There are lot of similarities between doctors & financial advisors / mentors – including the process, advice, buying products & product manufacturers. Both the professions are counted as Noble Professions & this is the reasons I write to this profession. If you ask interview question was asked “how made you get into this profession?” one person he says that financial planners do great work for society. He assume that ‘The whole population is sick. You have the power to cure it.’ You need hell lot of positive motivation to start your own business / start practice .
I believed many years ago that financial planner/mentor work is as noble as doctors but things are not like piece of cake
Heart of the Story
When 2 years before my brother met with a small accident & had a fracture in hand. We consulted a doctor & she told it should be operated quickly else there is a possibility that it will lose the complete strength of hand. (we met this doctor with some close friend) She also told that there are 1-2 type of bolts & you should go for best one material, budget was…. you can imagine. Luckily we consulted other doctor & he told there is no need for such type of surgery – he told that operation is a product available with doctors – some time they push it even if it is not required. Still we have some good doctors / surgeon – my brother is fine now. (total cost was less than half of what first doctor suggested & without operation).
Just like this story and lesson a financial expert / advisor / mentor is necessary in our life in this type of days.
What Is a Financial Advisor / mentor?
- Financial advisors, also known as financial planners, are professionals who advise their clients on decisions related to wealth management and personal finance information and his money.
- Depending on their area of expertise, financial advisors can help you with everything from putting together an entire retirement savings plan with a timeline attached to it or simply answering a question about whole life income.
- Meet him to assess your current financial situation and goals
- Develop a comprehensive goal that addresses your major areas of financial concern: retirement, college planning, insurance, avoiding tax, etc.
- Provide advice/ information as unexpected financial issues arise in your life
- Set up investment accounts and invest funds for you and your family.
- Locate appropriate financial vehicles for you, like insurance policies or mor
When Should You Hire a Financial Advisor?
- Financial advisors or planners counsel people on wealth management and other personal money matters.
- Financial advisors can just draw up plans, or they can recommend specific investment products and vehicles.
- Some advisors charge a straight commission every time they make a transaction or sell you a product. Others charge a fee based on the amount of money they have been given to manage. Some assess an hourly fee.
- While a good financial plan can be an investment, some advisors drive up costs by recommending frequent turnover of assets or steering clients into more expensive (high-fee) investments.
- Always make sure your financial advisor abides by fiduciary standards and legal obligations to act in your best interests and disclose any conflicts of interest.
- Within the financial advisor field, there are many different designations and industry credentials, including certified financial planner (CFP), chartered financial analyst (CFA), and chartered financial consultant (ChFC). Of these designations, one of the best-known is the certified financial planner (CFP). This designation is issued by a private trade association—the Certified Financial Planner Board of Standards (CFP Board) in the United States. The CFB Board mandates qualifying exams and continuing education for those with the certification.
Well, how much free time do you have right now? In addition, ask yourself these questions:
- Do you have a fair knowledge of investments?
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