Seeking pros help

Added: Krysti Lora - Date: 25.04.2022 01:25 - Views: 34016 - Clicks: 3488

The financial landscape can appear confusing and complex to the common man. These financial guides are what are known as financial advisors. A good financial advisor can not only help you fulfill your financial goals and build wealth, but also bring a wealth of knowledge and useful tools to your investment journey. Financial planning has a price one way or the other. Either it will cost you your time, effort and energy if you do everything yourself or it will cost you some money if you go through an advisor.

For most investors, having an advisor partner with them on their journey gives them an edge and adds an X factor because there is always a professional looking after you.

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Imagine having a doctor for life, this is no different. Now, while you can do most of the below mentioned aspects all by yourself, you will first have to educate yourself, then find the time and put in the effort necessary to take action, keep track of every action and modifying course of action where necessary- all by yourself. If you have a full time job, you can imagine how difficult this can be. Hence, having a financial advisor also makes solid practical sense.

They can help you to understand your risk profile. Are you comfortable with potential losses? Do you need guaranteed returns? An advisor will take into multiple factors to understand you- the person before they translate this information to you- the investor. They can help you develop a financial plan for your financial goals and can guide you on how to achieve them.

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This will take into your age, your family circumstances, your income, time left for the goal, etc. They can help you prepare and protect your savings and investments against the scourge of inflation. They can help you manage asset allocation and diversification to deal with volatility well.

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This will help you deal with volatility well. They are financial experts themselves and can help conduct professional research. Given their knowledge and experience, they will be able to recommend the right investment products to you with a rational justification behind every proposed recommendation.

They can help you to remain prepared for any emergency situations- whether via channelizing your savings or via the insurance route. They can also manage some aspects of administration if you have time constraints. If you are short on time, advisors can help to manage some of the administrative burden involved in switching and transferring funds.

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However much you trust your financial advisor, ensure that you are still in the driving seat — after all, this is your money and your investments. To ensure your finances are correctly managed, keep monitoring all your investments by closely working with your financial advisor and keeping up-to-date with your investments.

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Also, the advisor should be completely transparent with why he is recommending anything to you, and should have a rational justification behind every recommendation. Professional advice is helpful to plan out your financial status, fulfill your financial goals, as well as gain knowledge about investing.

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A financial advisor can help you with the entire exercise of financial planning and investing — right from assessing your risk profile to actually transacting for you and keeping track. What are the advantages of seeking professional advice? Read this transcript. Close this transcript. Here are some of the areas that a financial advisor can help you with: They can help you to understand your risk profile.

Other considerations However much you trust your financial advisor, ensure that you are still in the driving seat — after all, this is your money and your investments. Result How did you do?

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Question 1. Which of the following is not a factor you should consider while planning for your retirement? Your answer. Trying to time the market for the perfect investment opportunities. Correct answer. Question 2.

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Starting early with your investments when it comes to retirement planning means that over time, you can get the benefit of:. Lowest risk. Question 3. Inflation, or rising prices, will also impact your plans to achieve your retirement corpus. Return to Article. Have questions or need advice? Key Takeaways.

Seeking pros help

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