01 Aug 2023
Sound financial advice can help you achieve your financial goals!
According to a report by Moroccan World News, about 5 million Moroccans live abroad. They have many reasons to leave their country, but one of the primary ones is to find better employment opportunities to earn a living and send money to Morocco to aid their families back home financially.
They have been making significant contributions to the Moroccan economy through inward remittances as these remittances to developing countries are a financial lifeline.
In another report, Moroccan World News quoted the Moroccan foreign trade watchdog, the Office d’Echange (OE), as saying that the quantum of inward remittances by the end of March 2023 was $2.7 billion.
One of the core reasons you, as a Moroccan, have to travel to developed countries is to become financially viable and attain financial independence, which pretty much all expatriates achieve.
But those seeking the help of a financial advisor achieve financial independence and become viable financially relatively quickly and easily.
Do you know what is a financial advisor and what are the benefits of consulting one?
Well, you are in the right place if you do not know the answer yet.
This blog will throw light on a financial advisor and walk you through some of the benefits of consulting one.
Just as you hire an architect and pay them to design a plan for your home, a financial advisor is a professional whom you hire for their financial advice.
You pay them for their services.
A financial advisor has to know you and your current spending habits well, along with knowing your income streams, to be effective and to give you sound financial advice.
A financial advisor not only offers you advice both in the present and in the long term, it is with their help that you stick to the plans they create for you.
Therefore, a long-term relationship with a financial advisor is recommended. Because the chances to stray from the plans in your effort to financially support your family back home as a Moroccan migrant through a money transfer to Morocco are high due to the odds of working abroad.
A financial advisor is also called a Wealth Manager, Financial Representative, Investment Advisor, Certified Financial Planner or Chartered Wealth Manager.
All of them more or less offer you the same services.
Financial advisors are classified into the following two categories.
These financial advisors are hired for a flat fee, paid monthly or annually. They do not take commissions if you sell something and earn a profit or make an investment.
These financial advisors work with individuals and institutions that offer them commissions instead of a flat fee. They seek commissions from the profit through a sale or an investment.
Seeking their financial advice can be of help in many ways.
Some of them are discussed below, but first, let’s take a look at the Moroccan economy to understand why Moroccans travel abroad to earn a living.
This shows that the country struggles to provide for its people, which leads to unemployment and poverty, and they, therefore, travel abroad to earn a living to support their families back home through an online money transfer to Morocco.
Apart from the country’s flailing economy and relatively low inward remittances, take a look at some of the Major Reasons Prompting Migration From Morocco.
Let’s now look at the major benefits of having a financial advisor.
It is not that the rich only need financial advice. It is rather needed more when you struggle financially to get the following benefits.
A huge range of life insurance products can confuse you about which one to buy. But a financial advisor can help you get the best one after they assess your financial health now and requirements in the future.
Earning a living alone is not enough. You must save for the rainy days. But savings can be a challenge with limited means. In such a scenario, a financial advisor can help you find the best point to start based on your income.
Savings can be short-term and long-term. After you have succeeded in your short-term saving plans, you need to think about the long-term, which is post-retirement. But the future is always uncertain, making savings a challenge. But a financial advisor can help you with these uncertainties and create a savings plan for you.
With time your income increases, and you make investments to earn a profit. A financial advisor can tell you where to invest and, at what time, to maximise profits.
A financial advisor will stop you from putting all your eggs in one basket. They will advise you to make diversification in your investments after checking the risks involved in different investment options.
Several investment options can lure you into believing that these are the best options through different tactics like media hype. A financial advisor can help you get the correct and objective assessment of an investment opportunity to help you make an informed decision.
Creating a financial plan is easier, and starting to act on one is even easier. But sticking to it seamlessly is quite a challenge. Therefore, a financial advisor helps you stick to your financial plans to achieve your financial goals.
The exaggerated risks and rewards in financial matters can exact a heavy toll on your psychological health. But a financial advisor can cut through the hype and guide you in the right direction, which offers you peace of mind.
As a Moroccan migrant, you must find a service provider for your online money transfer to Morocco that helps you with low fees, offers live and market-competitive exchange rates, speed, safety and much more because all of it will only add to your financial health to help you achieve your financial goals.
FAQs
How much will a financial advisor cost?
Ans. The cost of a financial advisor varies and is subject to their services, qualifications, and experience. Some charge a flat fee, while others charge a percentage of the assets and wealth they manage.
What benefits can I get from having a financial advisor?
Ans. Financial advisors can help you in many ways. They can help you with your financial plans, save for your post-retirement life, invest money and protect your wealth and assets.
How to find a financial advisor?
Ans. You can search them online in your area of residence, spread the word, ask friends and family and invite recommendations. Shortlist a few names and then interview them to see who is the best choice.
What questions should be asked while interviewing a financial advisor?
Ans. Some of the important questions must concern:
Their experience
Their qualification
Services they offer
How they charge
Patterns and modes to communicate
Their investment philosophy
Measuring their performance
What to do if I am dissatisfied with a financial advisor?
Ans. In such a scenario, you can lay them off according to the terms and manage your finances yourself. But given that the financial matters are complicated, it is better that you find a replacement and manage your finances with a financial expert’s guidance.
Resources
(The Moroccan Diaspora: A Factor to Consider in Governmental Policy Making (moroccoworldnews.com)
(Remittances from Moroccan Diaspora Hit $2.7 Billion in March 2023 (moroccoworldnews.com)
(GDP (current US$) - Morocco | Data (worldbank.org)
(GDP per capita (current US$) - Morocco | Data (worldbank.org)
