A financial planner or financial manager is a licensed financial advisor. Practicing as an independent financial advisor, they counsel clients on savings, investments, estate, taxes and retirement planning. In addition to being licensed in state jurisdiction, these advisors are expected to be knowledgeable about insurance, banking, real estate, pension and annuities. They must also have a bachelor’s degree in finance or a related field, and at least five years of experience. Click here
Some advantages associated with choosing financial planners over self-directing one’s own finances are that the advice and assistance provided by such planners are generally of a high quality, and can save individuals both time and money. The vast majority of individuals who choose to manage their own finances to do so for the long term – the most common reasons people seek the help of financial planners are to plan for future income, secure their wealth and/or ensure they have enough to support their dependents. While it’s possible to educate oneself on these topics without the aid of a financial planner, those who do so will miss out on important information, as well as possibly creating new financial problems for themselves down the road.
While most financial planners give recommendations concerning saving, investments and retirement, it is important for you to create a long-term financial plan of your own. This plan should include not only short-term goals (such as adding $500 to your savings) but also long-term ones (such as saving for a house, buying a car, etc. ). If you create such a long-term financial plan, you will be much more likely to achieve your goals. As such, if you are interested in increasing your wealth, building a large retirement fund, living beyond your means and living life comfortably – consider consulting with a financial planner.