A good financial adviser is like a good mechanic: you likely will need one at some point in your life, it could save you a sizable chunk of money, and many people have no clue where to start when it comes to finding one. To further complicate matters, our industry uses all sorts of terms to describe advisers – financial planner, money manager, wealth manager, retirement planner, and so on.
This article by Beneficial Network aims to provide some information about Financial Advisors, as well as when to seek advice. We are a greatly experienced business that offers advice to those in need. With a range of over 80 lenders, we provide a list of services, so be sure to contact our friendly team now for enquiries.
Financial matters can be complicated. Tasks like buying and selling stocks, preparing for retirement and protecting your estate so you can pass it on to your children are all complex and often involved. Handling all of them on your own is enough to make your head spin.
A financial advisor can help you make sense of all of these tasks. Financial advisors can holistically examine your financial situation and help you craft a financial plan to ensure you make decisions that are in line with your larger financial goals.
Furthermore, financial advisors have the investment expertise to make shrewd decisions in order to grow your money. A financial advisor can help you to create an asset allocation that fits with your goals and adjust it as you get older or your goals change. At the same time, financial advisors can help you to protect your assets, which becomes especially important as you near retirement. With the help of a financial advisor, you can ensure you’re ready to retire when you want.
There are two basic types of financial advisors you’ll need to choose from: asset managers and wealth managers.
If all you want is someone to help you with investments in stocks, bonds and other financial products, an asset manager is the choice for you. An asset manager will work with you to build a portfolio that tracks with your financial goals, risk tolerance and time horizon.
Wealth managers, on the other hand, are better for those seeking a broader view of their finances. In addition to helping you build your portfolio, a wealth manager will consider your overall financial health and take steps to protect your assets over the long run. A wealth manager can help with things like tax planning, estate planning, education savings and charitable giving.
Many financial advisors serve as both an asset manager and a wealth manager. Before you hire a financial advisor, just make sure that you’re hiring one who will be able to provide the services you need.
There is no hard-and-fast rule for when it is time to get a financial advisor. There are few things to consider, though, if you’re trying to decide if you need a financial advisor. If you have enough money in your bank account to start investing, you might want to find an advisor. Another sign you need an advisor is if you’re navigating a significant life change. For instance, if you’ve recently become a business owner, finding a financial advisor can help you plan for your company’s future.