How to select the right investment partner to create wealth

Saturday, May 7th, 2022 03:15 | By

Goal setting and especially financial goal setting is a process and one needs to involve different people because sometimes we might not know certain aspects required of us, or even if we know the execution, investment goals require collaboration between people of different professions.

However, they must fit the bill and as Oprah Winfrey once said: Surround Yourself with People who are going to take you higher. Here are points to help investors pick partners.

You are the most important person in this process and therefore preparing oneself mentally for the changes that are expected to happen is key. The greatest preparation is gathering knowledge and getting the intelligence required to pick the right people. So where do you begin?

Family and Friends

We are all social beings and it is important to note that when we are making decisions that will affect our loved ones, we must ensure that they come along in that journey. Not only for the support but also for refinement of the goals that are being targeted. It is good to involve them early in the goal setting and execution period so that they can buy the idea by explaining the expectations.

Financial advisor/ Financial coach

Everything that is worth doing requires investments both in terms of time and other resources. It is good to ensure that you work together with a coach or advisor who is not only qualified and experienced but one that you get along with. This is because finances are an integral and private part of our lives and while we want to be well advised, information must also be well protected.

Product providers

You shall require different things to create a comprehensive portfolio and this may include: shares, unit trusts, insurance and pension products. Knowing which is the best offering is important. Ensure that before you engage with any of the products you understand the products' returns, risks and any key features. Look at the product offerings and also the contracts

There are a lot of contracts that come in at the execution stage and this requires a legal plan. It is therefore always important to have a legal advisor who can help you know and point out things that you need to be aware of as you get into some of these contracts.

On the other hand, there are some key considerations that one can follow to select an investment partner which include a shared vision. The other areas that an investor should look for when picking a partner are outlined below.

The knowledge, experience and track of the person or team

If one is advising on how to run a business, it is better to work with someone who has ran a business before.

Overall returns net of costs

When one engages in the wealth creation journey what they require is to maximize their returns. It is therefore important to look at the partner’s ability in terms of net returns from all costs, to establish whether you are making any headways towards achieving your goals.

Innovation and company cultures

People are naturally progressive as human beings and to get the very best in terms of experience with people and systems, it is important to look at market leaders in the area we are seeking products to reap maximum value.

All in all, it is good to note that people need help and support in the wealth creation journey and therefore getting the right person is of paramount importance.

One can get the help directly from individuals but with the internet, one can also seek the information themselves by reading and also listening to people who are knowledgeable on matters of investments. Self-improvement is the sure way to get it all right in matters of investments, just like any other facet of our lives.

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