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You must have been wondering why prominent business people keep earning more and more? Where is all the money coming from? They hire skilled professionals with the proper licenses who help them to turn their dreams into reality. These experienced professionals are known as Financial Consultants and Advisors. 

Numerous questions such as who is a financial business consultant? How to become a financial advisor? How much do they earn? And many more might be coming to your mind. Don’t panic. We will answer all your questions. 

Personal Financial Consultant vs. Financial Advisor

Generally, these financial experts are known as financial planning partners. Firstly, let’s talk about a financial advisor. Suppose you are 40 and about to retire in the next 20 years; you also want your kid to study at a reputed college in the United States in 10 years. There is where you would need a financial advisor. 

With your financial advisor, you would study different things, such as how much you should save? Which investments will help you in the future? You can say, a financial advisor is like an educator who helps you meet your future goals. 

While talking about a financial consultant, it is a type of financial advisor. These experts generally audit your present financial situation and make plans to reach your future goals. 

Both terms, financial advisors and financial consultants, are usually used synonymously. Unlike financial advisors, some financial consultants hold a designation known as ChFC or chartered financial consultant. CFCs offer more specialized financial planning such as divorce or business planning. 

Job Description

These skilled professionals help people with their investment plans by examining the financial situation. Along with economic life, they study their assets, debts, expenses, and income to understand the future goal. Certified financial planners sometimes also manage the investment of clients. 

While going deep into the financial advisor job description, they generally provide three kinds of services. 

  • Robo-advisors: Inexpensive portfolio management is provided by Robo-advisors. These advisors are primarily for people keen to invest but don’t want to manage their portfolios themselves. In such situations, a Robo-advisor helps you out. 
  • Online financial planning services: Investment management and several other forms of financial advice are offered. It is meant for those who need thorough financial planning. Furthermore, it is less expensive than personal financial consultation. 
  • Personal financial advisors or consultants: It is considered the most expensive and beneficial service among all. If a person develops a relationship, the financial expert will know about your personality, family history, expenses, and many more. The expert will figure out your future goals. 

Financial Advisor v/s Financial Planner Salary

In the United States, the average financial advisor salary in 2019 was around $87,850, while 25% of these experts made about $154,480. In comparison, financial planners made a median salary of $70,370 along with a $38,500 commission. 

Signs That You Need A Financial Expert 

What do you do when you get sick? You may go to a physician. What do you do when you get in legal trouble? You go to a lawyer. But generally, people think they can easily manage the complex financial market without any assistance. That should not be done. We have made a shortlist of a few indicators that suggest whether you need financial assistance or not. 

  • No discipline to save money: While you are progressing in your career, it is crucial to get financial professionals’ help. Also, people earn enough but have no discipline regarding saving money for the future. Advisors primarily help to create a budget so that you can save enough for the future.  
  • Don’t know how to make an investment portfolio: It’s completely fine if you don’t know how to build an investment portfolio. In such cases, a financial planner will help you create one basis on several factors such as risk tolerance, age, asset allocation, and many more. 
  • Having no long-term plans: Studies reveal that many Americans do not have a proper financial plan. It is also true that creating a financial plan and examining one’s own financial situation can sometimes be hectic for people. A financial planner can help you if you are unaware of how to set financial goals. These people generally create plans based on your investments, earnings, assets, and many more. 
  • Uncertainty regarding the stock market: Financial experts suggest that the stock market’s fear can lead people to avoid investing altogether. Small changes in the market should not affect your long-term investment plans. A financial planner can help you if you feel the current events in the market are taking you away from investing. A planner will create a diverse portfolio that will allow you to observe the market smoothly. 

Who Is A Fiduciary Financial Advisor?

A fiduciary financial advisor is a person who manages assets on behalf of another person or organization. The term ‘fiduciary’ generally refers to the relationship of trust between an individual/entity and the client. The advisor would be ethically and legally obliged to work in the best interest of their client. 

Who Is A Fidelity Financial Advisor?

A fidelity financial advisor acts as a broker-dealer concerning your account and as a broker-dealer insurance agent concerning any insurance product. 

What Is Accounting Consultation?

In simple terms, accounting consultation refers to providing services that help clients study their financial information to make crucial business decisions. The responsibilities of an accounting consultant are as follow:

  • Creating and analyzing financial documents
  • Optimizing accounting procedures
  • Observing financial areas that require improvement
  • Forecasting future profits

How To Become A Financial Advisor/ Consultant?

After reading several things about a financial advisor/consultant, you must be curious to become a financial advisor or consultant? By now, you must have been aware of their job and responsibilities, so let’s find out the steps you should take to become a financial expert. 

  • Bachelor’s degree is a must: If you are enrolled in a bachelor’s degree, you are on the right path towards becoming a financial advisor. Also, most financial experts major in some sort of business or finance program. Making connections with someone from this field would benefit you. 
  • Internship with a financial advice firm: Internships will help you understand what it means to be a financial advisor on a day-to-day basis. During your training days, you will learn a lot from your mentor
  • Find a job: After completing your education and internship, it’s time to find a job that will help you learn more. 
  • Certification: Since financial advising is pretty competitive, many experts pursue certifications or specialization. There are numerous certifications in the United States; you can choose anyone as per your choice. 

To know more about financial advisors? Consultant or anything related to business, don’t forget to check out the HRMB Associated LLC website.

Financial Consultant vs. Financial Advisor: Who Can Help My Small Business Flourish?
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