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What is the role of a financial consultant?

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  • What is the role of a financial consultant?

    What is the role of a financial consultant?
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  • #2
    Re: What is the role of a financial consultant?

    In real life, the term "Financial Consultant" really means an assurance salesperson!
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    • #3
      Re: What is the role of a financial consultant?

      There are plenty of people who are less concerned with an exact age when they can stop working and more focused on taking risks now to make money. This is not as short-sighted as it may seem. We’ve all heard the phrase “risk and return” and many of those who understand the concept of calculated risk are living in better style as a result.
      hope u get the point that there should be consultants..
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      • #4
        Re: What is the role of a financial consultant?

        Goal Planners
        This financial planning scenario may appear for a client who is reaching 40 and starting to pull down some decent bucks. She may want one million dollars saved up by age 59, not including the value of her home. This amount, she’s concluded, will provide her with adequate income for the rest of her life. We will deal with this type of client in two phases: accumulation and dispersion of assets. The process here is mathematical in nature, involving timing and monthly savings targets.
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        • #5
          Re: What is the role of a financial consultant?

          The Role of a Financial Consultant. Smith Barney has an exciting, entrepreneurial environment that stresses and rewards exceptionally talented, motivated and dynamic, is an individual who offers professional advice on money management.
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          • #6
            Re: What is the role of a financial consultant?

            Hello,

            Thank you so much and suggest your valuables question. Well the role is to help you manage your money and plan for the future with stocks, investments and retirement. They will look at your current income, spending and obligation's and then ask you for goals and objectives in 15-20-25 years and when you would like to retire and help you build a saving and investment plan accordingly. Normally they offer multiple options and avenues for achieving these goals and will consult you every year to see if your objectives or needs to have changed such as a marriage children, etc. to make adjustments to your overall portfolio if needed.

            Thanks lot again
            HellinKnighting
            Last edited by Hellin Knighting; 05-16-2011, 12:00 PM.
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            • #7
              Re: What is the role of a financial consultant?

              A financial consultant, often called as financial advisor, is an individual who offers professional advice on money management.
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              • #8
                Re: What is the role of a financial consultant?

                Hi, The financial consultant helps the client maintain the desired balance of investment income, capital gains, and acceptable level of risk by using proper asset allocation. Financial consultant use stock, bonds, mutual funds, real estate investment trusts, options, futures, notes, and insurance products to meet the needs of their clients. Thanks!
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                • #9
                  Re: What is the role of a financial consultant?

                  The question of whether or not to work with a financial advisor is very personal. For some people, dealing with financial issues is unpleasant and requires a great degree of undesired discipline. For these people, the real question will be how to choose the right advisor, rather than whether or not to work with one. Others choose to embrace the financial decisions which we cross in our lives, such as investing and purchasing real estate, and may be resourceful enough to work without an advisor. Interestingly, many of those who are most eager to seek help are actually very knowledgeable about financial issues. They confer with professionals to reinforce ideas and seek second opinions about what they may already know. Perhaps my cousin Laura has a good feel for investing but she doesn’t know much about how to determine insurance needs. Or, insurance may not present any problem for her, whereas issues surrounding her will and choice of beneficiaries does. I had a professor once tell me that anybody wise enough to handle all aspects of their personal finances on their own should probably be in the business of advising others. This wasn’t always the case, but financial issues have become so complex and convoluted that even experts must meet up to refresh themselves from time to time.

                  Let me give a few scenarios in which one might work with a financial advisor. This will help you understand the various topics and decisions which can be costly to you if overlooked.

                  •Traditional Financial Planning
                  Take for example a married couple with one or two children and a stable income. This is a great case for financial planning because of how many issues a family in this situation will deal with. They may be trying to help support elderly parents while putting money away towards college for kids and planning for retirement at the same time. They probably want their family to live in decent style, dress well, and take an occasional vacation. Most importantly, they need adequate funds to comfortably cover all the necessities- because these are items one can’t ever ignore.

                  •Goal Planners
                  This financial planning scenario may appear for a client who is reaching 40 and starting to pull down some decent bucks. She may want one million dollars saved up by age 59, not including the value of her home. This amount, she’s concluded, will provide her with adequate income for the rest of her life. We will deal with this type of client in two phases: accumulation and dispersion of assets. The process here is mathematical in nature, involving timing and monthly savings targets.

                  •Speculative Clients
                  There are plenty of people who are less concerned with an exact age when they can stop working and more focused on taking risks now to make money. This is not as short-sighted as it may seem. We’ve all heard the phrase “risk and return” and many of those who understand the concept of calculated risk are living in better style as a result. These clients may obtain an advisor to help them study the risks in a potential investment. They may also need the advisor because they can’t utilize financial instruments such as options and futures without one. Or, they may simply need advice on putting together a portfolio of stocks which meets their objectives and risk tolerance.

                  In reading these three scenarios you’ve probably crossed at least one which sounds familiar to you or somebody you know. Your financial advisor, if properly trained, can do a number of things for you. The first is to expose your current situation in such a way that you can get a good grip on it. There are traditional ways of doing this, such as putting together personal financial statements which you can use to track your progress. Then, there are client-specific methods for those advisors who get a good understanding of a client’s psychological process.
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                  • #10
                    Re: What is the role of a financial consultant?

                    financial consultant plays various roles and are seriously responsible for budgeting in proper manner..
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                    • #11
                      Re: What is the role of a financial consultant?

                      The Financial Consultant's Role on Your Project Design Team - If you have a multimillion-dollar capital project involving design, engineering and construction and you want to make sure the project is delivered within your budget, you will want to attend this teleconference.
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                      • #12
                        Re: What is the role of a financial consultant?

                        Financial Consultant plays various roles as below:
                        1) Gathering Information
                        2) Set Goals and Define Objective
                        3) Identify any Financial Issues or Deficiencies
                        4) Prepare your Financial Plan
                        5) Implement the Plan
                        6) Review and Monitor the Plan
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                        • #13
                          Re: What is the role of a financial consultant?

                          Hi all,

                          Thank you for sharing your opinion about financial consultant. Basically financial Advisers advise their customers on financial products! like insurance, mortgages and loans also the stock market and funds, pensions and everything! you need to do special FSA courses which you pay to do yourself, I believe. To work for a company you'd need A-levels i guess but to be an IFA (self employed) its more about sales skills.

                          Hope I could have helped you a bit.
                          - Hellin Knighting.
                          Qualitative Market Research

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                          • #14
                            Re: What is the role of a financial consultant?

                            Traditional Financial Planning,Goal Planners,Speculative Clients
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                            • #15
                              Re: What is the role of a financial consultant?

                              Financial consultant is a person who is responsible for the advices which he gives to their clients about the investment of money to get the maximum benefits.

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