What Does a Financial Advisor Do?

The term “financial advisor” is a wide-encompassing term that includes a list of different finance specialists. Accountants, chartered accountants, investment bankers, stockbrokers, insurance agents, tax advisors, finance law specialists, wealth managers, and even a company’s HR representative can all be considered as financial advisors. However, while the term consists of various specialties, at the end of the day it all boils down to one important aspect called financial management.

In a nutshell, financial advisors will help you manage your finances by advising you on different aspects of your money, devising a financial plan, and even executing it for you if that is how you would prefer your finances to be managed. Navigating your finances becomes much easier and you’re able to tackle debt, save, and build up your investment portfolio in the process as well.

Today we’ll be educating you on what services an experienced advisor offers, what you should look out for as a client, and whether you even need a financial advisor.


Simply put, a financial advisor will help you meet your financial goals. If you’re unaware as to where you should start and are a bit unaware of the specific fields in finance, then your best bet is to seek out a general financial advisor or a financial planner. These experts are well-versed with a range of financial situations and will build you a financial plan specific to your needs and wants.

During your first meeting, you should expect a long discussion to assess your current financial situation and advise you based on your needs and potential goals. By its very design, the service entails personalized advice, and if you’re working with a reputable financial professional, you can expect to be educated on different financial topics in the process, allowing you to make independent financial decisions.

If there are any specific goals you have in mind, like investing in an insurance policy or saving for your children’s college tuition, then you can also discuss that. Based on all this information, you’ll be given financial advice on where to invest your money and how amounts should be set aside for different purposes. You can even opt to let your financial advisor invest money on your behalf, but you’ll need to take a few precautions in that case which we’ll discuss a bit later.

If you’re giving the financial advisor control of your investments, then that would also include monitoring your account to determine performances and provide you with reports if needed. Your portfolio would also be adjusted from time to time according to your instructions, which would be based on updated financial advice you should be getting on a periodic basis.

However, financial advisors need to know a lot more that isn’t just centric to you. They should be updated on markets, regulations, and economic trends, which is a technical and vital part of their jobs. However, that does not mean your position as the client should ever be compromised. A reputable and experienced advisor will always look to build trust with clients, rather than just make a quick buck, and will always be understanding of your situation, needs, and goals.

Things to Look Out For

Financial planning and managing investment portfolios are not casual jobs, so you should expect your financial advisors to look the part. They should be formal, have a proper office set up, and promptly provide correspondence details when requested. Also, you should ask for the advice you receive in writing as much as practicable. This gives you a trail to follow so you’re not completely unaware of what’s going on with your finances and it will hold your advisor to a higher standard.

Regardless of whether you’re just going in for advice or to set up multiple financial profiles in a variety of investments, be sure to read anything before you sign it. While it is normal to sign over some measure of control over some part of your finances to your advisor, you should still be reading the documents to ensure it’s done in a way that is convenient to you and won’t have you stuck in a tight spot when you need access to the money.

Finally, take a breather every now and then. Regardless of how brilliant the advice you get might be, try not to be impulsive. Assess the investment and ask questions until you understand every aspect of it. A big part of financial planning services is advice, so take advantage and ask whatever questions pop into your head without worrying about how stupid you might sound. Finance is a technical topic and most people aren’t expected to have a working knowledge of it, so ask as many questions as they come to mind.

Is a Financial Advisor Necessary for Me?

Adequately planning a financial future, which not only provides for your family but also keeps you secure in retirement, is not a job one can achieve independently with ease. Setting long-term financial goals like having a retirement fund or saving up for an upcoming child is only a small part of the process while achieving them is another fight altogether. Maintaining your financial health can also be a difficult task sometimes as situations can change within the blink of an eye.

Considering all this, it might be a prudent approach to consult with a financial advisor to help achieve your future goals. If you can afford it, why not let an expert layout a financial roadmap for you to follow and ensure that the future stays financially secure? 

Finding A Reliable Financial Advisor Near Me

As you can tell from the above, having a financial advisor can have many benefits. Considering most people aren’t experts on financial matters, it wouldn’t hurt to have an experienced licensed professional guide you with your finances. However, at no point should you become lazy! Always keep an eye on your finances, even if you have an advisor investing for you.

If you’d like to consult with a professional financial advisor, who prioritizes customer satisfaction above all else and always ensures their clients’ interests are secured, then get in touch with Worthy Financial in Halifax, NS. With a team of qualified and licensed experts, you can expect sound advice delivered in the most professional means possible.

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