3 Types of Professionals Who Can Help You Kickstart Your Financial Plans

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Handling finances is not an easy task for most people. Most especially if you are just starting out and still trying to gauge where to allocate your earnings to. Regardless of your status in life, at some point, you’ll experience a hard time with money management.

With the internet, you get to see a lot of online accounts that advise you on how you should handle your money. A lot of websites are available where you can look for tips. Thankfully, a lot of smart souls are kind enough to come up with ways where they can share their knowledge and experiences online. 

But for some, they still value and prefer having a person who they can talk to face to face. Someone who they can trust with their information and goals. A mentor who can help them allocate their funds to the best instruments that align with their plans. 

The good news is, we live in a world where there are a lot of financial professionals who can help you with your money. Professionals who are experts in certain financial fields for every money concern. To get you started, let’s look at 3 professionals that can help you financially. 


1. Insurance broker

A lot of people value having an insurance plan that they can benefit from in the future. May it be health, life, or business insurance; a lot of people need someone who can explain to them the value of a certain plan. Though a lot of resources are available online, it’s still different to have someone give you choices that cater to your financial needs.

The term insurance broker is often interchanged with an insurance agent. To make it clear, both professionals are licensed who help insurance applicants get the best insurance plan. Here’s the difference. An insurance agent is someone who represents an insurance company. Usually, insurance agents work on commission. The tendency is, they might offer you a plan with a big coverage, but might not be suitable for your budget.

On the other hand, an insurance broker doesn’t represent any insurance company, but instead, represents the consumer. Insurance brokers work closely with their clients to understand their financial standing. They help them assess the right type of insurance that is suitable for their plans. 


When to hire an insurance broker?

Regardless of if you’re just looking for a plan, either for business insurance or life insurance, you can hire an insurance broker. It’s quite hard to fully grasp and understand how a plan’s terms can benefit you. Most especially if you’re someone who knows nothing about insurance. It’s not only confusing, but it can also be intimidating. 

Of course, you can always do some research online. But, having an insurance broker who’ll help you assess your goals and who’ll try to align them with your budget makes a huge difference. Not only will they be able to help you with your underwriting assessment, but also, provide you with options. 

You can only find out much about a certain insurance type online. If you have an insurance broker, they can help provide you with a plan that is catered to your needs. Also, they can give you a picture of how you get to benefit from different plans. It would be easier to understand policy terms with their real-life examples. 


2. Financial planner

If you don’t know where to start with how you’ll make your plans align with your financial goals, maybe you need a financial planner to help you. Just like insurance brokers, a financial planner’s role is to provide you with options and advice that can benefit you the most. If an insurance broker provides you with the best insurance plan, a financial planner provides you with the best tips for you to reach your financial goals. 

Financial planners can help you map out the steps you can take to achieve those goals. Their primary goal is to assist you in creating the best personal budget that can help you build wealth. You can freely discuss how much you’d like to allocate to a certain investment fund that you’d like to focus on. Or, provide them with how much money you’d like to save for retirement.

They can help you cut down on unnecessary expenses that are hindering you from reaching your financial targets. In fact, financial planners are like one-stop-shop consultants. They look at the bigger picture of your current stand and help you establish your objectives. 

They can also help you with insurance, though it is not their expertise. If you need lawyers, insurance brokers, or any other professionals concerning money, they’ll help you find the best one. They serve as the middleman who’ll bridge you to other professionals that will benefit your financial objectives. 


When to hire a financial planner?

People often say that there’s no certain requirement as to when you should hire a financial planner. And, that is true. As long as you have the resources to consult one, you are free to do so. Even if you are in your early 20’s and have a firm goal on how you want your assets to grow, you can consult a financial planner. 

If you’re someone who’s doing well in life and want to ensure that your assets are allocated accordingly, why not hire a financial planner to guide you? They probably know the best instruments where you can allocate your assets to grow more and be protected. 

If you’re unsure about the steps on how to reach your financial goals, consider consulting a financial planner, too. As long as you have solid financial goals that you are eager to reach, you can trust and rely on a financial planner to guide you. 

Make sure that if you hire a financial planner, you check their credentials before anything else. Check if they are certified planners who studied finance courses and passed the exams needed. Ask around and do your research before hiring one. It would be better to hire a planner who handles clients who have the same needs and goals as you. That way, you know that your financial planner understands your stand and is well-versed with the demands same as yours. 


3. Investment advisor 

You might wonder, what is the purpose of consulting an investment advisor when you can go for a financial planner who knows it too? Yes, financial planners know enough about investments. But, just like what I discussed, financial planners help you build a road map to help you reach your goals.

We can compare investment advisors to insurance brokers instead. Just like insurance brokers, they know the best investment instruments where you can allocate your assets. Financial planners work with investment advisors to coordinate your assets and align them with your targets. 

It can be overwhelming to understand and digest how certain investment funds make your money grow. The same with insurance, it’s best to have a professional who’ll brief you about certain options for you to choose from. Insurance advisors serve as professionals who’ll help you manage your investments, but you can’t expect them to help you plan for your financial goals. 


When to hire an investment advisor?

People won’t often recommend getting an investment advisor. Most especially if you have assets that you can handle and manage on your own. But, if you have a lot of funds and assets to take care of, then it’s best to hire one. 

If you are confident that you can handle your assets on your own, then there’s no need to hire one. But, if you are not confident and feel like it would be best to have someone to manage your assets, then go for an investment advisor.

They won’t only take care of your money, but also ensure that your assets are invested in the right funds. Funds that will grow your initial capital consistently. Just like with hiring an insurance broker and financial planner, make sure that you go for a licensed and certified advisor. Having someone manage your assets requires skills and trust. You wouldn’t want your money to be placed in non-growing investments or worse, lose the value of your capital.


Hire one that meets your current financial standing and can help you reach your goal

All three professionals discussed above are equally qualified and competent to help you financially. However, you also won’t have to hire all three of them at the same time. First, know your main objective. From there, based on their qualifications, go for the professional who can best help you with your financial needs. 

A professional who can help you reach your financial goals and educate you on the right options and moves that you should take. 


About the author: 

Bianca Banda is a writer for Lewis Insurance, an insurance company located in Australia, offering wide financial services and management for both business and family matters through proven quality service, trusted support, and expert advice. She is a massive lover of Japanese cuisine and enjoys binge-watching comedies or variety shows.


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