Tiffany Gordon-Johnson, Contributor 
LET'S FACE it, serious investment takes time and expertise. With our hectic schedules, very few of us have the time and even fewer of us have the expertise to develop, implement and monitor an effective investment strategy. If this is the case for you, you should consider using the services of a professional wealth adviser. Remember that seeking advice does not mean giving up control of your finances; it simply means getting the expertise to help you achieve your wealth objectives.
It is, therefore, very important to find the right adviser for you. Approach it in the same manner that you would when looking for any other consultant such as your lawyer, doctor or decorator. Check around. Seek advice from friends, business colleagues, family members who are successful investors and will give their honest opinions. Keep in mind however, that someone else's adviser may not be the best choice for you. You must find an adviser that is compatible with your needs and investment personality.
To start, determine what exactly you are expecting from your adviser, including the level of service that you need. Look at the three statements below. Which best describes you?
I like to be in the driver's seat. I want to make most of my investment decisions but may require professional input periodically.
I want a navigator beside me in the passenger seat. I want a relationship with my wealth adviser where he or she continuously guides me in my investment decisions.
I want to relax in the back seat and leave my wealth adviser to manage my portfolio on a full-time basis.
Next, set out to find an adviser with whom you can work. While there are no concrete guidelines to choosing the right adviser, there are several basic factors that you should consider.
The firm What is its reputation? What is its investment philosophy? Does it offer wealth advisory services? Does it offer the level of service you require? What products and services does it offer? Does it meet my needs? Who are its wealth advisers? What is its financial planning process?
Licensing and credentials In Jamaica, all wealth advisers are required to be approved by and licensed with the Financial Services Commission before they may provide any form of financial advice to a client. Ask for their certificate if it is not easily visible in their office. Also ask your wealth adviser about their certification such and experience that makes them qualified to give sound financial advice.
What is the basis for their recommendations? Any advice your adviser provides, should be based on detailed accurate research that covers several markets and securities. Request samples of their research publications.
How will I pay for these services? Do I have to pay for the services offered or do I only pay fees on transactions done on my portfolio? Is this a flat fee or an hourly rate?
Am I comfortable with this person? Find out who would be handling your accounts and arrange a consultation with them. Remember that you will discuss very personal issues with your wealth adviser, sometimes going beyond your financial goals to your personal dreams and hopes for yourself and family. You must therefore be very comfortable with your adviser. You should feel confident that he or she will act and advise you in your best interest. If you feel even slightly uncomfortable, move on.
Of course, the question arises as to the reliability of the advice that you wealth adviser is offering. Next week, we will look at what constitutes good advice.
Tiffany Gordon-Johnson is the copywriter/marketing coordinator at NCB Capital Markets Limited. Please send your comments and feedback to info@ncbcapitalmarkets.com or call 1-888-4WEALTH.
