Understanding the roles of a financial advisor and when do you need one

Understanding the roles of a financial advisor and when do you need one

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What is a financial advisor?

Financial advisors are individuals who help you plan and manage your finances so that you can make more informed decisions. A financial advisor will help you understand your financial goals and set certain strategies in place for you to achieve those goals. These financial advisors basically use their expertise and knowledge to guide you about managing your money through ways of investments and other financial activities.

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Services they offer Financial advisors take on a myriad of roles and responsibilities for you. At a certain point in time, these financial advisors will guide you through budgeting and savings. Once you’ve aced these stages, top these financial advisors will move on to guiding you through managing your assets, complex investments like long short fund etc, tax and even estate planning.

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Who needs a financial advisor?

Any individual can seek the services of a financial advisor, regardless of their net worth and financial standing. For example, even if you’re someone who has just started saving and has no investments, you can seek the services of a financial advisor. Big businesses on the other hand hire specialized professionals to plan different areas of their finances. For example, they’ll hire top asset management companies in India to manage their assets, wealth management companies to manage their wealth, hedge fund managers to manage their investments and so on.

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Type of financial advisors There exist two most common types of financial advisory services. The first is the traditional human advisor who works on building a more personal relationship with you in order to provide the most personalised advice. These traditional advisors are also the costliest. Another type of advisor is a robo advisor who provides automated solutions to your problems. These automated machines are more affordable, but their services are less personalised because they cannot account for the different variables as your life progresses.

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How to choose a good financial advisor?

Trusting your financial advisor with your finances is a big step and it’s obvious that you’d want to hire someone good. The best way to find a good advisor is through your personal circles.

Take help from your friends, family and colleagues because you know you can trust their opinions. Make sure you properly look into the firms you’re looking to hire. Read up on customer testimonials to make an informed decision as well.

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Thank You

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