Do You Need A Financial Planner? Role of a Financial Planner

New products appear constantly, and there are many different providers, so financial advisors need to be up to date on all the news. Some specialize in one area, for example, in retirement planning.

When you meet a client for the first time, the advisor should discuss the client's current situation and help you identify your specific financial needs. You should also know the level of risk that the client is willing to take when investing money to achieve those goals.

For example, in terms of sickness benefits, a self-employed or self-employed worker may need the financial advisor to make financial plans that provide them with an income in case of illness, as well as the creation of an account for their retirement. Another person may want to set up a savings plan to help pay for their children's college or university education, for example.

The financial advisor may have to travel to the client's home or place of work to hold meetings, although most meetings with clients are held in the office.

Once the client's needs have been identified, the financial advisor like Dwayne Rettinger researches the financial market to find the right products and recommends different options to the client. This can ask the advisor to carry out these recommendations (for example, to manage such policies) or to continue investigating.

Independent financial advisors like Dwayne Rettinger are required by law to maintain a separate file for each client, with the notes of all meetings and to keep copies of all correspondence. They should also keep the detailed files that cover the research they have carried out on the products and supplier companies, showing the factors used by the assessor for the evaluation and suitability of the client. The counselor may have one or more assistants to do this work for them.

For the recommended products, the consultant should write a detailed explanation of the reasons behind their decisions, how they respond to the particular needs of each client and the financial risks involved. Many advisers provide a comprehensive financial planning service to their clients.

Comprehensive financial planning is a professional service that consists in the development of strategies for clients who need impartial assistance in the organization of their personal financial affairs or their business to achieve their maximum performance.

The advisors who work as financial planners aim to help their clients to define, review and achieve their financial goals with less risk and cost than if they tried to do it themselves.

A typical financial plan contains some or all of the following reports, in which the financial advisor makes professional recommendations:

• Life insurance planning.
• Cash Flow Planning.
• Investment planning.
• Personal risk planning.
• Personal protection planning.
• Tax planning.
• Retirement planning.
• Planning

Professional Profile:

An independent financial advisor needs to have the following characteristics:

1. Be arithmetic.
2. Be sensitive when giving advice to clients, sometimes in difficult circumstances.
3. Be methodical and complete when doing research and writing reports.
4. Be able to analyze and present technical information in an understandable way.
5. Excellent communication skills.

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Created on Sep 3rd 2018 03:47. Viewed 598 times.

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