Where to Seek Financial Advice

Many times people find themselves looking for financial advice. The problem is the sources they are using when it comes to all of the personal finance topics available. People will ask their friends, family, co-workers, etc. only to be left with disappointment when they are given poor information. Well today I am going to discuss the places that you should seek your personal finance advice from including paying a professional, to finding free information.

Now, if you are the type of person that is not very resourceful and find yourself trusting people that always let you down, your best option is to find a professional financial adviser. If you don’t even know where to start looking for an adviser then you are probably in desperate need of help. Almost any large financial institution will have financial advisers available to you. Walk into your bank, or call your brokerage account and ask what they offer and what the costs involved will be.

Those of you that are a bit more resourceful and have a good foundation for understanding your personal finance goals can probably fine the information from quality sources on the internet for free. Now I would caution you to take anything you find on the web at face value as there are a lot of dot com websites setup that post content and don’t care if it is quality to the point of helping you, but rather a means of drawing in traffic to sell you something through on of their advertisements.

Any website that is publicly traded or well known in the financial world is probably going to be a good start. Many people have heard of BankRate and others like it to find the information they are looking for. Finding a site that publishes content on financial advice is going to be the hard part, but once you have found it be sure to bookmark that site or subscribe to the RSS feed to have updates automatically sent to you.

Once you have found a site that is offering quality information, now is the time to speak to family and friends. asking them if they have ever been to RPP Financial, or Bankrate is going to get you a yes or no answer, rather than their personal opinions on the topic. It is really up to you where you seek financial advice.

Financial Advice for People Approaching Retirement

When a person is approaching his retirement age, it is essential to plan for the future financial requirements in such a way that he can manage his family during this older age, where he will not be earning any income. Here is some useful financial advice for people, who are nearing their age of retirement.

As an initial step, it is essential to identify the guaranteed income he would be earning like in the form of pension. When this expected amount is known, it will be easier for him to further plan his commitments. Next comes the money he has in his savings account and this amount should be added along with the amount he will be earning each month after retirement either in the form of pension or from any other source like rent from a building.

Then, a rough estimate of the monthly expenses that should be made for his family should be calculated and this amount should be subtracted from the previously obtained amount of monthly income + savings in bank accounts. Most of the people approaching their retirement age will be having some plans to visit some places of interest with their spouse after retirement twice in a year or at least once in a year. Here, the amount that might be required for these trips should also be calculated to find whether the trips will be coming within their budget. If not, they can try to earn income by doing some internet based online work if they are very much particular about those extra dollars for tours.

When it comes to financial planning for the life after retirement, it is always essential to keep some money aside for meeting some sudden medical expenses. Some years ago, people were dependent on their children after retirement, but nowadays, this trend has changed and everyone wishes to lead am independent life.

Nowadays, there are financial planning organizations offering the best financial advice under different categories like estate planning, wealth creation, taxation planning, lifestyle planning and of course retirement planning.

Retired life can be spent in peace only when people are financially secured and safe since it is an age where peace is highly essential after several years of work pressure. This is the period when people get time to spend with their family members and financial security during this age can obviously enable people to enjoy their retired life. So, if you are approaching your retirement age, get the help of the financial firm offering the best advice for financial planning.

Get Independent Financial Advice and Invest Your Money in the Right Plan

When you want to invest your hard earned money in the right way then it is good to seek the advice of independent financial advice so that you can invest your hard earned money on the best plan. Majority of the people do not have complete knowledge about the various financial products, they may choose a wrong financial product which could spoil their investment. When it comes to choosing the right plan and financial products it is daunting task as one could loss thousands of money by investing in a wrong plan.

Independent financial advisors are experts and usually they have years of knowledge and expertise in different financial products. They help you to choose the right type of financial product even during uncertain economic times. Everyday fuel price and the cost of regular commodities are sky rocketing and the economic is also unstable but obviously by choosing a skilled professional financial independent advisor you can invest in the right type of plan or products. When it comes to the ability to take the right decision on financial products it goes to none other than professional independent financial advice.

Best annuity rates depends upon various factors especially you have to chose the right plan when it comes to pension annuities, life insurance and many more. You have to pay a certain amount as a premium for a specific period of time and then you will automatically receive periodic payments for a particular period of time. When it comes to annuity rates there are different types including fixed, variable, immediate and deferred annuity. Plans with best annuity rates can be easily chosen with the help of professional financial advisors.

