Overcoming Information Asymmetry in Personal Finance Management: Financial and Investment Consulting Technologies

Abstract

It is emphasized that in conditions of information asymmetry, the services of financial consultants become a convenient, objective tool for solving numerous financial tasks. It was determined that financial and investment consulting is an innovative social technology, which is a system of practical knowledge in the field of finance and investments, as well as ways to solve problems of managing people's financial behavior to achieve defined financial goals. The sequence of choosing a financial consultant is proposed, which consists of eight stages: determining one's own financial goals and needs; choosing the type of financial consultant; verification of the financial consultant's qualification level; studying the experience and reputation of a financial consultant; familiarization with the structure of payment for the services of a financial consultant; establishing an open and trusting relationship with a financial consultant; concluding a contract with a financial consultant and evaluating the effectiveness of intended financial goals. It is noted that the development of the domestic institute of independent financial consultants requires state support, which will consist in streamlining the terminology of consulting as a type of professional activity at the legislative level; stimulating the implementation in institutions of higher education of educational programs for the training of personal financial consultants, as well as the introduction of mandatory certification of the activities of financial consultants to improve the level of qualifications of consultants and ensure the high quality of consulting services. It was concluded that the active use of the services of financial consultants will provide a double effect: on the one hand, financial consulting will contribute to the effective use of personal finances, the formation and rational use of the population's savings, and the growth of their well-being; on the other hand, there is an opportunity to create additional cash flows due to the attraction of monetary assets of the population, their transformation into investment resources for the development of the country's economy, which will also have a positive effect on the financial well-being of citizens.