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2 mins Read | 4 Years Ago

Everything you wanted to know about financial advisor

Everything you wanted to know about financial advisor

Financial planning is an essential aspect of everyone’s life. But not many people are good at it and may require help from an expert advisor to accomplish their financial goals. Read on to know more about a financial advisor.

A financial advisor is a person who provides financial advice to people. They help people to identify the high-potential investment opportunities and manage their overall investment portfolio.

The advisors use their knowledge about the investment market, economic trends, rules and regulations, and take into consideration the individual’s personal goals to determine the investment portfolio. Based on your personal financial needs, the financial planner will suggest you the right investment options such as stocks, bonds, insurance, mutual funds, etc.

The advisors can also help you plan for your short-term and long-term goals like retirement planning, marriage expenses and education expenses. Personal financial advisors usually do the following:

  • Meet the investors and aspiring investors to discuss their financial goals
  • Educate people about the different investment options and explain to them about the benefits and potential risks
  • Recommend the best investment options to the people
  • Help people plan their investments for specific requirements
  • Provide regular suggestions and advice to improve the returns on investments

Types of financial advisors

Usually, a personal financial advisor has knowledge of a wide range of topics. But some advisors specialise in specific areas such as risk management, retirement planning, financial or investment planning, debt management, insurance planning, small business planning, etc.

Benefits of consulting a financial planner?

The financial planners are beneficial for both companies and individuals, as they not only provide the best financial advice, but also help you avoid making any investment decision that may disrupt your portfolio.

Research is one of the fundamental aspects of financial planning, and an expert advisor keeps upgrading his/her knowledge, so that they can provide you with the best advice to suit your specific needs. They have in-depth knowledge about taxation, market trends and investment products that you can leverage to maximise your returns.

Taxation is another important aspect of financial planning. The expert planner can help you understand the tax implication of various investments and keep up with the latest changes in the tax regulations. The experts can also help you reduce your overall tax burden.

How to choose the best financial consultant?

Working with the right financial consultant plays a vital role in accomplishing your financial goals. When choosing the right advisor, you must know about the advisor’s credibility, past records and their reputation. Also, you must first assess your needs and determine for which aspect of financial planning do you need help. Many certified financial consultants specialise in different aspects. Here are a few vital tips that you can consider while choosing a financial advisor.

Experience – You must ask the consultant for how long they are in the planning business. This would give you a fair idea about their credibility. Also, you must know whether you need planning help for a short-term or long-term objective. This will further help you narrow down your options.

Purpose – You must decide whether you need help to save taxes, identifying new high-returns yielding investment opportunity, re-balancing or diversifying your portfolio.

Consultation fees – The financial advisor cost varies based on the services they offer. Some advisors work on a commission basis, while others charge a fixed rate for their consultation services. You must ask their mode of getting paid and choose the one that best suits your interest.


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