if you would rather have an easy plan that you can execute without having to constantly worry about changes in legislation or the economy or financial products, then you might consider hiring a financial advisor. changes in mutual fund options at your brokerage firm can also have a huge impact on your financial situation; for example, perhaps one of your funds closes and you need to decide where to put the money. just as there are many good reasons to seek out the services of a financial advisor for a one-time or short-term need, it can also make sense to engage the services of an advisor on a full-time basis. once all of the details are in hand, the financial advisor can put together a plan and offer you advice on investments, retirement planning, estate planning, tax liability, and your kids’ college education.
in a financial planning context, this means that the advisor can’t steer you toward investments that are expensive for you (through expense ratios and sales charges) just because they’re more profitable for the advisor (as a result of the commissions that they earn). whether or not a financial advisor is a fiduciary depends on how they are licensed and regulated. so-called robo-advisors offer a hybrid advice model that combines the typical asset allocation and advice services of a traditional advisor with a digital, automated platform. when deciding on the type and scope of advice that you might need from a financial advisor, it’s important to ask the right questions about your money needs and assess your own level of comfort in managing your own finances.
to accomplish your goals, you may need a skilled professional with the right licenses to help make these plans a reality; this is where a financial advisor comes in. a financial advisor will work with you to get a complete picture of your assets, liabilities, income, and expenses. the financial plan also recaps the goals you and the advisor discussed. keep a close eye on the fees you are paying—both to your advisor and for any funds bought for you.
finally, if you don’t have the time or interest to manage your finances, that’s another good reason to hire a financial advisor. working with a financial advisor means someone else can handle what you don’t have time for and make sure your money is being deployed in the best way. these same financial products may result in the advisor earning a high commission. a fee-based financial advisor is not the same as a fee-only financial advisor. finally, be aware that finding an advisor who is the right fit for your personality is key to developing a successful, long-term relationship.
financial advisors, sometimes known as financial planners, are professionals who advise their clients on decisions related to wealth management and personal a financial advisor is not just someone who helps with investments. their job is to help you with every aspect of your financial life. in fact, you could work the financial management advisor (fma) is a professional designation of the canadian securities institute (csi), the official educator of the canadian, ranking financial advisor firms, ranking financial advisor firms, financial management advisor government of canada, financial advisor salary, fiduciary financial advisor.
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