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Things you need to know about personal financial planners

Financial planners assist a client on subjects like how to save, where to invest, how to maximize their profits, and how to cut unnecessary cost, etc. The country has around 300,000 financial advisors who give personal financial advice. These personal financial advisors are skilled and have even participated in umpteen number of audits to prove their worth. Any point in life if you wish to buy a house or build one, you can always approach a personal financial advisor for some financial advice and merge the assets.

There are certain ways to approach the right personal financial advisor because not everyone would be skilled and experienced in one major area. Many give personal financial advice on how to buy a house; some others give on retirement savings plans and a few of them in estate planning. Never mistake a financial advisor for a stockbroker because these two markets are entirely different. Financial advisors are also different from accountants who assist in planning and lowering your taxation by investing in national schemes that are exempt from taxes.

The financial advisors who are ready to provide you with personal finance advice should be certified financial planners, and there is no harm in you asking them for the proof of the same. This is a difficult test which requires a thorough knowledge, and the exam is conducted by Certified Financial Planner Board of Standards. There are business laws that these personal financial advisors have to learn. And they should meet every requirement of the clients and assist them with personal financial advice. There is a certain point to note while choosing your financial advisor.

A financial advisor who charges you at a flat rate rather than hourly basis might have a commission-based pay model, which can harm you because they tell you the amount towards the end. And while you intend to protect your money you might end up paying your financial advisor. Check if they are certified financial planners who are licensed and take classes for other people on financial planning. Understand the code of ethics that they follow and on what basis they provide personal financial advice.

Clients need financial advisors because people do not know much about the investment planning and assets that they need in their future. These clients do not know much about earning and saving. And they reach out for personal financial advice to these financial advisors in their late 60s to protect themselves against health conditions. The different ways in which these personal financial advisors charge are:

Hourly basis
Flat pay structure as an annual payment and for every trade, they buy a percentage to them on profit as well
Commission based on the investment made by the client, such as mutual funds or stocks
Charges based on a percentage of assets managed

When you have shortlisted a list of financial advisors, the next step is to contact them and visit them in person. Spend two to three hours with them, understand if they cater to your requirements and are part of the CFP, and have mastered the required skill. They usually ask you all the details, including the future plans. They also share how many success stories they have had with proof. There is no harm in asking a lot of questions even if they feel uncomfortable because it is your money and it is your future.

The advantages of working with these personal financial advisors are that they play the role of a salesperson and they will give you a calculated amount in the speculated time you mention with every part they have majored probably insurance, or real estate, mutual funds, brokerage firms, etc. The personal financial advisor has to major in these fields and adhere to the specifications of the client in their work schedule. The fee provided independent financial advisors are all the more for better as they do not have any other financial incentive to any of the financial products because they do not get a commission from them and they are at your best interests.

There is umpteen number of financial institutions which pay these financial advisors a lump sum amount for the work they do. These planners will not get a cut of their salary or from any funded financial companies. You can pay the financial advisors a flat fee or an annual fee with a rate of 1% on all the assets, for example, retirement, college savings, investments, etc. Some financial advisors will be ready to handle only wealthy clients as they can expect an investment not less than $500,000.

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