Regardless of your financial situation best financial product will be suggested by advisor. They can be used for choosing insurance schemes, financial products available in bank and private organizations. They will ensure that you will get the best annuity and interest rates and help you to take the right decision.

Important thing you can achieve from a financial advisor is he/she will understand your monthly income and help you to secure your future by choosing an opt plan. If you do not mind taking risks then you need not hire financial advisor. Complete assurance for your hard earned money is provided when you invest it after getting advice from them. So get the right advice before you invest your hard earned money.

Why Fee-Only Is Important for Financial Advice and Management

Recently, T.D. Ameritrade conducted a study that shows investors are not aware of the difference between different types of financial advisors. The study found that: 1) Investors are often not aware that there are two types of (investment) advice available to investors: fee-only investment advisors and stockbrokers. 2) 54% of investors believed both stockbrokers and fee-only advisors have a responsibility to act in their best interests. 3) 74% of investors did not understand the different obligations required of fee-only advisors and stockbrokers.

The differences really do matter. The fee-only system eliminates conflicts of interest by guaranteeing that the adviser will receive compensation from no source other than client fees. Other ways to invest (performance fees, brokerage houses, affiliated managers, etc.), include incentives for an investment manager that conflict with a client’s interests. Many managers choose products with which they earn higher commissions, trade more actively, or take on too much risk.

Many advisors who are not fee-only have a product-based approach. This is where a specific product is recommended or sold to the client, often without regard for the client’s particular financial circumstances and goals. Transaction, commission, and fee-based advisors are typically trained on only the products they sell or recommend, thereby taking a product-based approach to their clients’ portfolios.

The problem with the product-based approach is with process. Comprehensive financial advice should be a process with multiple steps, integrating the client’s holistic financial and non-financial situation. Fee-Only financial advisors take a holistic approach with each client, and offer more objective advice on a myriad of investment options.

Of the planners that are not fee-only, some are compensated entirely by commissions from the providers of the products they recommend and sell. Others, referred to as “Fee-Based” or “Fee-Offset,” charge both a fee and receive commissions from selling products.

The greater the advisor’s dependence on commission income, the greater the conflict. In the end, that conflict can cost you, both in out-of-pocket expenses and the objectivity of advice you receive.

When you’re looking for a new investment advisor to ask how he or she is compensated. Make sure your advisor creates a comprehensive financial plan that takes into account your life situation and goals (or if you already have a plan, make sure your advisor takes an interest in it). Shop around and interview several advisors before settling on one. Ask if there are any hidden costs. If your advisor recommends mutual funds, be sure to note if he or she goes over the fund fees that you will pay on top of the advisory charges.

The Benefits of Taking Professional Financial Advice

Taking control of your finances can be an important step in securing your financial future. Taking professional financial advice can help you on your way.

Many of us will go through life without ever seeking financial advice from professional financial advisor, taking advice instead from friends, colleagues and online resources. While this may serve your needs to a certain extent you could be losing out.

You may want to seek professional financial advice if, for example:

1. You are considering taking out a mortgage

2. You are looking to join a pension scheme

3. You are looking for an insurance deal

4. You are considering taking an annuity

5. You are looking to make an investment

The financial market is a complex place, with a huge range of products available whatever kind of service you are looking for. From mortgages and investments to savings and pensions, the vast array of products in each of these areas can be bewildering when trying to find the option that will best suit your future financial needs, and this is where taking professional financial advice could help you.

There are three main types of financial advisor available. Those tied to one provider, those tied to a number of providers, and independent financial advisors. If you’re looking for financial advice that will help you to make sense of the full range of products available on the market, it is a good idea to seek out a reliable independent advisor.

You will usually need to pay for professional financial advice, so you should always make sure you understand what your advisor is going to charge for a service before proceeding. You should also check that any advice taken comes from a financial advisor who is registered with the Financial Services Authority.

Whether you are seeking specific advice or general advice for future savings and investments a professional independent financial advisor may be able to help you to get the best deal for your money.

It is an independent financial advisor’s job to have an excellent understanding of the market and to tailor their service to your needs. With new products coming onto the market every day this can save you a lot of trouble and ensure that the financial advice that you receive is coming from a knowledgeable source.

Taking professional advice from an independent financial advisor could help you to save money in the long run.