The increased human needs also influence the lifestyle and also money usage. Therefore the financial knowledge to support people’s life planning become necessary. For some people, financial planning may be hard for him due to his ignorance of this field. Thus a financial and accounting consultant is needed to handle these matters.
The task of a financial and accounting consultant is to handle the cash in and out of the business to achieve certain goals. Like a doctor who examines the patient, a financial consultant should be able to review the client’s financial health, including providing financial solution to their financial matters. The main function of this job is to support clients achieve the expected target, in form of asset purchase advice, providing an overview of the macro situation, preparing debt-free and show clients to have proper financial management.
It takes a lot of time doing research in order to be capable mastering the financial matters. It will be much better if we can do it by ourselves while we have time learn it. However for some people, especially those who are busy, they will need other’s help to review their financial condition. The financial and accounting consultant will give great help in such situation. There are some points to consider in selecting financial consultants.
- Recognize the needs. Before deciding to use the financial and accounting consultant, the first thing you need to do is to identify your financial needs and its purposes. Every consultant has their own specification, and it is necessary to select the right person with the right background.
- Discussion. Using financial consultant service is a big decision. It is recommended to discuss it first with your family. Basically, the closest persons are those who understand your needs other than anyone else.
- Notice the certificate. In performing the duties, the financial consultants should have the certificate issued by financial institutions. Make sure to choose the consultant from the reliable institutions.
- Interview. Before starting the partnership with the consultant, you are recommended to have an interview first. The interview result shows you whether you have selected the right consultant.
- Confirm the payment. Using someone’s service means there is an obligatory to pay the service charge. Find out the payment term, by commission system, flat fee based on the working hours, or profit sharing.
Financial and accounting consultants, like accountants or lawyers should be accredited by the profession institutions, such as Hong Kong Financial Planning Institute or Singapore Financial Planner Association. These institutions have established the standard profession ethics and provide information for customers. They can help find the most appropriate financial planner.
In some countries, where the financial planner position has developed, some consultants do not charge their service fee, but based on the product commission and service the clients purchase. Shall the consultants determine the charge, it will be based on the complexity should be settled.
Using financial and accounting consultant service surely bring more benefit. However, it doesn’t mean that clients leave it all to the consultant’s hand. Clients should have recognized their basic needs and how to manage it.
