Who needs a financial advisor?

There is an economic advisor for every single budget and financial situation. Here's a go through the forms of financial advisors, and how to choose the right advisor for you.

Financial advisors help people manage their money and reach their financial goals. They are able to provide a selection of financial planning services, from investment management to budgeting guidance to estate planning. Picking the right financial advisor for your circumstances is key — doing so means you won't wind up paying for services you don't need or working together with a consultant who isn't an excellent fit for the financial goals. Here's how exactly to find the right financial advisor for you.
1. Know what financial services you will need

Identify why you're searching for financial help by asking the next questions:

Do you really need help with a budget?

Do you want help investing?

Would you like to create a financial plan?

Do you want to really get your estate plan in order or create a trust?

Do you need tax help?

Your answers to these questions will help determine what sort of financial advisor you'll need. If you simply want assistance investing, a robo-advisor can invest for you personally for a small fee. When you yourself have a complicated financial life you might want to work with an online or traditional financial advisor.
2. Learn which financial advisors have your back

Financial advisors pass by many names: investment advisors, brokers, certified financial planners, financial coaches, portfolio managers. You will find even financial therapists. So who does what — and who can you trust?

Since some of the most common titles advisors use, including the term "financial advisor" itself, aren't tied to any specific credentials, don't assume that someone who uses an official-sounding title has any specific training or credentials. Anybody who gives investment advice (which most financial advisors do) must certanly be registered as an investment advisor with either the NZ Securities and Exchange Commission or their state, depending on their assets under management.

Some financial advisors have a fiduciary duty for their clients, meaning they are obligated to act within their client's best interest as opposed to their own. Always work with a licensed, registered fiduciary — preferably one who is fee-only, which means the advisor is paid directly by you and not through commissions for selling certain investment or insurance products. Certified financial planners have a fiduciary duty with their clients included in their certification.

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