Financial advisors or financial planners are experts who advise their clients on decisions associated with personal finance and wealth management. Based on their area of know-how, financial advisors can assist you with everything from putting together a complete retirement savings plan with a timeline attached to it or just answering a question about life insurance. Billy Crafton says that a financial advisor specializes in providing financial advice to customers, based on his know-how and their requirements. While you can be aware of your needs and the way to go about investing for it, you might not always have the time to do it all by yourself.
• A financial advisor brings expertise about the financial markets. They go through several trainings and carry certifications to secure the title of a financial advisor or an investment advisor. And thus, engaging a financial advisor to assist with building a portfolio, chalk out your objectives and help track it, as this can be a good idea.
• One of the important steps while chalking out a financial plan is to know the need and purpose. Your financial advisor understands your needs and future goals and therefore draws a long-term plan to fulfil it.
• Once you come to a decision what your goals are, your financial advisor would assist you choose specific investment options to attain it. Your advisor can help you select the appropriate financial instrument basis your risk-return necessity and match it with the suitable financial gadget.
• Goals need to be smart – measurable, specific, realistic, achievable, and time-bound. Even in your financial plan, you have to chalk out goals that are attainable keeping in mind factors such as your expectation of return and goals and income. And a financial advisor would help you do this.
• Billy Crafton from San Diego further states that a financial advisor helps you monitor and reevaluate the investment performance as you might not always have the time to do it. Regular monitoring of your investment portfolio is essential to ensure position of your investments with your financial goal.
Financial advisors can be great when you are emotional, confused, or just ignorant of a range of wealth-management topics. Add in the fact that a majority of people cannot see far enough into the future to imagine their retirement, much less plan for it, professional advice can be very handy. A qualified advisor will ask you a lot of questions in order to get the complete picture of where you want to take your life.
Billy Crafton 