Sasha Jacob - 3 Ways to Maximize Working with A Financial Advisor

The majority generally seek help from financial advisors due to lack of knowledge when it comes to managing their finances. It also goes without saying that finding the best financial advisor suited for your financial circumstances is easier said than done. One has to go through a number of financial advisory firms to find their perfect match while others settle for the ones who are readily available. But once you have already found your financial advisor, what happens next?

Here, Sasha Jacob Toronto, CEO of Jacob Capital Management Inc., gives helpful insights to ensure that you are making the most out of your financial advisor.

Sasha Jacob gives 3 ways to make the most of your financial advisor

1. Be Educated with the Firm Ideology

The firm ideology or philosophy of a financial firm shows a great side of their values and priorities. This can be seen in how they are compensated, how they are regulated, and whether or not have a disciplinary action.

It is also important to know that a financial advisor should not only be money-driven and sees the greater value of his profession. Financial salespeople are subjected to a lesser regulatory standard than financial advisers regulated by the Securities and Exchange Commission. “Fee-only” advisors receive compensation directly from their clients and must be fiduciaries at all times, while “Fee-based” advisors are allowed to receive commissions and are only required to act as part-time fiduciaries.

Although no compensation pattern is flawless and hassle-free, you should limit your search solely to fee-only and round-the-clock fiduciaries as they are readily available and would always address your concerns. It also helps to review your financial advisory firm and individual advisor's disciplinary records every once in a while to ensure that they are clean. Sasha Jacob and Jacob Capital Management works with their own set of ideologies like most companies to date.

2. Build a Professional yet Genuine Relationship

Building a genuine relationship between you, your financial advisor, and their firm would take some time. Although some people may find the idea unnecessary and rather hard, still it is best for both parties to establish a relationship in order to build trust. The best financial advisory relationships are long-term, this is to ensure a lasting connection between the client and the advisor or the firm.

In order to determine a genuine financial advisor, observation is key. Your advisor must be as concerned as you, see your financial problem as the challenge that they are, would help you set your goal, keep your financial standing on the track, and would reach your goal. In order to do that, your advisor must also be a good listener and is determined to resolve all of your financial or debt problems. Always be in control and speak up if you don’t agree with certain terms and conditions.

3. Get Involved with the Planning and Investment Strategy

Some people believe that there is no such thing as bad insurance or bad products, but rather just bad utilization of them. Although we can all agree that’s not true. There are in fact plenty of poor quality products and services, which also includes advice.

You need to make sure that you’re getting what you pay for. Your advisor should be using a strategy that is well-supported by the firm or else, he would be doing everything alone which usually does not end well. The complexity behind financial planning should be broken down well-enough for anyone to understand.

Sasha Jacob Capital Management Inc, like many other successful financial advisors, have seen much financial crisis. His almost two decades in his career, however, has given him ample knowledge and experience to handle all cases with ease and confident. Bottom line is, getting a help from financial advisory firms with regards to your finances is just one of the few important elements in an effective financial management. It all boils down to your ability to make proper decisions and to determine whether those decisions can affect other factors.