Personal financial advisors assess the financial needs of individuals and give assistance to them on investments, tax laws and insurance decisions. They offer advices on a wide range of topics and are mostly specialized in areas such as retirement, estate planning and risk management. Many advisors give seminars for meeting clients through business and social networking. One of the most important aspects of becoming a successful financial advisor is by finding potential clients and building a strong customer base.
Financial advisors begin to work with a client by an in-person meeting where he obtains as much information as possible about the client’s financial goals. Later he creates a financial plan for selecting appropriate investments that suits with the client’s goals, attitude towards risk, and expectation or need for investment returns.
Many personal financial advisors are licensed to directly buy and sell financial products, such as stocks, bonds, derivatives and insurance products. With the client’s permission and the agreement between them, personal financial advisers make decisions regarding the buying and selling of stocks and bonds.
Personal financial advisors like private bankers or wealth managers work for people who have a lot of money to invest, because they have so much capital and these clients resemble institutional investors and approach investing differently from the general public. Private bankers sell services to wealthy individuals and directly manage their finances. These Private bankers generally work during standard business hours, but as they work so closely with their clients, they may have to be available outside normal hours upon request.