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 Canaccord Genuity Corp.

What Do Financial Advisors Do and How They Can Help You

Eric Brown - Jan 16, 2021
Financial advisors serve a broad range of clients and a wide field of topics. They are some of the most valuable professionals, and there’s a reason that those who work with financial advisors hold such high regard for them.

Financial advisors are some of the most misunderstood people. In fact, their intention and work is the exact opposite of what many folks think that they do for a living. When people think of financial advisors, they may picture a person who is interfering in their fiscal business. They might view them as a person who is offering constructive feedback where they feel they don’t need it.

The fear of a financial advisor encroaching on personal financial goals is real. It might feel overwhelming and invasive. If this sounds familiar to you, then you are absolutely correct in being worried.

The great news is that a financial advisor is none of the above. Your financial future is one of the most important pieces of your legacy. The ability to support yourself, your loved ones, and even generations of grandchildren. This can make the difference between a good life and a great life.

Let’s clear up the discourse. A financial advisor is a person who offers services related to investment, finance consulting, and financial planning. This term is very broad, as it is an all‑encompassing way to describe an umbrella of vast details of economics.

What Financial Advisors Do

A financial advisor can look at your financial situation from a bird’s eye view. They can form unbiased, objective observations about your finances and offer suggestions or areas for investment opportunities – some that you may not have seen or considered.

An excellent financial advisor will be mindful of your boundaries. They will connect with you about your goals and find rapport in conversation.

A financial advisor can step in if you feel exhausted about your financial goals. They can take the lead if you feel stagnant in your investment opportunities. And if you're uncertain about what moves to make next, they can help brainstorm. Think of it in terms of taking the brunt of the weight of financial planning.

Financial advisors can give you some perspective on your taxes, estate planning for later in life, and eliminating your debt. They can advise you on investment strategy or other financial endeavors that could benefit you and support your financial goals long term.

When you’re determining what type of financial advisor is best for your needs, you’ll need to consider a few things. One factor to consider is what your overarching goal is. Let's say you were prioritizing investment instead of financial planning for the kids to go to college. Then, you'll want to choose one financial advisor over another based on the services they provide.

Another thing to mull over is whether or not you’re ready to collaborate with a financial advisor. Your willingness to be comfortable, flexible, and able to hold your boundaries will help you fine-tune your areas of growth. This will help you accept the support that could ultimately change the trajectory of your financial seed.

Working with a Financial Advisor

There are endless workable approaches with financial advisors. And in the pandemic era, there's more flexibility in how you choose to connect. There are both in-person and virtual financial advisors, and you’ll also want to consider how much they will cost you.

When you work with a financial advisor for the first time, they are going to do a lot of info gathering. Collecting data on your life experience, your economic standing, your financial achievements, and your setbacks will give them a better picture of how they can best serve your needs.

While you’re getting to know your financial advisor, it’s important to ask whatever questions come up. When you determine which financial advisor to go with, there are ways of measuring this, the same way you would determine which hotel to stay at or which mortgage broker to work with. You can dive into an advisor‘s reputation by checking their views by running a background glimpse on the advisor's LinkedIn or other professional profiles. There’s also a website called BrokerCheck that is free for folks to use and was set up by the Financial Industry Regulatory Authority (FINRA). You can take into consideration the financial advisor's tenure, what their co-worker’s recommendations are, and testimonials from clients, current or past.

How Can Financial Advisors Help?

It is a rare circumstance for a person to be able to earmark all of their financial decisions on their own. From tax planning to retirement savings, you’ll find yourself engaging in economic discourse with banks, debt collectors, and investors. Feeling equipped to handle this level of volume is unique.

Financial advisors connect to financial market trends to monitor their client's long-term goals. They may keep an eye out for investment opportunities and consider if those opportunities would serve a client's financial goal.

They will interview clients to decide what their best next move is based on their current income financial goal. They'll review taxes, insurance coverage, and other vital information that build the structure for long-term financial success.

Financial advisors serve a broad range of clients and a wide field of topics. They are some of the most valuable professionals, and there’s a reason that those who work with financial advisors hold such high regard for them.

Having an understanding of what a financial advisor actually does makes the chance to connect with one much more valuable. Gone are the misconceptions of a random person meddling in your finances.

In are the days that you expect financial support to help you pave a stable and predictable path to the future.

Don't Go It Alone

Connect with an organization that provides person-centred support. When searching for the right financial advisors, don't settle.

There are many routes for you to handle your finances on your own. You'd be ill-advised to decline support from an expert who can help you navigate the tough parts. And there will be tough parts.

If you're interested in learning more about what a financial advisor can do for you, contact us today. We're ready to lend a hand.