The financial advisor is the professional who guides their customer in all their financial decisions. They help you make a financial plan, setting long-term goals and making you aware of the various investments that can be done to achieve those goals.
Most of the financial advisors offer you the following services:
- Financial Planning:
Financial advisors help you in achieving your financial goals, providing personal planning and advice from time to time. They make a note of your future financial expectations and goals and make a personalized plan for you. They also review the progress over time.
To make your financial journey smooth, they break the overall plan in the small easily achievable steps. They make sure that all your expenses and dreams after retirement are taken care of and you are even prepared for the adverse and unexpected situations.
- Investment services:
All your dreams are dependent upon your investment plan. That is why the financial advisors help in chalking out a sound investment plan for you. They make sure that your portfolio is well diversified by distributing your money in mutual funds, equity, debt, education plan, real estate, unit linked plan and much more.
Your risk tolerance, the time period you need to stay invested, expectations with returns and financial needs all are taken into consideration while working out a suitable investment mix. They also educate about various investment options available in the market and the pros and cons of each one of them.
- Cash-flow management:
Cash is essential for meeting day to day expenses. Therefore, cash-flow management becomes very important to make sure you have sufficient funds for daily expenses. The financial advisor helps you in maintaining proper cash-flow and also ensure that you have sufficient cash reserves for the rainy days also.
- Life-cover, insurances, and annuities:
Life is full of unexpected ups and downs and sometimes, such downsides take a toll on your financial health. So, the financial advisor makes sure that you are ready to face any challenges of life.
Annuities are a good investment option for saving for retirement. So, they help you invest in a suitable annuity plan. They also make sure that you have a sufficient insurance cover, disability income, and health insurance to protect you and your family from any mishappenings. Also, they make you buy a good auto and home insurance plan to keep you covered.
- Other services:
Apart from these basic services, the financial advisors prove various specialized services also. They provide assistance in like advice for retirement planning, setting up a retirement plan for small businesses and self-employed people, tax planning, plan for investments for children’s college education, estate planning, trust services and other personal finance advice. They also portfolio management services in which the continuously monitor your portfolio and review it from time to time.
The financial advisor acts like your companion in your financial journey by guiding you at each and every step. He makes sure that all your dreams come true.