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(877) 829-9227

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  • Home
  • Services
    • Wealth Management
    • Retirement Planning
    • Tax Planning
    • Risk Management & Insurance Planning
    • Legacy Planning
    • Schedule a Meeting
  • About Us
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Kanani wealth management advisory news - blog
Hire a Financial Advisor
Business Consulting

When Should You Hire a Financial Advisor? (Part 1)

 

What Exactly Are Financial Advisors?

Being a financial guru isn’t for everyone, let’s face it. Still, these days, the ability to handle one’s personal and family money is becoming increasingly crucial. However, don’t worry. If you like to have a simple strategy that you can implement without having to worry about changes in law, the economy, or financial products, you may choose to hire a financial advisor.

Important Thoughts About Hiring a Financial Advisor

  • Individuals who work as financial advisors or planners provide advice on a range of personal financial issues.
  • In addition to drawing up strategies, financial advisors are able to propose particular investment products and vehicles.
  • Some financial advisors charge a flat commission every time they complete a transaction or offer a product to you. If you’re looking to hire someone to handle your finances, you may have to pay a flat cost or an hourly rate.
  • While a sound financial plan is an investment, some advisors increase expenses by advocating frequent asset turnover or directing clients towards more costly (high-fee) options.
  • Fiduciary standards and legal duties require your financial advisor to work in your best interest and divulge any conflicts of interest.

 

What You Need to Know Before Hiring a Financial Advisor:

Personal finance and wealth management experts, such as financial advisors and financial planners, help their customers make informed decisions about their money. Everything from creating comprehensive retirement savings plans to answering questions about whole life insurance is within the scope of a financial advisor’s competence.

An example of what a financial advisor may accomplish is as follows:

  • Have a meeting with you to discuss your present financial condition and your long-term financial plans
  • While developing a long-term financial plan, take into account all of your key financial issues, such as retirement, education preparation, insurance, and tax inheritance.
  • When life throws you a curveball in terms of money, provide advice.
  • Set up investing accounts for yourself and put your money in them.
  • Decide on the best forms of financing for your needs, such as insurance or a mortgage.

 

The Circumstances That May Require Financial Counseling

Often, a person’s financial situation is triggered by a specific incident. Windfalls or substantial losses—or a major life event—typically accompany these occurrences. If you find yourself in any of the following situations, you may want to seek professional financial advice:

  • I want to be sure I’m on the proper path as I approach retirement.
  • I recently received an inheritance from a father and am looking for investment guidance.
  • Our finances have become a bit of a mess since my wife and I got married, and we could use some guidance.
  • Divorce or the loss of a spouse has left me in need of financial support as a single individual.
  • Mom and dad are getting older, and it’s time for us to step in and help them with their finances in general.
  • I’m terrified of investing and financial planning, and I’m looking for expert advice to guarantee that I don’t make a mistake that will affect my future.

A long-term financial plan should contain considerations for retirement, including paying off your mortgage, supporting college education for your children (if you have them), estate planning, and a timetable for when you may retire. Getting the help of a financial expert can help you with all of these issues.

 

When Is It Time to Seek Financial Help?

Do you really require to hire a financial advisor when you have access to so much personal finance knowledge in the form of books, magazines, and websites?

The following questions should be asked:

  • How much do you know about investments?
  • Do you appreciate reading about financial and wealth management subjects and conducting asset research?
  • Do you know a lot about financial instruments and how they work? Do you have the time to keep an eye on your investments, review them, and make adjustments to them on a regular basis?

For the most accurate results, you’ll need a lot of time to keep up with all of the changes in investment and insurance laws.

Other legislative changes, such as those affecting taxation, might also have an impact on your financial situation. Additionally, changes in mutual fund offerings at your brokerage company might have a major influence on your financial condition. What will you do with the money if one of your funds shuts down, for example?

You’ll also need to keep up with the latest financial innovations if you plan to manage your finances on your own. A financial advisor can do all of the research for you, lowering the cognitive load and making the process of investing much easier.

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Investment advisory services are offered through Kanani Advisory Group, a Registered Investment Advisor. David Kanani CA License #0B34918, Neda Kanani CA License #0L51510. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. None of the information contained on this website shall constitute an offer to sell or solicit any offer to buy a security or any insurance product. Any references to protection benefits or steady and reliable income streams on this website refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges, and holding periods which vary by the insurance company. Annuities are not FDIC insured. The information and opinions contained in any of the material requested from this website are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. The National Ethics Association (NEA) is a paid membership organization. All NEA Background-Checked members have successfully passed the annual seven-year background checks for criminal, civil, and business violations in order to meet the membership standards. However, the association provides no guaranteed assurance warranty of the character or competence of its members. Always make financial decisions on the basis of your own due diligence.

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