A financial advisor is a person who advises on products such as pensions, life insurance, mortgages, savings, investments and financial protection policies. They are called independent because they can advise on products and systems throughout the market and are not linked only to a single provider.
Financial advisors like Glen Mckay Edmonton offer financial advice to their clients to help them achieve their financial goals in the most efficient manner. A Financial Advisor also make the necessary arrangements and procedures to carry out the economic activity if the client so wishes. Clients can request investment advice in the short, medium or long term. They advise on products of the financial market as a whole and are not linked to a single company.
Things on which a Financial Advisor can advise Includes:
- Mortgages (loans to buy a property).
- Life insurance and income protection policies.
- Savings accounts.
- Mutual funds.
- Investment Trusts.
- Open investment companies.
New products appear regularly, and there are many different providers, so financial advisors need to be up to date on all the news. Some specialize in one area, for example, in retirement planning.
When a financial advisor meets a client for the first time, they first discuss the client’s current situation and help their client to identify there specific financial needs. An expert financial advisor always understands the level of risk that his client is willing to take when investing money to achieve those goals.
For example, regarding sickness benefits, a self-employed or self-employed worker may need the financial advisor to make financial plans that provide them with an income in case of illness, as well as the creation of an account for their retirement. Another person may want to set up a savings plan to help pay for their children’s college or university education.
The financial advisor may have to travel to the client’s home or place of work to hold meetings, although most meetings with clients are held in the office.
Once the client’s needs have been identified, the financial advisor researches the financial market to find the right products and recommends different options to the client. This can ask the advisor to carry out these recommendations (for example, to manage such policies) or to continue investigating.
Independent financial advisors like Glen Mckay Newfoundland are required by law to maintain a separate file for each client, with the notes of all meetings and to keep copies of all correspondence. They should also keep the detailed files that cover the research they have carried out on the products and supplier companies, showing the factors used by the assessor for the evaluation and suitability of the client. For the recommended products, the consultant should write a detailed explanation of the reasons behind their decisions, how they respond to the particular needs of each client and the financial risks involved.
Glen Mckay Hardrok is a professional financial advisory service that consists in the development of strategies for clients who need impartial assistance in the organization of their personal financial affairs or their business to achieve their maximum performance.