What does a Financial Advisor in the USA do?
An economic planner can help you manage your money, but just what is he or she supposed to do for you personally?
There's no question that the entire world has changed in recent years. The way in which we use our time and resources has drastically shifted over the past decade or so. We're more connected than ever with other folks around the globe, yet many of us have lost touch with how our personal spending habits affect others' lives (and sometimes even ours).
We've all seen news reports about companies like Equifax being hacked and leaking sensitive info on an incredible number of Americans -- including their Social Security numbers. And it seems as though everyday there's another report about some new company doing something shady. It may appear impossible to trust anyone today, which may be why people are turning toward financial planners when coming up with decisions about investing and saving.
Financial planners help clients make sound investment choices based on the individual needs and goals. In addition they help plan retirement funds such as for example 401(k)s and IRAs, often offering personalized suggestions about how better to save. However, while the term "financial strategist" was once used interchangeably with "financial planner," today those two terms refer to different types of services. In fact, although a lot of people still consider someone who works at an office packed with filing cabinets and paperwork as a financial planner, not everybody working in this industry will squeeze into either category.
To raised understand what precisely a financial planner does, read on.
Who are they
First things first: An economic planner isn't necessarily going to work out of their own home. Probably, if you wish to keep in touch with someone from this field, you'll need to schedule a meeting somewhere comfortable. This will range anywhere from coffee shops to local libraries. If you'd rather talk to someone face-to-face, consider using online video chat tools through platforms such as Skype.
The following thing worth mentioning before moving onto what a financial planner actually does is that just because someone calls herself one doesn't imply that she's qualified to offer expert advice for your specific situation. Before hiring any type of specialist, whether medical, legal or otherwise, check references and look for proof of licenses and certifications. You don't want someone getting into your property without authorization. Likewise, never share private facts about yourself (such as charge card number, social security number or bank account PIN), until you know the person asking for them genuinely wants to help keep your information safe.
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