An Expert of a Different Kind
If your best friend is a competent gynacologist but you are a man with a prostate problem, would you consult your best friend or find a specialist in the area you require help? A specialist right, thats what I thought !!
But when it comes to finance, we still choose to go the gynaecologist.
An expert of all things Finance ?? !!
It is easy to give knowledge to an uninformed person, it is very hard to educate a misinformed person. I often hear things like,
-“My husband works in a Bank and he said Mutual Funds are risky.”
-“My cousin is a CA and he said not to go for this investment”
– “I follow a youtuber and based on that Video, I don’t need a term insurance.”
– My best friend work in Finance and he said Cryptos are the future
A banker is in charge of money deposited and lent by the bank. A CA checks compliance of accounts to the laws of the land. A youtuber shares some generic info on a topic.
What does a Personal Finance Advisor do?
A Personal Finance Adviser tries to understand you, your risk appetite, expectations, dependencies, your goals and timelines before giving you advice. They are not telling you the flavor of the month investments because it was on the news.
Any body who works in Finance Industry may not be equipped to provide you with investment advice despite their best intentions for you and your close relations with them.
Please work with an advisor. Your future will thank you for it.