Financial Consultancy
Mutual Funds As the name suggests, the money of many people are invested in one fund. In mutual funds, money from various investors is collected and this money is invested in equity, gold, shares or bonds. Units are allotted to the investor for his money and in proportion to these units, mutual fund houses distribute the profits made by buying and selling shares or bonds among the fund (unit) holders.
Apply Now Contact UsHow Do Financial Consultants Work ?
Financial consultants and advisors offer clients a comprehensive assessment of their finances. In order to help clients reach their financial goals, they analyze their assets, expenses, and income, and create a financial plan. Goals may be focused on specific milestones such as buying a home, moving to a new city, retiring, or paying for a grandchild's education.
In addition, financial consultants and advisors offer clients different types of services based on their specializations. An experienced financial planner, for instance, can help clients with many aspects of financial planning, such as taxes, retirement and estate planning. However, chartered financial analysts specialize in financial analysis and portfolio management.
Types of Financial Consultants
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ChFc
Chartered Financial Consultant (ChFc) works on Financial planning, tax planning, investing, retirement planning
CPA
Certified Public Accountant (CPA) works on Tax planning, audit and assurance services, book-keeping, business management, forensic accounting
PFS
Personal Financial Specialist (PFS) works on Financial planning, wealth management, retirement planning, investing, insurance
CLU
Chartered Life Underwriter (CLU) works on Life insurance, annuities, risk management
Financial Consultants v/s Financial Advisors
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Almost universally, the terms financial advisor and consultant are synonymous. Indeed, some financial advisors actually call themselves consultants.
They both provide financial counseling to individuals and help them make informed decisions about their finances, especially about investments. Comprehensive financial planning is a particular expertise of many. If you want to know which financial advisor is right for you, you will need to consider their education, experience, and certifications.
Advisors and consultants might have studied economics, accounting, or finance in college. They usually hold advanced degrees and certifications, and many hold MBAs as well. Certified financial planner (CFP) is one of the most regarded certifications, but there are many others that are worthy of consideration.
There was an alternative to the Certified Financial Planner designation in 1982, the chartered financial consultant (ChFC). ChFCs are awarded by the Institute of Financial Consultants after a candidate completes five modules, completes 20 hours of continuing education, and passes an online test.
ChFC certifications require additional financial planning electives. However, the core curriculum for both designations is identical for CFPs and ChFCs. Although the consultant designation does not require a comprehensive board exam like the CFP does, it does require extensive in-depth training. In either case, a certified financial planner or a certified financial counselor can offer financial advice.
The seven best times to seek out a Financial Consultant
Could you handle all your investments on your own if you had enough knowledge about financial management? How about professional assistance? Every year, millions of Indians ask themselves this question. Here are a few things you may need financial advice if you fit any of these descriptions:
Retiring Soon:- Maximizing retirement income requires smart decisions around complex topics such as Social Security, 401(k) and IRA withdrawals.
Manage your own investments:- Individual investors should check their strategies with unbiased third parties. You may be overlooking opportunities in your portfolio.
Children Plan:- Whether you’re saving for college or planning their inheritance, there are several ways to ensure your children are taken care of.
You inherited Money:- Have you noticed lottery winners often declare bankruptcy? It can be difficult to manage sudden increases in wealth.
Have a financial advisor:- Depending on how you chose your advisor, there may be a better one for you. Family referrals are convenient but don’t always produce results.
You’re Divorcing:- Untangling finances in a divorce can be messy. Impartial advice is key.
Want to build wealth:- If you’re still decades from retirement, good decisions today can add thousands to your retirement accounts.