How having a financial advisor can help you buy the right “milk”

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BUSINESS NEWS - While doing grocery shopping one evening, I happened to spot a young, retired couple studying the labels on the various types of almond milk on the shelf. As an almond-milk drinker myself, I politely reached past them for the brand that I usually buy when they noticed me and asked me why I went for that particular brand?

They explained to me that due to the wife’s health concerns, she had heard that almond milk would be better for her to drink than regular dairy milk, but they were unsure on exactly which almond milk to purchase.

Although the few options of almond milks were similar in terms of cost, the one that I drink does not contain additives like sunflower oil, which can cause inflammatory issues. T

hen I noticed another newer brand, less expensive than the others, so I quickly scanned the label to check for any additives (there were none) and made the informed decision that this could probably be an even better option. I popped a few cartons of both brands in my own trolley and based on my recommendation they also decided to purchase one of each brand to try, because it is a “safer” bet to have more than one option.

That evening, the encounter with these folks and the almond milk made me realise once again how providing financial advice and guiding clients on what financial products to purchase is very similar to buying milk.

In fact, I have often made use of the milk analogy to explain to clients that advising them on which financial product is right for them is similar to walking into a large grocery retailer (a LISP-platform) with many different options of the same basic product (unit trust funds). In both cases there are several different options to choose from, with different properties, qualities, tastes, and costs associated to them. Most people drink some sort of milk in their coffee or tea daily and we often do not realise what kind of effect the daily intake of milk can have on our bodies over the span of our lives, and it has massive repercussions for our health.

Financial products are much the same in terms of our financial well-being. Having the correct investment product suited to your particular financial needs, especially recurring investments made in small quantities over time, can have a considerable impact on your wealth over the years.

Which further highlights the importance of having a qualified financial advisor to guide you on which “milk” (or financial product) is right for your (financial) health and ultimately, your wealth.

Hiring a personal financial planner will go a long way in effectively planning for your retirement. It is not as expensive or as prohibitive as you may think; having a financial adviser is certainly not just for the ultra-wealthy. A financial adviser can assist you with everything from helping you create a budget, drafting a will, risk and insurance planning, tax structuring and even health care.

Brenthurst Wealth George is fully equipped with three highly qualified financial advisors to guide you to the correct financial products to meet these needs. Contact us or visit us at 32 York Street, George.

* Michelle Burger is a financial advisor at Brenthurst Wealth George michelle@brenthurstwealth.co.za

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