Introduction:

Financial advisors or financial advisors are there to help individuals make economic decisions. A good financial advisor guides the client to spend and save money wisely. Besides that, they’re there to plan how to put aside a chunk of it for major purchases and other necessities.

 

Another role of them is to guide the customers on where to invest based on their portfolio. The content below sheds some light on the role, needs, and findings of financial advisors.

 

What does a Financial Advisor Mean:

A financial advisor is a person who is hired to give financial advice to clients. To reach a specific financial goal, some expert advice can make the path smooth. This is what exactly a financial advisor does.

 

A financial advisor can offer advice about almost everything in your life regarding finance. A financial advisor can also be your financial advisor, savings, and budget expert and can plan retirement savings for you.

 

A financial advisor can also modify their tips and tricks based on your short-term and long-term goals. In a nutshell, a financial advisor is your wealth manager, investment advisor, and financial representative.

 

There are various types of financial advisors which include asset managers, certified financial planners (CFP), financial coaches, chartered financial consultants (ChFC), financial consultants, investment advisors, financial planners, wealth advisors, and personal bankers.

 

Role of a Financial Advisor:

A financial advisor is like a genius for a customer who fulfills all his wishes by planning properly. The roles of financial advisors can be many. But the most prominent of it is to provide trustworthy investment assistance to the customer.

 

There is no one-size-fits-all model and the requirements of the customers also vary. So the financial personnel of grow-well are very competent enough to provide financial assistance. Some of the roles of a financial professional are stated below which are like:

 

• Investment Advice:

When anyone tries to find a financial advisor in Kolkata’, they search for a professional to give investment advice. The key is to find some advisors who can find the best investment considering goals and risk factors. Unexpected events should also be covered within it. So the advice of a financial expert should be wise.

 

• Budget:

Budgeting is a very necessary thing to live your dream life along with savings, investment, and tax paying. This tightrope walk isn’t easy but a financial advisor can help in planning fruitful budgets. The work of a financial advisor is to craft saving strategies for an individual about how much money to spend and how much to save.

 

• Tax Planning:

Tax is another issue that can feel like a burden on savings. Financial professionals can also help here to find a path for tax savings. There are ways by which one can grow wealth bypassing taxes. Only a knowledgeable person in finance can make sure that your investment plan does not stay hindered by annual tax liability.

 

• Debt Management:

In today’s lifestyles EMIs are the thorns that are pulling ourselves apart from the bed of roses. If such debts are preventing one from achieving his financial goals, financial advisors are the best persons to chalk down a plan for you. Debt management and saving can go hand in hand with proper planning.

How to Choose a Financial Advisor in Kolkata:

 

A financial advisor looks after the preferences of the policyholder. So before choosing a financial advisor, always look for:

 

• If the professional has enough expertise and experience in the respective sector.
• If the advisor is earning commission directly or distributing the sale schemes- moreover if the individual is transparent or not.
• If the financial advisor gives you referrals to understand the quality of service.
• If the professional gives you a holistic approach and gives you the freedom to choose one where he may provide his aid

 

Before trusting any financial advisor, always take your time to think and judge. Rushing into a decision can be proven fatal in this case.

 

Consider The Points Before Appointing a Financial Advisor:

There are many ways to find a financial advisor. The first source with which all of us are more or less familiar is recommendation. We get to know about some good financial advisors from our trusted family members and friends.

 

Before hiring any financial advisor you must talk frankly with them about your needs and goals. Grow-well allows you to ask them a few questions which will help to build trust towards your advisor.

 

• Knowledge of The Subject:

Before choosing a financial advisor, always have a conversation with the person to have an idea about his subject expertise. If you find that the person is really skilled enough in his field, your reliance will increase. Also, expertise in the respective field comes from experience. A good conversation with that person can give an insight into that.

 

• Understanding Your Objective & Risk:

A financial advisor needs to understand the client’s situation at first with his knowledge and experience. The personnel must understand the objective of his client and the potential risks that come the way. As a good financial advisor, explain to the client about the basic reality and the challenges in it.

 

• Eligible, Skilled & Professional:

A mutual fund advisor in Kolkata must hold a NISM (National Institute of Securities Markets) certificate to be considered as a qualified advisor. From this certificate, you can also find out the efficiency of the financial personnel. Along with that your financial advisor also needs to be updated with the current market scenario and should be able to adjust your goal within it.

 

• Knowledge About Investment Strategy:

A good financial advisor has to deal with different types of clients with their different preferences for investment. A fund advisor should be able to correlate the market condition with the preferred investment strategy of the client. This will in turn help to develop an ideal investment portfolio and diversification to reduce economic risks. When you search for a financial advisor, talk with him about your investment goals to have a better idea about his knowledge.

 

• Sensing Upcoming Risks & Dangers:

An efficient way to be a good financial advisor is to sense forthcoming risks in the market and warn the client about them. A good financial advisor will always know that life b is full of challenges. So to prepare the client about that is the sign of wisdom. Before appointing a financial advisor understand his work policy and if he is making you aware to reduce your financial risk factors.

 

• Convenient:

A financial consultant should comprehend your goals completely before advising you on what to do. So before deciding on a financial advisor for you, see if the personnel is understanding the objectives and concerns. Appoint a person as a financial advisor who can conveniently assure you about your monetary goals. He must maintain a regular record of how to achieve financial dreams quickly.

 

Conclusion:

Not all financial advisors have similar training to align with the needs of the customer. So before choosing such a professional, one has to be very much aware and informed. Otherwise, a financial advisor could be a guiding friend to make your life easy by helping out in making decisions to spend and save wisely. At Grow-well we provide all kinds of guidance that you may need in order to thrive financially.