A financial adviser or financial planner is a person who offers financial planning services to clients according to their financial circumstances. In most countries, financial advisers are required to complete certain training and obtain registration with a regulatory body to give financial advice. A financial adviser can work with individual clients as well as large financial institutions like banks and other organisations. The main role of the financial adviser is to offer sound financial advice to help the client meet his or her personal finance needs. Most advisers offer a wide range of financial advisory services including retirement plans, investments, estate planning and investment advice and asset protection strategies.
Financial planners offer advice on a wide range of financial products such as mortgages, pensions, savings, commercial and residential properties and debt consolidation. They also help individuals plan for retirement by recommending appropriate investment strategies and evaluating various pension and insurance options. Financial advisors work independently, whereas financial advisors may work for firms that employ them or for self-employed individuals. Some companies allow their employees to set up an account without commission payment and some allow them to work as independent contractors.
One area of specialization that is becoming more popular among financial advisors is investment management or tax planning. In the UK, tax planning is recommended as a part of personal financial investment advice. This involves the preparation and implementation of tax schemes in line with an individual’s individual circumstances, based on financial information provided by the client. There are many investment management advisors who offer tax planning services. These professionals can also advise individuals about pension schemes and retirement accounts. The main advantage of working with an investment management advisor is that they have extensive knowledge of tax laws, giving them the ability to make sound financial advice to their clients.