Eps 7: How To Find The Right FINANCIAL ADVICE For Your Specific Product
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Brian Baker
Podcast Content
A financial advisor can help you determine how much to save and how to invest to meet your goals, from putting together a complete retirement savings plan with an attached schedule, or simply answering a question about life insurance in general. Whether you are saving money for your child's college education or a wedding, a financial advisor can provide investment advice to help you achieve your goals without borrowing money or using high interest credit cards.
Financial advisors can simply make plans or recommend specific investment products and funds. Paid consultants usually work for a broker / agent and provide paid financial advice, usually at an hourly rate, flat rate or a percentage of the assets they manage. On the other hand, paid consultants may receive commission payments from sellers for the sale of securities or insurance products in addition to the commissions paid by the client.
This type of compensation can affect the types of products these consultants recommend and the actions they suggest they take. Different consultants and firms work in different ways but usually a consultant provides ongoing investment management services as well as ongoing financial planning advice that an investor might face. Some consultants will focus on a few services while others provide more comprehensive planning and management options.
General or personal financial advice from a consultant can take into account your personal situation or goals, or how they might affect you personally, depending on what you need.
The financial advisor will help you create a personal investment plan to help you achieve your long-term goals, so it is important to feel comfortable in your relationship. A non-binding conversation about your financial situation and goals will help you decide if an Ameriprise consultant is right for you.
Many financial planners and consultants will also work with one-time contributors to develop a financial plan or assist with a specific problem or issue, or, if you have special needs, you can hire a project based financial planning consultant.
Investment advisors can manage investment portfolios, including buying and selling stocks and funds, and advise on your investments. Financial professionals can also be registered as investment advisors and are overseen by the SEC and the state security authorities in this role. Typically, financial planners register as investment advisors and must adhere to fiduciary standards. Certified retirement planners, accredited investment trustees, registered investment advisors, investment advisors and certified financial planners meet all fiduciary standards.
Both nominated and nominated consultants and nominated consultants are paid based on the specific financial products they sell to you. Because of the inherent conflict of interest in these transactions it can be difficult for these consultants to put clients' interests first.
Some may specialize in retirement or successor plans, while others are willing to work with your real estate attorney to determine what type of insurance you need, what financial products you might want to create to transfer , what to do with your investment, etc. They typically focus on customer education and can offer financial planning, investment advice, and more.
These platforms, including Betterment, Schwab Intelligent Portfolios, Vanguard Personal Advisor Services, Ellevest, and Wealthfront, tend to be cheaper than working with a dedicated financial advisor, but may not offer the same level of personalized advice and solutions.
If you have serious real estate, tax or investment issues and need professional advice, don't try to save a dollar by paying a nominal consultation fee - your costs are likely to be more or less the same in the end but the objectivity of advice can be very different.