Most people think the reasons for having a financial adviser is to secure your wealth or meet your investment goals. This is actually inaccurate. Financial advisors provide so much wider services to individuals companies and trusts than just obtaining good investment opportunities
. We also know that finance can be a source of stress for some people, but it doesn’t have to be.
Advisers should provide clients with a holistic service to assist in the planning and arrangement of their financial affairs, such as savings, insurance, health benefits, retirement provisions, tax treatment and wills.
Everyone should have a financial adviser, as they are valuable throughout life, but especially with major life events, such as paying for studies, purchasing a car, getting married, buying a house, having a baby, retiring, or inheriting assets. Financial advisers can help determine whether you’re better off renting or buying a house, whether you should refinance your bond, how to avoid unnecessary taxes, how to maximize your ability to care for your family, and so on.
In order for advisers to provide a holistic service to clients, they need to determine what the clients’ needs are. It is the financial adviser’s duty to determine the clients’ goals and risk tolerance and then to recommend appropriate product. There is no point in selling a policy or advising clients to invest in a fund if this does not meet the client objectives or matches the clients risk profile.
Advisers know different products and how they work, and can recommend a product, however the client must be able to make an informed decision whether they would prefer a certain product above the other options provided.
When working with a financial adviser who knows and understands a client’s needs, means that they will create a financial plan that puts the client on track to achieve the financial goals, prepares the client to save and gives the proper context for the investments so that the client can make prudent decisions no matter where they are in the market. Debt can seriously complicate finances and prohibited clients from making progress toward their goals. Financial advisers can help get clients out of debt, and show the benefits of being debt-free, in order to start planning for the future.
Client’s need a strategy and action plan to stay focused and intentional in planning for the future. A financial adviser can assist clients by encouraging and educating them as they work towards this goal.
FinServe Wealth Management wants to assist our client to reach their goals, not just their financial ones. We want to help clients’ become comfortable handling and understanding their personal finances, in order for them to reach their lifestyle goals. Every client is unique and has different priorities we would like to give each client peace of mind that their lifestyle goals are just as important to us as to them.