There are so many financial plans and products available in the world today – from on- and offshore investments to wills, trusts, life insurance and more. There is no way for a person that works outside of the financial sector to be an expert on every new product that comes out each year. That’s why people use financial planning consultants.
Financial planning consultants, such as Richard Cayne and his team at Meyer International, are experts on all of it. They can advise on everything from private bankers and deciding who is right for you, to which jurisdiction will offer the benefits you are seeking in your offshore investments.
Richard Cayne offered a useful analogy of what financial planning consultants can do for you:
“We’re private consultants. We don’t have any products of our own. We consult on different products and can say, ‘This is right for you,’ or ‘Try this one.’
“For example, we don’t offer private banking services but we can make introductions to private bankers at UBS, Credit Suisse or any of the banks. We also have deep knowledge of what each one offers. We maintain a relationship with the clients but make our money from the banks, who pay us for introductions to the kind of clients they want.”
“The best analogy is this: You walk into a Toyota dealership and they ask you if you want a big car or a small car? How many kids do you have? Where do you go and what do you like to do? Guess what? At the end of all of that, they’re going to recommend a Toyota to you. It’s a Toyota dealership. They aren’t going to recommend a Honda from down the street even though it may suit your needs better.”
“If you go to an independent dealer, they can listen to your needs and recommend a Honda, a Toyota, a Porsche or a Ferrari. A financial planning consultant is like an independent dealer. Since we don’t have any of our own products, we’re neutral and unbiased and can suggest the thing that’s best for you. We’re on your side.”
Financial planning consultants can recommend the best financial products for you from everything that’s available, all over the world. They are not limited to recommending products from just one bank or jurisdiction. This is the best reason to use a financial planning consultant.
Another reason to use a financial planning consultant is the added value of having another trained set of eyes to review your finances and investment choices. A planner looks at their client’s benefits with expert eyes, basically for free. Since planners make their money from referral fees from the companies that make the products, clients can reap the benefits of their knowledge on the cheap. As Richard Cayne says, “At the very least it’s an extra, trained set of eyes on your account to make sure nothing is going wrong.”
Well who wouldn’t want that?
To make an appointment to discuss your finances with Richard Cayne or any of the experts at Meyer International, get in touch today!
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