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Hire an experienced financial advisor in Honolulu for the best financial assistance

Author: Scg Advisor
by Scg Advisor
Posted: Jun 21, 2019

In this competitive market environment and growing inflationary rate, it is necessary to plan your investment prudently so that it gives out the maximum possible return. A financial advisor plays a significant role in helping people manage their earnings and suggest beneficial investment options to help them reach their financial goals as planned. But financial planning is not a one-size-fits-all concept that will serve all customers in the same manner. In fact, there are several types of financial advisors and finding the right one is crucial to a successful outcome for your investment needs.

Types of Financial Advisors

The term "financial advisor" has evolved over the years and at present includes a wide variety of professionals who are associated with financial planning in one way or the other. While a professionally qualified financial planner needs to have the proper qualification and should hold a certificate of practice others who are included in the list offers advice in different fields and are also qualified to offer similar services to their clients.

Some of the specialists included within the ambit of a financial advisor are –

  • Certified Financial Planner: Hearing of the term "Financial Advisor", the first thing that comes to the mind is a Certified Financial Planner who is professionally qualified to impart financial planning advice. An individual to be considered as an advisor should complete proper education, pass stringent test and demonstrate their work experience.
  • Stockbroker/Broker: These professionals are responsible for dealing in financial products on behalf of their clients in return for a fee, commission or both. They are required to pass necessary exams and register themselves with the requisite authority to impart such service.
  • Chartered Financial Analyst: The basic job of such a professional is to build an investment portfolio for his clients.
  • Registered Investment Advisor: These professionals registered with the Securities Exchange Board of a State focus on holistic financial approach and provide advice on investment portfolios.
  • Wealth Managers: These are responsible for providing financial advice to high net worth clients with a holistic approach.
  • Enrolled Agents: These professionals mainly focus on tax preparation and other related matters.

In this context, it is worth mentioning that the same professional can hold more than one title depending upon their qualification and experience.

How to choose the right financial advisor?

A critical mistake that most people searching for a financial advisor is that they choose the wrong professional who might not be qualified to provide the right assistance. Generally three factors need to be considered to find a financial advisor in Honolulu that will be a perfect fit for your financial needs so that you do not have to pay for what you don’t require.

(I) Find out your financial needs

Figure out what financial advisory services you need. This will help you to identify the professionals who are qualified to impart such services to their clients. It will be a more streamlined and cost-efficient choice than conducting research without any specific direction. For subject matters like insurance needs, and estate planning you need to hire the services of an experienced financial planner.

(II) Consider your budget constraint

The consultancy fees for different advisors vary depending on the type of service they provide, their experience in the specific field, and present market reputation among other factors. While the average rate is 0.25 percent reputed service providers charge up to 0.50 per cent of the total asset value. Some professionals prefer to charge on an hourly basis or a retainer, others may charge a flat fee. Therefore, you must understand the fees of the advisor and relate it with your budget before committing to anyone.

(III) Check the standards and the qualifications of the advisor

To find a financial advisor in Honolulu, evaluate the qualification and the standard of service of the financial advisor you think is the best fit for your financial needs. Prepare a questionnaire to get it answered by the advisor so that you have clear answers to all the questions that you have in your mind.

About the Author

Our team offers a high level of service and experience in retirement planning, tax and investment management, insurance and estate planning strategies.

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Author: Scg Advisor

Scg Advisor

Member since: Apr 21, 2017
Published articles: 4

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