Why You May Need a Financial Advisor

If any of this describes you, then choosing a financial advisor becomes one of the most important financial decisions you will ever make.

Financial advisors can be found in banks, brokerage firms, accounting firms, trust companies, insurance companies and financial planning firms. Their titles and credentials vary, but their job is the same: to help you identify and achieve your financial goals. They do this by examining your situation and providing advice across the full spectrum of personal finance – investments, insurance, taxes, retirement planning and estate planning.

A properly constructed financial plan begins with setting goals. You determine what you want to do, when you want to do it and how much it will cost. You then examine your income and assets, compare them to your expenses and debts and figure out how much you need to save and what kinds of investments you need to reach those goals. At the center of all of this is a simple question: do you want to pay for advice – advice that tells you what you need to do – or do you want to pay for products? Some advisors are paid to give advice, while others are paid to sell products. Some are paid to do both. Understanding that distinction is the foundation for everything else you need to know when choosing an advisor.