Financial adviser: Trusted or Trustworthy?

Let’s face it; not all financial advisers are created equal. It’s like trying to choose between two different ice cream flavours – one may be likeable, but the other is kind. Sure, reasonable people skills are essential, but they don’t necessarily indicate that the adviser has your best interests in mind. If you’re going to trust someone with your money, you want to be sure they’re not going to run off with it and leave you high and dry.

Take my friend, Bill, for example. He had a likeable financial adviser who didn’t have his best interests in mind. The guy was all about building a solid rapport and winning Bill’s trust, but he wasn’t focused on his well-being or financial success. Bill learned his lesson and now looks for an adviser who is not only approachable but also demonstrates kindness, integrity, and a commitment to ethical and professional standards. You know, someone who won’t steal his cash and disappear.

Emotional intelligence (EQ) and spiritual intelligence (SQ) are two different types of intelligence that financial advisers may possess. EQ involves understanding and managing emotions, while SQ focuses on connecting with a higher purpose or meaning beyond oneself. Sure, EQ advisers may be good at understanding your emotions and motivations related to money, but SQ advisers may be more interested in helping you achieve a greater sense of fulfilment and meaning through your financial choices.

Let’s be real, though. We all want an adviser who will help us manage our finances and not rip us off. So, it’s essential to know whether your financial adviser comes from a place of high EQ or high SQ, but ultimately, the best adviser for you will depend on your personal preferences, values, and goals. You want someone who won’t rob you blind but will also help you achieve your financial dreams.

When it comes to the charges of a financial adviser, it’s not their EQ or SQ that determines fairness. Instead, their business model, regulatory compliance, and ethical standards come into play. For example, advisers who work on a fee-for-service model may be more likely to have reasonable charges as they aren’t influenced by commissions or sales targets that could result in biased advice.

Regardless of the adviser’s business model, it’s essential to prioritise ethical standards and compliance with industry regulations. Choosing an adviser who adheres to these standards gives you peace of mind knowing that your money is in safe hands. After all, you don’t want to be tossing and turning all night worrying about whether your adviser is taking advantage of you.

To sum it up, you want an adviser who is likeable, kind, approachable, and trustworthy. And, of course, someone who won’t run off with your cash.