What Does a Financial Advisor Do?

What do we actually do around here? It’s a fair question for people to wonder. The fact of the matter is most people don’t fully know what services a financial advisor can offer them. And oftentimes, people think wealthy people strictly benefit from meeting with an independent financial advisor or that advisors provide guidance on investments and retirement only, which may not serve them and their current financial needs.

While a financial advisor can certainly provide investment planning services and help individuals manage and invest their wealth, an independent financial advisor can offer powerful financial guidance to you—regardless of your financial situation—to help you work towards whatever your short-term and long-term financial goals may be. Because at the core of it all, an independent financial advisor is here for you—to help you efficiently and effectively reach your financial goals and prioritize your financial health.

Here are some areas where a financial advisor can offer you expertise and guidance:

1. Budgeting & Money Management

Sometimes, all we need is to look at our finances with a fresh, objective perspective, and a financial advisor can provide you with just that. Your financial planning advisor can help you create a plan that is customized to your unique situation and driven by your individual financial goals. By having a clearly defined plan, you know what your short-term financial targets are, and how exactly they’ll help you accomplish those long-term financial objectives. The occasional “checkup” with your advisor helps you stay on track to achieve your financial goals.

2. Debt Consolidation

Excessive debt can make us feel like we’re just treading water with no land in sight. You’re not alone in this feeling, and a financial advisor can provide you with the best strategies and consolidation opportunities to help you regain control of your financial health.

3. Tax Management & Planning

No matter who you are, taxes are intimidating! Your local financial planning advisor can help better prepare you for taxes as you and your finances continue to grow and evolve over time—showing you how to plan ahead and what to prioritize.

4. Insurance Planning

Navigating through life insurance, disability insurance, or long-term care insurance can be a nightmare. Consider your financial planning advisor as your own insurance conductor, orchestrating behind the scenes, identifying the best insurance opportunities available for you, and communicating with insurance companies to ensure all your needs are met.

5. Investment Management

Making investments involve taking risks as much as they involve reaping in the rewards. Most people aren’t comfortable with the ebbs and flows of the stock market, let alone with identifying which investments are right for their goals. Independent financial advisors are investment experts, but all advisors are not the same. You may find some to be more aggressive or more cautious in their investment approaches, and you should choose to work with someone with an approach with which you feel comfortable. Your financial advisor will assist you in creating a balanced financial portfolio to help you grow your wealth, helping you to invest in appropriate stocks, bonds, annuities, etc., while identifying the potential risks associated with your particular investments and monitoring the status of your investments, so you will always be in the know.

6.     Retirement Planning

Whether you’re nearing retirement or you’re just beginning your career, planning for retirement is vital to make sure you receive a steady income in your future. A retirement financial advisor takes time to learn what you want your retirement to look like and creates an income-strategy plan for retirement, based on your unique situation, financial goals and time until retirement. Their in-depth understanding of taxes, Social Security, and retirement plans allows them to best advise you on how to accumulate and grow your finances and how to build a retirement fund to last a lifetime.

7. Estate Planning

While it can be difficult to discuss what will happen to your estate after you pass, it’s important to ensure your legacy and loved ones are protected. An independent financial advisor can help you find a qualified estate attorney who best fits into your estate planning goals. Financial planners understand how emotionally-packed these discussions can be, and they’ll work alongside you and your estate attorney to safeguard your wishes. Having this team approach ensures you, your legacy, and your loved ones are thoroughly protected, represented, and supported.

Trust Your Focus Financial Advisors

At Focus Financial, we know how important it is for you to find an experienced independent financial advisor who understands your individual financial needs and goals, and who will continue to keep your best interests at the center of every conversation and decision. Contact us today to learn more about our services or to find a financial advisor near you for a free consultation!

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