Best Comparison Financial Planning vs Financial Advisor
The base of any financial decision starts with you first; be it saving, spending, budgeting, investing, or planning for future.
It starts with you and your goals.
People with Financial Plans know what they have, and they know where they are going.
They have peace of mind because their assets and liabilities and income and expenses are all known quantities.
A successful financial plan is about more than portfolio performance.
It’s a pathway that takes you from where you are to where you truly want to be.
Because life is constantly changing and little is certain, a financial plan is a living document.
It must be reviewed and adjusted on a regular, systematic basis.
What is financial planning?
Financial planning involves six main activities, starting with creating your goals through to keeping you on track.
1. Create Goals
Establish your personal goals: retire early, save for college, buy a home.
2. Protect your family
Make sure you have the right insurance coverage and a proper estate plan in place.
3. Understand your finances
Get organized, know your finances, declutter, and optimize your portfolio.
4. Build a plan
The financial plan is your roadmap to a secure financial future.
5. Implement the plan
Time to take action! A plan is useless unless implemented.
6. Monitor progress
Review the plan to make sure you stay on track.
WHAT DOES A FINANCIAL PLANNER DO?
You may be wondering “what exactly does a financial planner do and why should I hire one?”
The short answer is, a financial planner will help you lead the best life possible with the money you have.
A financial planner can guide you through the financial planning process and help you develop a plan to achieve your goals.
What does a financial advisor do?
Navigating the financial world alone is possible, but having an adviser can be so much more helpful.
Roughly 72 percent of Americans feel stressed about money and only 18 percent feel confident they will have enough to last throughout retirement.
Part of a financial advisors’ role is to help their clients feel more confident by putting together a plan and helping them stick to it.
Some people hadn’t thought about getting a financial advisor, or don’t know where to start.
Always interview a few and finding one that you trust that has a financial philosophy that meshes with your own.
Generally, the term “financial planner” refers to someone who helps you set up a financial plan of some kind – a method for solving whatever financial problem you have – and a “financial advisor” is a person who helps you implement that plan by choosing specific investments and insurance.
Financial advisor tends to be a broad term that includes investment advisors, insurance salesmen, and other such financial professionals.
However, due to the fact that many personal finance professionals use the generic versions of these terms to describe themselves, it’s really hard for people just seeking answers to their financial questions to get any real meaning out of those terms.
Mintco Financial Team of Independent Financial Advisors
Our clients are not defined by income, nor how large or small their assets are, but rather by whether or not there is a problem which we can help them solve.
Serving as a “fiduciary” is new to many financial professionals, but it has always been a guiding principle for us.
Tampa Florida 813-964-7100
Buffalo NY 716-565-1300