Sunday, 8 September 2013

Pitfalls to Avoid While Hiring Consultants

Jeff Michael Viveros

Whether you are looking for financial services for your startup or for your individual finances, there are certain pitfalls that you must definitely avoid. While some consultant come cheap, some charge you by the hour and are way too expensive. It is important therefore, to make sure you get value out of what you spend. The first question you have to deal with is why you need a financial consultant at the first place. There are those who specialize in income planning and those who can assist with financial planning. There are those consultants who can inform you about various products in the market and those who try to sell a specific set of financial instruments.

There are very few experts like Jeffrey Michael Viveros who have seen the financial markets go through a lot of upheavals with many trends coming and fading away. That is why you must make sure you know what kind of assistance you need from the consultants. There are individual consultants who get paid for the advice they offer and those who are institutional advisers who are in effect salesmen for different companies. In other words, you will come across consultants who sell insurance policies, make commissions through equity broking firms, work for banks and sell bonds, deposits and mutual funds or work for distribution houses. Apart from consultants, there are also wealth management institutions which have thousands of investors as clients. It boils down to your priorities as to what you can afford and the kind of consultation you are expecting.

There are friendly and flexible insurance agents, share sub-brokers and independent financial advisers too who can spend time with you, understand your requirements and offer you the perfect products. However, the obvious trick is to check if the consultant benefits from the products he or she is selling to you. If they are benefiting through the sale of the insurance policy or securities that they make you invest in, then it might not be entirely in your interest to take their advice. It comes down to whether you can trust them to offer you a win-win situation.

Financial advisers not only sell you various products but can also pinpoint where and how you have to tighten your finances. With a proper plan chalked out, you can set aside the right amounts for various obligations, whether it is short term investments for quick money, long term savings for retirement or medium term investments for steady returns. There would be a separate set of products for each of these categories and only a seasoned consultant can match your requirements to a product available in the market. Another obvious pitfall is communication. Not all consultants are professional, trained or experienced enough to elicit all the information from the client before giving appropriate advice. It is one thing to talk about a narrow range of products and completely another to understand the client’s viewpoint and then offer the right advice and the right data about various investment options.

Sunday, 25 August 2013


Payday loans come with their own pros and cons. However, it is all about picking the right payday loan lenders and then making sure you don’t misuse the loans. There are scenarios where the payday loan can wreak havoc with your finances, when you are not careful enough. However, when used appropriately, these loans can be of great help. Imagine a situation where you need urgent cash for a medical emergency in the middle of the month and you have used up your salary. If you do not have medical insurance facilities and don’t have substantial savings, you will be in dire straits.

An instant payday loan will ensure that you don’t have to embarrass yourself in front of friends and relatives.
If you are self-employed and are expecting your income to flow in a few days, payday loan online can be a great way of dealing with emergencies such as sudden investments that might be required. Similarly, if you come across a scenario where your fixed deposit is nearing the maturity date and you need an urgent infusion of cash, instant payday loans prove to be a good option. This will save your deposits and allow them to mature. The timely infusion of cash is another reason why businessmen will love the system of online payday loan. It hardly takes any time at all for the money to come into your account. In fact, in some cases, the cash is available for withdrawal within a few hours, addressing your emergency needs perfectly.
 USA payday loans ensure that sudden requirements like family functions or parties need not wait until the payday. In some cases, like the birth of a child or a quick business travel, payday loan lenders can come to your rescue. For amounts varying between $200 and $1000, the interests don’t go too high if you repay the loan back by maturity date. This date is usually not more than a month away in the worst case. However, for larger time durations, one needs to be careful as the debt amount can go into a spiral increase. Processing fee adds up to the debt too and hence you have to pick the lender carefully.