Are financial advisors superheroes? Yes, in a sense — or at least in dollars and cents, anyway. While financial advisors may not possess any superhuman characteristics which enable them to travel faster than a speeding bullet or leap over tall buildings in a single bound, they can help save the finances of their clients. If this isn’t a lifesaving skill, it’s definitely a life changing one.
When we think about what a financial advisor actually does for his or her clients, we tend to think of someone who gives good advice about a particular stock or investment. While this is certainly true to an extent, it is not all a financial advisor does. The role of a financial advisor has changed over the years, and now planners have expanded their services to include a wide range of products and services. Today, the advice financial planners provide their clients is broader in scope more than ever. A financial advisor will analyze his/her client’s financial goals and find ways for them to be better investors. They ensure their clients are better educated, so they can better plan for their future. Whether a client’s goal is early retirement, the purchase of a second home or sending their children to college, they need the guidance which only a financial planner can provide.
Our financial needs change as our lifestyles change. They change as we wed, have children, and retire. Sometimes, it’s hard to know how to transition from one stage of our lives to the next. A financial advisor can help with these decisions. A good financial planner can offer advice on what type of insurance to carry and how much. A financial advisor will make recommendations on how clients can save more money to reach their goals — from daily budgets to the best investment decisions. They even advise on what type of mortgages are best and whether paying off a mortgage makes more sense, now or in the future.
Financial advisors can help explain complicated financial plans like retirement accounts, taxes, and governmental regulations. They provide advice on how much money should be put away in emergency funds, estate planning, college educations and budgeting for retirement years. The list is a long one, and it proves the role of a financial advisor goes well beyond simply recommending financial products.
Financial planners have actually assumed more of a role as life coaches in many instances. They are counselors who help people when they are in vulnerable or sensitive financial situations and provide guidance to help steer their clients back on course. So, yes, financial advisors are superheroes.
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