Everything You Need To Understand About A Financial Advisor!
Posted on 23 September, 2021 by Finway FSC
Everyone needs to know the wealth management and retirement options. But not everyone is a financial expert. A financial advisor is a person who plans your financial future. It is crucial to have a SEBI registered investment advisor. With the changing legislation or financial products, it is wise to hire an expert.
Who is a Financial Advisor?
Professionals who plan wealth management and personal finance for their clients are called Financial Advisors. They assess your present financial situation and future requirements.
They provide advisory services for all primary financial needs like insurance, college planning, retirement, etc. And also guide to set up investment opportunities.
What is the purpose of Financial Planning?
Becoming a financial expert with resources available is not easy for everyone. It takes up a lot of time and energy. Keeping track of all the investment changes, insurance regulations, new financial products, or any changes in your brokerage firm is so tiring.
All these require vital financial planning. Financial planning is important for the present and the future.
When do you need a Financial Advisor?
It is always good to have financial planning in your life. But the need for a Financial Advisor arises at the landmark events of life.
How can a Financial Advisor help?
Financial Advisors provide great help when you are emotionally compromised. That’s when their expertise can be helpful.
Some financial advisors can buy you financial products like mutual funds and certificates of deposits. At the same time, some can act as your liaison.
What are the advantages and disadvantages of a Financial Advisor?
Having a Financial Advisor is an advantage when they –
Some Financial Advisor can end up with disadvantages if they are –
How much will it cost to hire a Financial Advisor?
The cost is entirely based on your need. For your one-time financial need, you can hire by paying on an hourly basis or for a flat project fee.
You could also provide a flat retainer to the financial advisor. This depends on the percentage of the investments the advisor is handling.
Financial planning requires expert advice at some point. You need to ensure the advisor has a fiduciary duty to you. The type of financial services available is huge at present. It is easy to find a financial advisor in Delhi according to your obligations. Make sure that you understand everything about a financial advisor before hiring.