What is a Financial Advisor? How to choose a Good Financial Advisor?

Individuals are as immersed as companies in an economic system. Like them, many macroeconomic or financial, national or international changes affect your personal finances. Also how they should devote time and resources to carry out an adequate financial planning.Good Financial Advisor

The entire time Glen Mckay make financial decisions (sometimes complex), such as going to a bank, buying a new house, saving for retirement or for the education of their children. However, they rarely plan to find the most efficient way to do it and this could cause them to lose money and opportunities.

The growing interest in the behaviour of financial markets and its impact on personal finances has generated a greater need for preparation of financial advisory professionals. Glen Mckay Edmonton is making great efforts, because the figure of the financial advisor will take on increasing relevance.

But what is a Financial Advisor? How to Choose and Recognize a Good Financial Advisor?

What is and what is not

A financial advisor should be like a general practitioner, that is, the professional who commits personally and for the long term to the health of the patient and their family group. The first time a doctor treats a patient, before making a diagnosis and recommending a treatment, he does an initial interview to find out about his background, chronic conditions, habits and customs, problems, how his family is, what health problems they had his parents, etc. It can also indicate analysis and complementary studies.

Once you have all the information, you can make the diagnosis: for example, heart problems. Then it will indicate medication and could even ask you to change your habits, a surgeon will recommend you and follow your evolution before and after the operation. After a while, there will be new consultations to know how your operation evolves and how your health continues.

A financial advisor, which can be a person or a financial institution, is to follow all these steps but to maintain the health of your finances.

A true financial advisor will focus on the objectives, needs and financial situation rather than the recommendations. If someone comes and offer great profits and profitability, eye is a seller.

Many people believe that a consultant should recommend where to invest to earn money quickly, as if he was a miracle worker. Financial advice is not that. It is a long-term plan, evaluating first of all the client’s objectives, resources, times and risks that he is willing to assume.

For this reason, in the initial interview, the assessor will evaluate what he wants against what he currently has and how he is managing it. (For this, the advisor will inquire how you are managing your savings and investments, future projects and objectives, what assets you want to acquire, at what age and how you want to retire, what you think for your family in case of death, inheritance, what economic future you want to your children, etc.)