent advisors.
Clarity is essential when money is involved. Look for an advisor that explains things to you with clarity, and feel free to ask as many questions as you need. You need to understand where your money is going and why you are paying for the advice and have every right to get clarity about investment matters.
You cannot hire investment advisors and leave everything to them; it might cause you loss if you do that. Look for an advisor willing to keep you updated about your investment and finances.
You should know the questions that you need to ask in the interviews, and you can add to them as much as you want but don’t leave out any of them as they are the most critical questions that will help you make the best decision.
Ask them how they want to get paid? What are their credentials? Knowing your advisor’s qualifications is essential.
What happens if you get another opportunity? People always leave jobs for better opportunities, so determine what will happen if your advisor gets another job and decides to leave abruptly.
Are you a fiduciary? This will help you know if they have the best interest of you.
And lastly, ask them how their performance is evaluated in their firm? So you know what the things they will be focusing on are.
Keep all these points in mind when you choose an advisor from the top investment advisory firms in Tanzania, so you can make a rational choice and won’t have to regret it later.
Shikana Group offers you investment and legal advisory services in your best interest and will help you go a long way. Contact them and ask away all the questions we have discussed above.