While good advice from a skilled financial planner can mean the difference between a successful retirement and survival for your money. But would you trust financial advisors with your own money and get financial strategies from them?
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Let's take a look at what this "financial advisor" actually does:-
While these people work in the financial industry, are they actually the majority of financial planners? If you are seeking advice from a "financial advisor" who is actually an insurance agent, what advice might you get? You will most likely be asked to purchase life insurance and annuities.
Likewise, stock brokers tend to recommend stocks, bonds, and mutual funds. However, is he really planning to see if you are close to meeting your retirement goals? It doesn't seem like it. A task most people equate with a financial advisor most financial professionals do not perform.
How can you ensure that your advisor is a true financial planner who will examine all elements of your financial situation and look after your interests? First and foremost, look for a Certified Financial Planner (CFP). A certified financial planner requires two years of intensive training, followed by a rigorous two-day exam.
A code of conduct must be followed and participation in training programs must be mandatory. CFPs are trained in many aspects of the financial services industry, including investing, insurance, retirement planning, taxes, real estate planning, and many more.