Let’s be honest: Not everyone has the time or desire to become a financial expert. Still, these days, it is increasingly important to be able to manage one’s personal and household finances.
Don’t fret, though. 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.
Understanding Financial Advisors
Financial advisors, sometimes known as financial planners, are professionals who advise their clients on decisions related to wealth management and personal finance. Depending on their area of expertise, financial advisors can help you with everything from putting together an entire retirement savings plan with a time line attached to it or simply answering a question about whole life insurance.
Here’s a small snapshot of some of the things that a financial advisor can do:
- Meet with you to assess your current financial situation and future goals
- Develop a comprehensive plan that addresses your major areas of financial concern: retirement, college planning, insurance, avoiding estate tax, etc.
- Provide advice as unexpected financial issues arise in your life
- Set up investment accounts and invest funds for you
- Locate appropriate financial vehicles for you, such as insurance policies or mortgages