We consult a doctor when it is something concerning our health. We consult a lawyer when it have legal issues. But when it comes to our investments, our financial security and our future, we simply go with anyone giving random advice. Taking the help of a financial advisor is a smart idea when it comes to managing your financial portfolio or when buying a financial product. But here are few things that you need to ask your advisor before you buy a product.
1) We should be aware of the risk factors involved in the product.
2) Get the post-sales services and contact information from your advisor. This will be helpful for making minor changes in address or to get any doubts clarified.
3) You should get the details of minimum guaranteed returns and the variable returns amount. This will help you to find the right product that will suit your need.
4) You should be aware of various charges/ fee associated with the product. Entry load and exit load fees are examples of such charges.
It is also good to know if the product has insurance coverage, what will happen in case investment is discontinued and if any loans can be availed from the product.