Getting educated with the financial aspects of our wealth-management options, retirement and financial future planning is crucial to give us a better future especially for our loved ones. Having a strong foundation of learning and having a good start in learning this is very important.
However, not every one of us have the privilege of time to learn this financial information and aspects; in short, we do not have the time to become a financial expert on our own that is why we resort to hiring a financial expert, or a financial advisor who can give us the best plans available to make sure we manage our finances very well.
So, what does a financial advisor do? Well, financial advisors or financial planners are professionals in the field of finance who have certification to do their work by helping out people hurdle some of the difficult questions regarding finance. They can gather a retirement savings plan through a timeline while they can also give you valid answers about life insurance. They can also give you some financial advice or planning.
A certified financial advisor or planner should always be knowledgeable about the investment accounts and are capable of helping you out with the tough details about finances, taxes, and insurances. Being a certified financial planner or advisor must be earned after a three-year qualifying experience, training, study, and the passing of a comprehensive examination.
We have talked to a very successful financial expert Adam Jiwan and share us his important insight about the pros and cons of hiring a professional or a certified financial advisor or planner to give us a wider knowledge about this crucial aspect in finance.
Before we proceed with the article, let us share some Jiwan’s profile and resume just to make sure that we talked to the right person regarding this matter considering that we are talking about money.
Jiwan is the co-founder of the Ridge Road Partners LLC and the Future Finance Loan Corporation. He is also one of the founders of the TPG’s European presence in London under the TPG-Axon Capital LLP. He also served as an analyst in the private equity group named Blackstone Group and has become a leader in substantial investments both in private and public companies from various major industry groups and regions around the globe making him not just capable a true expert when it comes to the financial aspect.
THE PROS OF HIRING A FINANCIAL ADVISOR:
They are the ones who select the perfect investment for you. Not all of us have the privilege of time to shop for investments due to work, business and other constraints but financial advisors do their research about the investment that best suits our financial capacity. They are also great in giving advice when it comes to the level of risk, financial goals, life goals, and the best retirement plan available when the time comes that you just want to sit back and relax.
THE CONS OF HIRING A FINANCIAL ADVISOR:
Despite the good side of financial advisors, they also have their own downsides like lacking the control of their client’s financial capacity and capability. They do not even care when their client starts to invest in something as long as they already gave their advice and their plans for their clients. Hiring a financial planner or adviser is also very costly. They have a lot of hidden fees that does not appear in their contracts or documents they present to their clients.