There are two kinds of financial
advisers. There are individual consultants and then there are institutional
advisers. In terms of functioning, there are financial services consultants who
offer advice to individuals and those who offer advice to companies. If you are
an individual not sure as to how to plan your finances, hiring a consultant
like Eric
James Viveros will be a really good step. There are many different
consultants who are available for hourly appointments. However, before shelling
out your hard-earned money, you have to be absolutely careful as to which one
to hire.
The best consultants are not
those who either specialize in securities
related advice or offer insurance
and retirement products, but those who have a good understanding of all the
markets and can see what suits you the most. Moreover, you have to make sure
you go through the reviews and ratings for the consultants online before you
shortlist a few. Usually consultants charge you per hour, per session or for a
timeframe of, say, a year. You have to ensure that the consultant is also
licensed to operate in the state and has all the required qualifications and
certifications needed to be a full-fledged consultant.
A good check would be to pick
consultants who are already part of prestigious financial charters and
associations as that would be a seal of credibility. Knowledge on the financial
markets is one thing, being able to communicate is totally another. There are
financial advisers who are expensive but are not of much good to your scenario
because they don’t communicate well enough with laymen. You need consultants who
have in the past offered advice to someone you know very well, advice that has
worked excellently.
Another important thing worth
noting is the individual standing of the consultant and what he or she does as
niche area of expertise. If a consultant makes money by selling a range of
products, you will get a biased view as he or she gets to benefit from the
business you offer. Instead, it is better to opt for someone who gets paid for
advice and has the motivation to offer good advice to enhance reputation. Such
consultants should be picked, especially when they are experienced enough in
the profession and have their own families. Family men will definitely
understand what your needs and concerns are and hence give you solid advice.
Financial advisers and financial
planners also differ in what they do. You have to make sure you are aware of
the questions you ask and the answers you seek. Besides, you need to know if
you want assistance with income planning
or advice on where and how to invest and choose the right financial
products. Financial planning and creating a portfolio is an area of expertise
of planners while advisers can offer advice on how to save on taxes, the
products you should pick for long term goals and for short term gains and the
kind of investments that will suit your cash reserves.
