Financial Advisors help their clients understand the complexities of finances and plan for financial goals. Whether it's saving for college, planning for retirement or managing debt, these professionals work with their clients to ensure that they're on the right path financially and can pursue their priorities and aspirations.
Financial advisors are able to offer a variety of services and products for their clients. Generally, they recommend a mix of investments that reflect their client's goals and investment tolerance.
Choosing The Right Financial Advisor
The best way to find the financial advisor that's right for you is to determine your needs and what you want out of the relationship. This will help you narrow down the selection of potential candidates and make a decision that's right for your goals and budget.
There are many online financial services that don't require a meeting with an advisor. These companies have developed software that enables them to collect information and provide investment recommendations. They're often less expensive than traditional advisors, but they don't have the personal touch of a face-to-face consultation.
The financial industry is heavily regulated. This means that advisors must complete specific tasks on a timely basis or risk facing stiff fines, disciplinary actions and even disconnection from their professional designation board.
During an in-person meeting with a client, a financial advisor will gather information about a client's current investments, assets, income and expenses. They'll also review a client's goals and aspirations. These meetings typically last about 60 to 90 minutes.