Planning your business or personal finance is a delicate issue that should be handled by an expert. There a many types of financial advisors each providing a unique set of expertise both online and offline to ensure that all is well as far as financial planning is concerned. The following are the different types of advisors ready to solve your financial issues:
Types Of Financial Advisors For Your Financial Planning Needs
CFP® Professional
CFP® is a financial planning certification for planners who have met the education, examination, ethics and experience requirements of becoming professionals. The certificate represents a high level of professionalism; in that, for a person to qualify, he or she has to fulfill the CFP Board certification as well as their renewal requirements.
Accountant
Accountants are experts who will advise you on tax matters helping you to prepare and submit tax returns to the IRS – Internal Revenue Service. It is therefore important that you go from accountants practicing as CPAs – Certified Public Accountants licensed by the states which they practice. This is a requirement for all.
Attorney
Most attorneys do not provide financial planning services. An attorney may be asked by a financial planner to provide some legal advice to a client, particularly when it comes to estate planning or taxation. An attorney can also prepare other legal documents to implement recommendations such as wills and trust documents.
Insurance agent
These are individuals licensed to sell property and casualty and/or life and health insurance packages. Most planners have the license to sell insurance and even advice on specific insurance products. These financial planners also offer an extra service of identifying the different needs of clients and provide them a list of options to best meet their requirements. Exclusive insurance agents represent one insurance company whereas independent agents sell products for more than one company.
Estate Planner
These are financial advisors who provide advice concerning estate taxes, including other planning issues. They also help to develop a strategy for asset management during the time of death. Although accountants, attorneys, insurance agents or financial planners may all provide you with reliable estate planning solutions, remember to always seek an attorney to help you prepare the legal documents.
Stockbroker
Also known as registered representatives, stockbrokers are licensed to buy and/or sell securities such as mutual funds, stocks and bonds. After each transaction, they earn a certain amount of commission. Stockbrokers must be registered with a company under FINRA – Financial Industry Regulatory Authority and must have passed the authority’s administered security exams.
Investment Adviser
Investment advisers offer securities advice for compensation as part of business. To become qualified, these advisers have to register with the appropriate state security agencies, for example SEC – Security and Exchange Commission unless exempted. Many financial planners are registered as investment advisers since they often give advice on securities-based investments.
If any of the above financial advisors fail to meet your planning needs, they should refer you to a reliable planner; one that will help you with the paperwork. You can also go a step further by doing some research on your own on the best planner or service to work with.
