Most solutions are provided by other companies or professionals and it is important to work with them. To be successful, have the following professionals in your back pocket or in your current contact list:
Most of your clients will come to you with financial issues on investments and spending. After deliberations, you will agree that the client needs to get a loan. Since traditional banks and credit unions charge higher interest rates, the best alternative for funding is online lenders as well as peer to peer lenders of personal loans.
There are many scammers in the market and you don’t want your clients to be victims. To protect them, it is highly advisable that you have a list of trusted online lenders whom you can recommend your clients to.
Admittedly, most of your clients will come to you when they are deep in debt. The cause of the high debts is often determined to be poor financial decisions. Once your client is willing to change their spending and their lifestyle, the best debt management strategy will be debt consolidation.
If the client agrees with you, you may have to help in processing the debt consolidation loan. It is also your duty to advice your clients on the types of debts that will be covered by the debt consolidation loan.
Debt consolidation loans often charge lower interest rates and the affordable monthly repayments make it easier for your client to manage their finances.
Credit card companies
A big spending problem faced by most of your clients will be through credit cards. By spending more than one has, it is easy to fall deep in debt. As a personal finance planner or advisor, you can contact the credit card company to get a zero percent credit card if all the debts are consolidated into one. You can help in preparing the necessary documents for the credit card company.
Real estate/ investment
Clients looking for real estate investment advice will come to you. You should therefore know the real estate market well to offer advice. Knowing the real estate companies means that you can know more about other investments and this helps in guiding your clients to make the right investment decisions.
As a personal finance professional, you will be required to offer some professional debt and credit counseling. Your clients expect this from you and you should offer advice on debt management as well as budgeting. These are the two most important areas of personal finance and you should have the knowledge of credit counseling and debt management to be of help to the clients. You will be responsible for guiding your clients and recommend them to others when necessary.
In conclusion, there is a lot a personal finance professional handles and to succeed, you should have sufficient knowledge and expertise in these areas or know a company that you can refer your clients to. Your network is therefore important when you have to offer advice in all these areas.
- Jamie Rizzo CFA
- Publisher: CreateSpace Independent Publishing Platform
- Paperback: 204 pages
- ISBN13: 9780071437363
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
- Jack Sweeney
- Publisher: CFO Thought Leader Books
- Paperback: 119 pages
Last update on 2020-03-18 / Affiliate links / Images from Amazon Product Advertising API
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