An Overview of Financial Advisor Services

An individual or organization that needs financial consulting or assistance should contact a personal financial advisor. Financial advisors assist people and businesses in achieving their financial objectives by advising them on how to increase wealth, save costs, or pay off debt. A financial advisor is a self-employed professional who acts in a fiduciary capacity.

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A proper fiduciary standard is only applied to Registered Investment Advisors (RIAs), covered by the Investment Advisers Act of 1940. According to this fiduciary standard, an RIA must prioritize their client's interests, regardless of the situation. Money managers and investment advisors are two different names for financial advisors. They frequently have backgrounds in business or finance and may have worked for an investment bank, hedge fund, or brokerage. Financial advisors also focus on client education, risk management, cash flow analysis, retirement planning, college planning, investing, and more. Advisory credentials and securities licenses are the two main categories of credentials one needs to have to be a licensed financial advisor. The securities licenses include the CFP, ChFC, and CFA designations, which require knowledge of fundamental concepts in investing, risk management, and financial planning.