A financial service advisor works with individuals and households to devise a financial plan. After putting the plan together, the financial advisor then helps the individuals to invest their money in the right places, so that the investor can reach their goals.
One of the first steps of a financial service advisor is to get to know the personal financial situation of the client they are working with each time they work with a new client. Typically, the financial advisor goes through a questionnaire with the client to determine what the financial goals of the investor are and any current assets and liabilities the client has that need to be included in the financial plan.
Next, the financial service advisor uses all of the information he or she has obtained from the client to put together a financial plan. This is a guide of the steps the client should take, the types of investment and other assets accounts the client should establish and what they need to change about their current financial situation. The goal of the financial plan is to create a financial situation that puts the client on the path to reaching their financial goals.
After the plan is established, the financial service advisor explains the plan to the client and gets their permission to proceed with implementing it. Once the client agrees, the financial advisor works with the client to open investment accounts, retirement account, establish a trust or insurance policy, or whatever other steps the client needs to take to meet their financial pan.
The advisor then monitors the financial situation of the client to make sure that it remains on track to reach the client’s goals. If adjustments need to be made, the financial advisor will advise the client on the changes that should be implemented and the clients decides whether to pursue the suggestion or not.
A financial service advisor is also there for their clients to answer any questions they may have. For example, if the client is thinking about buying a home, the client may first meet with their financial advisor to review their financial situation. The meeting can help the client evaluate whether they can afford to buy a house and what the tax implications of doing so may be. If the client needs to raise money for a down payment and to cover the closing costs, the financial advisor can help the client pull this money from the best places in the client’s portfolio.
