A financial consultant or financial advisor is an individual who gives personal financial advice to customers based on his/her understanding of financial issues and circumstances. In most countries, financial advisers must complete certain formal training and then be registered by a regulatory body to give advice to potential clients. The main aim of financial advisers is to guide people through the complex world of finance and help them understand the implications of their investment decisions. They provide guidance on investing for retirement, looking after their children and handling their assets and estates.
Today, more people are hiring financial advisors and financial planners to help them manage their money and protect their future. In the past, people relied on family members or colleagues to give them advice but today, there are a number of websites that provide online information about financial advisors and planners. These online sites give consumers access to consumer reviews about different advisors and planners and allow them to make informed decisions before hiring them.
Most financial advisors work independently and work from their own offices. Some work on retainer while some work on an hourly basis as consultants. Some work as independent professionals, while others form partnerships with other professional financial advisors and brokers and work together as a team in groups at financial consultancies or investment firms. The roles and responsibilities of financial advisors vary according to their status and qualifications.