How Financial Advisers Work |
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Independent financial planners work in the investment industry but, unlike equity, commodity or bond traders, financial planners do not work on a commission basis. This may seem a trite distinction but financial planning is designed so that planners do not make trades to earn commissions. For example, every time an equity trader moves money from one company to another, he or she earns a commission, regardless of the success or failure of the acquisition.
As seen daily, the integrity of equity traders has come under scrutiny.? So many stockbrokers have abused their fiduciary responsibility that the public regard for the industry is sour.
Financial Planning Applications
The goal of financial planning is very different than the goal of traders. Financial planners are motivated by their commitment to provide their clients effective management of resources strategies that will meet the client?s lifelong financial goals.?
The financial planner?s responsibilities include:
- Investment planning
- Retirement planning
- Tax planning
- Estate planning
- Risk management
Financial planners must be well versed in a number of financial and tax structures. The list of services above calls for knowledge in all sectors of the financial services industry. This well-rounded knowledge of the industry allows financial planners to bring multiple tools to the planning table.
Clients Reign
Because every person?s goals are different, it is imperative that the financial planner knows the clients past and current asset management strategy. You would be surprised how many people do not have a plan for the rest of their life. Financial planners must be good listeners and will usually ask many questions about the client?s goals and investment history as well as current investment activity. The planner?s ability to grasp the client?s objectives is what will enable the financial planner to shape a definitive program that provides no surprises and is there when the client needs it.
Financial planning does not mean that the client cannot invest in markets or take on risk with other forms of investments.? Generally, short-term goals are not part of a financial planning strategy. Financial planning is a critical failsafe for retirement or in the event of an unexpected fatality.
Financial planners usually meet with their clients at least once a year. From the client?s perspective, the financial planner should be one of the first advisers called as life circumstances change. Unlike other forms of investment, planners have flexibility and because the client?s funds are in various financial products, the planner is able to respond quickly to help solve any unforeseen events. They are in their element when the clients can enjoy retirement knowing that the estate has been carefully prepared.
Cotswold Financial Planning are UK based independent financial advisers. For more information on their services, please visit their website: Financial Planning Oxfordshire
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