Financial Planner or Financial Physician?

Many people are often confused with the number of investment options available in the market today and unable to keep up with developing market trends. This often leads people to buy into investments whilst not fully aware of the conditions and service fees, etc. that are involved. The overall result can leave them despondent about their financial future and this is where the services of a financial planner can help.

So what exactly does a financial planner do? financial planning accountants, tax accountants or Chartered accountants offer a variety of different services regarding investments or future investments; they also deal with income and can provide the best methods of retaining or improving your current financial situation. Be careful to choose the right professional for the job.

A financial planner is basically a financial physician. They will assess your current complete financial situation and in order to do this they will require a great deal of information. Analyzing all aspects of your finances from your salary and other income streams, through to your personal assets and liabilities is part of the process. They will also look at your risk profile in regard to your dependants and health situation and once armed with all this information will work towards a solution that will achieve your financial requirements.

Financial planners aid in the process of establishing what your future requirements are in a realistic sense. Of course they will need your input of what your future plans might be and where you want to be in the next 5 years. This can be a difficult process as the financial planner, whilst assisting you in improving your finances, must also ensure you understand the real state of your current economic situation and guide you in your plans for the future.

During this process you will need to advise them of certain personal details, including education requirements for dependants, retirement goals, future expected large purchases, etc.

Financial planning accountants should be well informed on current market situations and able to advise you on creating a balanced portfolio by offering investment options for you in different market sectors. One thing that as an individual we need to understand is that changes frequently occur in the world and its markets, therefore we must keep a diversified investment plan which can evolve over time and accept changes in investment circumstances.

The services offered to you by a financial planner are totally different from most other areas of business, this service is not based on the products on offer from one particular business but will advise you on a variety of investment or diversification options to suit YOU.

The person and company that you choose to assist you in your financial planning must be one that you feel you can have an ongoing relationship with. Your portfolio will be reviewed often and variations in your investments ongoing. This is not only in relation to world markets but also to your own personal circumstances, whoever you choose as your financial services advisor they have to be someone you feel you can have a long term business relationship with.

There are 3 things to look for when searching for a financial planner:

Quality – Those businesses that offer advice and consider your views whilst remaining objective to the situation in the current market and you own situation are the firms you want to deal with.

Personalised Service – A person or firm that you feel you can connect with for the long term. While employees of a firm can often change you must ensure that you feel a connection to the entire business as well as the specific employee so you can trust them.

Service – An accessible and responsive firm that cares about your concerns and requirements is the kind that you need. Look for a business that offers 24 hour service contact as this is a good indication of their commitment to their customers.

Financial planning is a unique area of management and one that you must feel at ease with the people you deal with. Follow some of the advice above and you will find your requirements will be met. If something does not feel right, ask questions and if you are still not happy move on until you find the business that gives you the comfort of knowing your financial future is in good hands.