5 Awesome Qualities of the Best Financial Advisers

Choosing a good financial adviser is one of the most important decisions that one can make. Engaging a good one can mean between being sold a white elephant, or having a peace of mind when disaster strikes.

However, how can we identify the best financial advisers when we see them? More importantly, do these advisers share common awesome qualities?

The short answer: yes.

At fundMyLife, we work really hard to connect our users to the right financial advisers so that they can plan their finances confidently. This involves being able to discern between the best from the rest.

Being a a curious bunch, we collected testimonials and reviews of financial advisers based in Singapore to answer this question. We then performed text analytics to distil what clients have to say about their financial advisers.

The Data

We found more than 1000 reviews, with a total of 72,590 words! After removing irrelevant and common words, we then performed a series of text analytics to sift out the words clients use to describe their financial advisers.

Without further ado, here’s a word cloud of what we found:

A word cloud of the testimonials and reviews of the best financial advisers by clients.
Don’t be alarmed by misspelled words like “servic” and “advic” – it’s a result of truncating words like “services” and “servicing” into their root form: “servic” for a cleaner analysis. Ditto for “advic”, “provid”, etc.

Qualities of the Best Financial Advisers (in no particular order)

1. Knowledgeable

This is a given, though it is a point that bears repeating. The best advisers break complex financial jargon down into digestible chunks for their clients. On top of that, they have a strong grasp on all of their products. In addition, many testimonials mentioned how their advisers had a solution to their unique situations. This reflects that the best advisers don’t merely sell – they advise holistically.

2. Patient

Interestingly, client testimonials often talked about patience. Indeed, while breaking complex concepts down requires knowledge, communicating them to the layperson requires patience.

It also takes patience to convince a client of a plan that he or she may not agree. A classic conundrum comes to mind – does the adviser sell what client wants, or what the client needs?

3. Prompt

Unsurprisingly, this quality features highly. Two words that popped out often in our analysis were “prompt” and “efficient”.

No one likes to be ignored, even on a normal day. When money is involved, things become extra stressful.  Some of the testimonials mentioned that their advisers went beyond the call of duty, being readily available at all times to answer queries.

4. Being a good friend

Clients remarked how their advisers genuinely cared for them and their well-being. Testimonials that mentioned “caring” and “friend” have touching anecdotes about how their advisers followed up closely after accidents, despite their busy schedules.

In addition, as a good friend the best ones can empathise with clients’ goals, dreams, and personal values and advise accordingly. On top of that, we found many instances of “friendly” and “approachable”, indicating that friendliness ranks highly for clients.

5. Not pushy

The best financial advisers are the ones who do not push their products. A considerable portion of the testimonials mentioned that their advisers were not pushy. This reflects the local perception of advisers, and the way how some unscrupulous ones sell for the sake of selling.

That’s it for now, folks!

Phew, what a list. Now that we’ve listed the qualities of the best financial advisers, how do your respective advisers stack up?

Advisers, do you think you possess these traits? If you do, we want you to be with fundMyLife!

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