It has often been said that all advice is not created equal. An advice that has worked well for me may not be for you at all. For as long as Auckland property market remains buoyant, our mainstream media will always be awash with property mentors and investment advisers. How do you navigate yourself through all the commercials, adverts, testimonials promising the Midas touch? If you are already being advised, how do you know that good performance of your portfolio is down to the quality of the advice received and not just propelled by the natural market force?
Here are some tips to consider:
- Find the right adviser. Finding a property adviser is not difficult but finding a good property adviser may be trickier. Ask around at APIA events to get solid testimonials from investors who are in the same situation as you. Be mindful that sometimes the most knowledgeable investors are not mentors because they are quietly doing what they are good at doing, which is investing.
- Know the differences between an adviser and a salesperson. Are you taking advice from a qualified financial adviser or a salesperson? Always find out how the adviser is being remunerated. Are you paying for the advice or are you paying for an investment product? Does he or she have a conflict of interest when giving you advice? This is not to say that a salesperson of an investment product is incapable of giving good advice but be aware that their opinions may not be as unbiased as you would have liked.
- Are they qualified to give advice? While most property mentoring services do not come under the ambit of the Financial Advisers Act, it is prudent to look into the background of the person whom you have come...
