Finding the Best Deal

After you have identified your needs, and narrowed down which choices of products and services are most suited to meet those needs, it’s time to check around the market in order to find the best possible deal. This is much like shopping around for any other product, with the same goal of getting your money’s worth for a quality package.

Finding the differences between two products can be a challenge. They may advertise similar incentives, or promise the same returns. However, the actual truth about these products is contained in their respective terms and conditions. Your financial adviser can go over these with you, and with those facts tell you about the actual performance these products have to offer down the road.

Still, just as when buying any other product, keep in mind the principle of caveat emptor and accept the responsibility of making the right choice. The government and other independent bodies do their part in regulating the industry to promote fairness, but it is also the consumer’s role to be prudent about their decisions.

Be, at least, a little skeptical about any information you are handed and check it out first. Remember that clever marketing or official-looking advertising is no substitute for actual facts.

Things are always changing. Don’t assume that figures or conditions will stay the same from one week to the next. A product’s performance can fluctuate depending on how vulnerable it is to intermittent shifts in the market.

Despite these caveats, it is worth remembering that the financial services industry is well-regulated, transparent and highly competitive, which makes it very favourable to the customer. A competent and objective financial advisor will know which products to recommend you, and should be able to help you on your way to making the best decision.