From a cobbler to the watchman to the front desk operator and even your office boy has a so-called sound piece of investment advice every time there is movement in the market. Even if there is no movement, the advice is always ready and crispy. Rarely do these sound advice turn up into success stories. Had investment advisory been so simple, what was the need for a dedicated fund manager, a dedicated management team and a fund management company?

Be it your investment in the stock market or retirement planning, nothing can go haywire. A proper plan targeted towards your goals and a piece of sound advice leading you through is required to convert aspiration into reality. A fund manager plays a vital role in the success of your portfolio as he is instrumental in the selection of funds, reviewing them at regular intervals and making the right entry and exit decision as and when required. But can there be chances that the advice put upfront of you is not healthy advice? being vigilant not only towards the market movements but also towards the bearers of this industry becomes very crucial in these times of commissioning and self-profit.

Here are 6 pro tips to help you understand if the advice you are receiving is really a good one;

Always make sure that the piece of advice you receive contains all the elements of information it should, clearly. There have been so many instances that costs, fees and commissions are hidden from the investor and by the time you have already put in your money, there is no other choice but to bear those costs.
Another important aspect of transparency is to be sure of where your data is being used. Make sure your advisor informs about all these things.

Every great investment advice will be independent. This independence is in regard to companies which commission advisors to suggest their funds to investors. If there is a hidden profit an advisor seeks to make, the advice can later prove to be harmful. “Investor first” approach should be followed which is beneficial for all the parties and sustains faith in the long-term.

This is a very important aspect as far as investment advice is concerned. There is nothing like the one-size-fits-all rule in investing. Every investor has different needs and must be present with a tailor-made plan for his portfolio.
Do not fall in the trap of advisors who have default plans for all investors. You can cross-check this by asking for testimonials from already existing clients of the advisor.

According to behavioral investing, an investor feels all the more energized and worthy if they are presented with a virtual visual of their success. An advisor must be capable of inspiring the investor to imagine and attract that kind of success that he wishes to attain.

Honest and uncomplicated
Investing and stock market are two domains that can confuse even seasoned investors. Hence, it becomes very easy for an advisor o trick the investor by using such jargon. be sure that you understand everything that has been told to you. If not, question and clarify.

Last and the most important characteristic any great investment advice must contain is the power of tolerance. No investor has ever become rich in a day. It takes years after years to accumulate wealth. Every advisor must condition the investor to be patient and exercise tolerance towards market fluctuations. The plans you make today will bear fruits, few years down the line.