FAQs about Financial Advisors
What’s a financial advisor(FA)? Anyone who helps folks with money is often mistakenly called a financial advisor. Actual financial advisors though are people who have passed a test to make them licensed professionals who can advice you on investments and aspects of money.What do FA do? FA can advise and manage an individual or business’ investments, brokerage accounts. They may make a written plan for you. Once licensed, each advisor has a business model that may differ from other advisors as they pursue their talents and interests in finance.Why should you work with an advisor? We’ve seen a lot of similar issues that you are managing and we focus on helping people with their plans, getting priorities squared away on retirement, college planning, paying off debt and other critical issues. Many of us are good at our job and offer real value. How much does it cost to work with a FA? It depends on the advisor. Some advisors charge to create a plan. Some advisors will speak with you generally about how you might proceed about a particular circumstance. Ultimately, there’s only so much pro bono work one can do because one needs to make a living. Money under management – which is when your investments are managed by the advisor has an annual fee. So, you might pay for a plan and an annual fee. It is different with each advisor so ask.How much do I need to work with an advisor? It depends on the advisor. Some have no minimum and others prefer to work with high-end clients only. Once again, you’ll need to ask.I’m frugal and I like to do things inexpensively. But I think experts are important and worth their fee. I work hard for my money and I need my money to work hard for me so I think having an expert is the frugal way to go as we are busy with life. Your money deserves to have someone whose focus in helping your money grow and working with you to get to your goal. Citation:http://www.financialadvisor.net/faq.htmlMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Vote Norumbega Financial for Bangor’s Best Financial Planning Firm at Market Surveys of America Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.