Financial Planner, Wealth Manager, Money Manager, Retirement Planner, can we call Financial Advisors by any more names? Financial Advisors are the people who help you save and invest. They help you save a decent chunk of money and invest it in the most suitable investment avenues around. However, not many people know how to go about seeking the help of a Financial Advisor.
Financial advisors basically advice you on how to save happily, invest smartly, borrow consciously and spend wisely, so as to get to your financial goals in the shortest possible time. Saving for retirement, meeting college fees, giving in charity, minimizing the tax burden, generating high income from investments and so on are some of the financial goals. It is the duty of a Financial Advisor to help you understand the strategies behind the investment decisions, to keep you informed on the best processes around and their benefits.
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1. Setting up meetings with clients.
2. Reviewing clients' financial position and future goals.
3. Analyzing information and preparing plans as per clients' requirements.
4. Conducting risk analysis to protect client’s wealth.
5. Educating clients on new and existing products and services.
6. Designing and implementing financial strategies.
7. Meeting clients changing financial needs, demands and circumstances.
8. Achieving sales targets by promoting and selling financial products.
9. The financial advisor updates himself on developments in the market and communicates the same to clients.
10. Negotiating with agents in the financial services sector and also financial institutions to get the best prices on products.
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1. You do not understand how much of your money is actually going into the investments and how much of it is going in hidden fees. Therefore, you need an advisor to advice you on the cost of the investment.
2. If you don’t have an investment strategy and don’t understand investments: It’s best to hire a financial advisor who will make the best investment decisions on your behalf. Do not invest if you know nothing on investments. You need to diversify your investment portfolio. If you don’t know how to, then you better protect your investments against volatile market movements, by hiring a financial advisor.
4. You do not know how much to save: You must know how much you need to save in order to achieve your short-term and long-term financial goals.
5. You do not have a backup plan: You need to have a backup plan if something were to happen to you. What would happen to your loved ones if your wealth doesn’t reach them? Advisors may not draw your Will, but can give you an idea on how to design and plan it.
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