There is a belief that it is advantageous to have more than one financial adviser. However, we are of the opinion that it is more beneficial to choose one financial adviser (or company) that you are comfortable with and build the relationship with him/her (them).

Developing a financial strategy may be difficult when you have multiple financial advisers. It is likely that the views of the financial advisers may differ which will result in your financial strategies contradicting each other.

This may also burden you with more work as you may be constantly juggling between the different strategies and views. It also becomes increasingly difficult to determine your shortfalls at death, disability or retirement when your financial planning are spread between various advisers.

Choosing an appropriate and trustworthy guide for your financial journey is by no means an easy decision. Here are some aspects that you should take into account when making your choice:

  1. What are their qualifications and experience? In South Africa a Certified Financial Planning (CFP®) professional would have obtained the required qualifications and experience. It is also important to consider his/her experience in the industry as qualifications must not be seen in isolation.
  2. Do you prefer having only one point of contact or do you enjoy the variety? In the case of Ternary, we work as a team which enables any adviser to assist you with your need or query. Having only one point of contact may result in delays with communication.
  3. What are their fees and charges? Make sure these are disclosed properly beforehand.
  4. Do they hold the necessary licenses with the Financial Services Board?
  5. What are the services offered? Click here to view Ternary’s services
  6. How much contact will you have with the adviser? We believe that a client must be seen at least once a year. Ternary is adamant that regular contact with our clients forms the basis of our services.

If you are one with multiple financial advisers we encourage you to review your financial strategy – is it working?  Are you achieving the maximum benefit from your financial planning?

Why not get in touch?