We all develop financial habits, but reviewing our approach can help us make better decisions. If you are unsure about your investments or dissatisfied with the results, professional financial advice can help you assess your options and align your decisions with your goals.
From Financial Information to Personalised Advice
The Money Framework highlights the importance of reliable financial information, market research and financial planning. At this fifth and final level, the focus is on personalised financial advice, which considers an individual's financial situation, assets, objectives, investment horizon and risk tolerance.
Financial advisors offer different services, from budgeting and savings guidance to investment and portfolio management. Some operate independently, while others are affiliated with financial institutions. When choosing an advisor, it is important to consider their qualifications, fees, independence and potential conflicts of interest.
Professional advice is not exclusively for wealthy investors. Exploring the available services can help individuals make more informed financial decisions.
Access to Financial Advice
Reports published by the US Securities and Exchange Commission (SEC) and the European Commission in 2018 examined access to investment advice and the distribution of financial products in their respective markets. Both provide useful context for understanding the importance of accessible guidance that helps investors identify products suited to their needs and circumstances.
Employers and consumer associations can help improve access to financial education and advisory services. In Portugal, Euroconsumers Invest works with companies and organisations through a business-to-business (B2B) approach, supporting financial advisory initiatives.
A Broader Approach to Financial Wellbeing
For individuals and families with more complex financial needs, a Family Office approach can bring together several areas:
- Investment and portfolio advice: analysing assets, performance and investment strategies.
- Risk management: assessing risks and costs in line with financial goals.
- Financial planning and budgeting: reviewing income, expenses, liquidity needs and future objectives.
- Multigenerational wealth management: planning for wealth transfer and the financial security of future generations.
The services available vary by provider, but the objective is to take an integrated view of financial resources, risks and long-term priorities.
Financial Literacy Is a Shared Responsibility
Financial education helps people understand their options, assess risks and make informed decisions. Governments, financial institutions, schools, families and employers all have a role in improving access to reliable information and promoting financial wellbeing.
World Savings Day: Building Better Financial Habits
Celebrated on 31 October, World Savings Day is an opportunity to reflect on the importance of saving, financial planning and informed investment decisions.
Employers and organisations can contribute by promoting financial literacy and helping people develop greater confidence in managing their finances. Through its financial advisory services for businesses and organisations, Euroconsumers Invest supports initiatives that encourage informed decisions and long-term financial wellbeing.
Building better financial habits is an ongoing process, supported by reliable information, thoughtful planning and access to appropriate guidance.