What is a Wealth Advisor?

by

Melanie

Years ago your only wealth advisor may have been your grandma who kept telling you to put your money into the bank instead of spending it. These days, a wealth advisor is a financial professional who can give advice on all things pertaining to wealth creation, such as investment, estate planning, insurance, real estate, tax and many other areas.

A wealth advisor may be known as a financial planner, financial advisor, investment professional, or other similar names. A wealth advisor can be a team of people who work together as in a company, or it can be a private individual who works alone.

In many cases these professionals are experts in only one area, so if you are thinking of seeking the services of a wealth advisor, you may need to consult a team or choose the one that is most suited to your financial problems. A true wealth advisor is one who focuses solely on your best interests. There will be no conflict of interest – they wont be concerned about selling you products that gain them a commission. If their expertise is lacking in one area they wont be too proud to say so and theyll send you to an expert in that field.

A good wealth advisor wont be constantly buying and selling investments to you to get a commission for himself. What they will do is talk to you. Good communication will enable them to find out exactly what you need, your beliefs and principles in acquiring it and tell you the best way to go about doing it. In some cases your wealth advisor will also do it for you; in other cases they will simply advise you what to do.

A wealth advisor can also be simply someone with a bit – or a lot – of experience in his or her own wealth creation who has written a book about it. If you then buy the book and implement the strategies it contains you are virtually using the author as your wealth advisor.

When seeking a wealth advisor, you need to be satisfied that you can trust them. This is your wealth and your future that you are dealing with. Make sure your wealth advisor holds all the right licenses and is experienced in wealth creation. You may not have the time or ability to keep a finger in the pie of your own wealth creation strategies, so trust is paramount. Knowing you can trust your wealth advisor to take care of your investments will give you valuable peace of mind.

A

wealth advisor

may also be known as a

financial planner

, financial advisor, or other similar names.

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What is a Wealth Advisor?}