Oftentimes, the only product(s) a financial advisor understands is the one he/she is selling. An insurance agent will promote insurance products enthusiastically whilst your stockbroker will push individual stocks or a basket of shares. In both instances, neither may be aware of your complete financial situation and hence are incapable of giving you advice. The best use of your money at that moment could be to reduce your debts or build up an emergency fund.
Good financial planning is not so much about trying to beat the market or multiplying your wealth. It?s really about making sure your portfolio is well-diversified and that other aspects of your finances ? budgets, credit ratings, insurance cover, tax planning, estate planning and retirement accounts ? are in the best possible shape. So proper financial planning encompasses more than investments. It should also allow you to protect your assets, minimize your taxes, and take care of your dependents etc., all the while growing your wealth over time.
Your average commission-based financial advisor isn?t likely to think about the big financial picture. On the other hand, fee-only financial advisors are likely to be more objective at analysing entire portfolios.
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