What is a Financial Advisor?
A financial advisor is a finance professional who consults and give advises to individual's or entity's finances. Financial advisors can assist individuals and businesses in achieving their financial objectives more quickly by advising them on strategies and methods to increase wealth, reduce costs, or eliminate debts.
Financial Advisor is the client’s financial planning partner, their job is to help people to manage their money and investments. Their role is to guide their clients on how, when and where to invest, they are providing advice from the starting line towards to a larger financial plan. Advices and plans are also for savings, budgeting and insurance.
Why do we need a Financial Advisor?
Financial Advisors are professionals that has a degree in their educational background, all their knowledge and experience are being used to achieve the client's financial goals. They regularly meet their clients to assess their current status and future objectives to make an appropriate plan with it. Individuals should be aware of their needs and a knowledge regards to ensuring their money.
What is the estimated salary of a Financial Advisor?
Financial Advisors are earning based on commissions and variable income not on a fixed income. A part-time Advisor can earn in their first year 15,000 up to 20,000 pesos while in the next years, the salary is 35,000 to 50,000 pesos.
Signs that you need Financial Advisors
- Anyone of any age or stage of life can work with a financial advisor. You do not need to have a large net worth; all you need to do is find an advisor who is right for you and to your situation.
- The decision to seek professional financial advice is a highly personal one, but any time you are feeling overwhelmed, frustrated, anxious , or scared about your financial situation, it is a good time to seek out a financial advisor.
- It also is fine to consult with a financial advisor if you’re feeling financially secure but need someone to make sure you’re on the right path. Because an advisor can make suggestions for changes to your plan that will help you achieve your objectives more effectively.
- Another good reason to hire a financial advisor is if you don’t have the time or interest to manage your finances.
SPECIFIC EXAMPLES WHEN TO ASK FOR A PROFESSIONAL HELP:
1. You haven’t invested any of your savings or you don’t know how to invest.
- Because we live in an inflationary world, any money you keep in cash or in a low-interest account loses value each year.
- Unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
2. You have investments, but you’re also losing money consistently.
- Investors lose money when the market falls or when a decision does not turn out as planned.
- Hiring a financial advisor can assist you in determining what you are doing incorrectly and correcting your course before it is too late.