Qualifications of a Financial Advisor

Selecting an experienced financial planner can help you avoid costly errors. Find an advisor with fees you can afford, who firmly places your interests above their own.

iNNOVA Wealth Partners provides comprehensive financial planning services. Their team members possess years of experience and industry credentials; working on retainer, project or hourly contracts.

Banks

Financial advisors can be invaluable assets when creating and meeting long-term goals. They can assist with budgeting, saving, investing wisely, and wealth accumulation; plus provide guidance through the process of buying a house, college savings or retirement planning.

Selecting an ideal financial advisor can be challenging. Most individuals with titles of “financial advisor” are unregulated, and their credentials may differ considerably from one advisor to the next. To ensure you find one who best meets your needs, seek a firm that offers comprehensive services with proven success in its track record.

Main Street Financial Solutions is a fee-based firm with no minimum account size requirement; however, some of its advisors may receive commissions from selling insurance products – creating potential conflicts of interest. Therefore, it’s crucial that you find an advisor who will place your interests before any commission-earners.

Insurance brokers

Financial advisors assist their clients with planning for retirement, college tuition costs, investments and other goals. They may specialize in one or more types of insurance such as life or property and casualty coverage and may manage investment portfolios of bonds, stocks and mutual funds for small to large businesses alike. Some even provide pension consulting services.

Insurance brokers provide clients with various forms of coverage – health, auto and homeowners’. They can assist clients in negotiating favorable terms from insurance providers; typically earning commission from policies sold can add up to significant annual earnings for insurance brokers.

Financial planning services can add diversification and value to an insurance business, while increasing clientele and revenues if ever sold off. But for some advisers this new line of business may prove daunting.

Tax accountants

Financial advisors can be invaluable allies when it comes to managing investments or paying down debt, collecting your financial data and providing guidance. But for truly advanced finances, working with a CPA or accountant would likely prove more beneficial.

Tax accountants are experts at taxation. They prepare all necessary forms, schedules and statements required for filing taxes as well as ensure their clients have all necessary documentation for deductions and understand how different strategies might impact their liability.

Financial planners do not face legal restrictions that prevent them from providing tax advice; however, it would be prudent to limit this service within their areas of expertise. For instance, an advisor recommending that a client opts for pre-tax 401ks rather than Roth IRAs could potentially expose themselves to legal liability.

Estate planning lawyers

Estate planning attorneys provide clients with assistance in their financial planning. This may involve reviewing assets and devising strategies to protect and grow wealth, providing tax advice and setting up trusts as tools of protection, or helping identify next of kin and heirs.

When selecting an estate planning attorney, it is crucial that you find one with whom you feel at ease working with. Furthermore, flat fee billing rather than hourly billing may reduce stress and friction during sensitive discussions; save both time and money; avoid estate disputes altogether

Mortgage loan officers

Mortgage loan officers are financial professionals who assist homebuyers or refinancers to secure financing to buy or refinance their homes. With vast knowledge of different lending products available and industry regulations, mortgage loan officers may work for credit unions, banks or other financial institutions; often receiving referrals from real estate agents or business partners.

They educate their clients on various mortgage programs they qualify for, such as down payment assistance and closing cost programs, while helping with preapproval and application processes.

Mortgage loan officers must undergo formal training and pass an exam, in addition to annual continuing education classes and adhering to strict privacy laws and company policies. Mortgage loan officers may receive either a salary or commission based on the total mortgage value.