Why do you need a financial advisor for managing your funds? Welfin – Best Financial advisor in Kolkata

Financial advisors can assist their clients with their finances in a variety of ways. In reality, investment management, financial planning, retirement planning, estate planning, tax minimization, and other services are usually combined. This makes them especially effective for people who have specified financial goals. However, because there are so many different types of financial counselors, you’ll have a lot of options. If you’re thinking about Why do you need a financial advisor, continue reading the blog?

What Are the Benefits of Using a Financial Advisor?

Many of the financial problems you and your family may confront are complex. This could involve things like putting together an investment portfolio, retirement planning, safeguarding your estate so you can pass it on to your children, and more.

It can take a long time and be difficult to learn Why do you need a financial advisor how to manage all of this on your own.

A financial advisor can help you grasp a variety of financial topics and challenges. Financial advisors can do a comprehensive analysis of your financial status and assist you in building a financial plan to ensure that you make decisions that are compatible with your long-term goals. This type of expert advice can help you ensure that you will be able to retire when you want.

Financial advisors can also aid you with accurate decision-making and market analysis to help you maximize your investment returns. They normally begin by estimating an asset allocation that corresponds to your objectives, then tweaking it as you become older or your objectives change. Financial advisors can also help you secure your investments, which is especially crucial as you get closer to retirement.

What Are the Different Types of People Who Should Seek Financial Advice?

When it becomes clear that you need a financial consultant, there are no specified ages, stages of employment, or wage levels. When your financial life becomes more involved than just depositing your paycheck and withdrawing cash, it’s time to seek the advice of a financial counselor. However, because many financial advisors have a minimum initial commitment requirement, you’ll want to be sure that the financial advisor you choose suits your current financial circumstances.

It’s also a hint that you need a financial advisor if you’re going through a major life change. Starting a family, inheriting a huge quantity of money, or going through a divorce are all examples of this. If you have children, for example, you should begin saving for their college education and possibly passing on an inheritance. A qualified financial counselor can help you with all of these things.

What Kind of Financial Advisor Do I Need?

The three basic sorts of financial consultants are asset managers, financial planners, and wealth managers. An asset manager is a way to go if all you want is someone to help you with your stock, bond, ETF, or other securities investments.

They will work with you to design a portfolio that is specific to your financial goals, risk tolerance, and time horizon.

A financial planner can help you get on the right track to achieving a long-term financial goal. They typically specialize in one or more areas, such as taxes, retirement, estate planning, and college planning, among others. Planners frequently work as accountants, retirement counselors, estate planning attorneys, and other professionals.

Wealth managers, on the other hand, are appropriate for those seeking a more comprehensive financial plan. In addition to supporting, you in the building of your portfolio and financial plan, a wealth manager will analyze your total financial health and take steps to protect your assets over time. They can also help with tax planning, estate planning, college savings, and charitable giving, among other things.

A lot of financial counselors are also asset managers and wealth managers. This means they can help you with both financial planning and investment management, providing you with a complete package.

Financial advisors also employ fee-only and fee-based fee structures. Fee-only consultants are often believed to be the better option because they don’t charge any outside commissions on transactions like insurance and securities. Fee-based consultants, on the other hand, maybe paid these commissions in addition to their fees. While this may appear to be a conflict of interest, all SEC-registered or state-registered advisors act in their customers’ best interests.

Why do you need a financial advisor and what should one expect?

Once you become clear about Why do you need a financial advisor, the real job begins. First and foremost, you should advise your advisor of any financial issues that may arise as a result of the work they will be doing for you. This could involve things like submitting tax returns, discussing long-term objectives, defining the size and contents of your investment accounts, and more.

Frequently, the foregoing is followed by a questionnaire for you to complete. This will allow the advisor to gain a deeper understanding of you as an investor, allowing them to make better decisions. Your proximity to retirement, as well as your income requirements, are important considerations. Finally, the advisor will try to determine risk tolerance, time horizon, liquidity needs, long-term financial objectives, and investment preferences.

After your advisor invests your money and sets your financial plan, it should be generally smooth sailing. You’ll need to check in with them regularly, as leaving things alone isn’t a good idea. If your long-term plans alter, you should contact your advisor. As soon as you do that, they can start changing your investments and plans.


There are no hard and fast rules when it comes to Why do you need a financial advisor. If you’re attempting to figure out if you need a financial counselor, there are a few things to think about. If you have enough money in your bank account to start investing, you should seek professional assistance. You’ll also need the assistance of an advisor if you’re going through a major life change. Finding a financial advisor can help you make preparations for your child’s future, for example, if you’ve recently become a parent. So, contact Welfin, one of the best financial advisors in Kolkata, and protect your future.

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