So how exactly does a financial planner manages your wealth?
A financial planner can help you manage your hard earned money, but just what is he or she supposed to accomplish for you personally?
There's no question that the world has changed in recent years. The way we use our time and resources has drastically shifted within the last decade or so. We're more connected than ever with other people around the planet, yet many of us have lost touch with how our personal spending habits affect others' lives (and sometimes even ours).
We've all seen news reports about companies like Equifax being hacked and leaking sensitive info on millions of Americans -- including their Social Security numbers. And it appears as though every day there's another report about some new company doing something shady. It might appear impossible to trust anyone today, which might be why people are turning toward financial planners when creating decisions about investing and saving.
Financial planners help clients make sound investment choices based on their individual needs and goals. In addition they help plan retirement funds such as for example 401(k)s and IRAs, often offering personalized suggestions about how far better save. However, while the term "financial strategist" was once used interchangeably with "financial planner," today those two terms refer to several types of services. In reality, although a lot of people still think of somebody who works at an office packed with filing cabinets and paperwork as an economic planner, not everybody working in this industry will squeeze into either category.
To higher understand just what a financial planner does, read on.
Who're they
First things first: A financial planner isn't necessarily going to work out of their own home. Most likely, if you wish to speak with someone out of this field, you'll need certainly to schedule a meeting somewhere comfortable. This could range anywhere from coffee shops to local libraries. If you'd rather speak to someone face-to-face, consider using online video chat tools through platforms such as for example Skype.
The next thing worth mentioning before moving onto exactly what a financial planner actually does is that simply because someone calls herself one doesn't show that she's qualified to supply qualified advice for your specific situation. Before hiring any kind of specialist, whether medical, legal or else, check always references and ask for proof of licenses and certifications. You don't want someone getting into your house without authorization. Likewise, never share private details about yourself (such as charge card number, social security number or bank account PIN), if you know the individual seeking them genuinely wants to help keep your information safe.
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