MyMoney Online, Personal Finance with Warren Ingram, Evergreen Content

How to choose the best financial products (e.g. investments, insurance, etc.)

pexels.com, 2018

The Money Show’s Bruce Whitfield asked Warren Ingram (Personal Financial Advisor at Galileo Capital) for tips on choosing a financial product.

Ingram had the following advice:

Life assurance products

You have the option to go direct, through an agent or an independent third party.

If you choose to go direct; shop around with at least three companies, suggests Ingram.

Compare policies very carefully, do your homework and try to do as much research as possible.

Check complaints online and on social media.

If you choose an agent, get at least three to give you a proposal for your requirements.

Tell each agent what you are going to do and ask them for feedback on the other quotes.

If you choose an independent advisor; make sure she is an experienced assurance specialist or someone who is a registered Certified Financial Planner (CFP).

Ideally, you want an independent person who works for a company with a “house view” on assurance products and a methodology for selecting providers.

Investment products

Find out the costs of the product.

Many service providers don’t disclose all the costs, so make sure they reveal everything, in writing.

Specifically, ask them to specify each of these:

  • Administration cost

  • Fund cost

  • Advice cost

Know the benefit of the product (e.g. retirement annuities have tax benefits) and the duration thereof.

Are you tied in?

Is it flexible?

If you’re unhappy; are you able to move and, if so, are there penalties?

Is your advisor receiving an upfront commission on the product and, if so, why?

Are you aware of the risks associated with the investment product and how much you’re likely to lose in a market crash?

For more detail listen to the interview in the audio below.

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : How to choose the best financial products (e.g. investments, insurance, etc.)


Recommended

by NEWSROOM AI
Read More
9 tough questions you should never be afraid to ask your financial advisor

9 tough questions you should never be afraid to ask your financial advisor

Times are tough. Don’t spare her feelings! You must ask these questions of your advisor, implores Galileo Capital's Warren Ingram.

Product helps young investors buy shares in US companies like Apple, Amazon, etc

Product helps young investors buy shares in US companies like Apple, Amazon, etc

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

How to get rich by investing in smoking hot US and Canadian dagga shares

How to get rich by investing in smoking hot US and Canadian dagga shares

Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.

How to best invest a cash windfall on behalf of a child

How to best invest a cash windfall on behalf of a child

Do you have a bit of money that you’d like to invest for your child? Bruce Whitfield interviews Financial Advisor Warren Ingram.

How to retire (or stop working for money) by the age of 40

How to retire (or stop working for money) by the age of 40

Warren Ingram recaps the principles “supersaver” Julia, a young client of his well on her way to financial freedom, is following.

How to buy your first share (even if you only have R50, or less)

How to buy your first share (even if you only have R50, or less)

Got R50? No? Got R5? Personal finance expert Warren Ingram on how to buy shares with tiny amounts of money.

Popular articles
Standard Bank takes on Capitec Bank with low-fee account, gigabytes of free data

Standard Bank takes on Capitec Bank with low-fee account, gigabytes of free data

The account costs R4.95 per month; you get 1GB of free data. Swipe 4 times a month; you get 0.5GB of free data and R50 airtime.

Rob Packham found guilty of wife's murder

Rob Packham found guilty of wife's murder

The Constantia businessman was arrested over the death of his wife, Gill, in February 2018.

Huawei users in SA told not to panic over Android ban

Huawei users in SA told not to panic over Android ban

Google is suspending its business relationship with Chinese smartphone manufacturer.

ANC national executive committee finalising top jobs list for Parliament

ANC national executive committee finalising top jobs list for Parliament

Former National Council of Provinces chairperson Thandi Modise is expected to be the next speaker of the National Assembly.

'History of contempt and pity runs through 100 years of research at SU'

'History of contempt and pity runs through 100 years of research at SU'

Stellenbosch University's Professor Jonathan Jansen describes universities' research history of racial tropes over past 100 years.

[LISTEN] 'I spent 12 years in jail for a murder I didn't commit'

[LISTEN] 'I spent 12 years in jail for a murder I didn't commit'

In 1990 Raphael Rowe was convicted and jailed for a murder he didn't commit. He shares his story with Sara-Jayne King.