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Barry L. Bulakites

President of Table Bay Financial Network, Inc.

When determining whether to engage a financial planner or financial adviser, it's crucial to grasp the distinctions between the two. A financial planner can guide specific financial concerns, while a financial advisor can offer advice on bigger topics. Both can help you attain your financial objectives. To select the best professional, you must research and analyze your needs. Find out what each service offers and what they charge. Then, you may determine whether working with a financial planner or financial adviser is the right solution for you.

The two professions offer comparable services, but the distinction between financial planners and advisers rests in how they approach their clients. In contrast to advisers, financial planners take a more comprehensive approach to financial planning. They help customers to determine their financial goals and design a plan to accomplish those goals. Their counsel might vary from planning a budget to putting up an estate plan.

Another distinction between financial planners and advisors is the price structure. A financial planner will charge a percentage of the value of your investment portfolio. This pricing structure might make it look that the financial planner is exclusively engaged in investment planning. Nonetheless, it is essential to comprehend how a financial planner is rewarded. Many financial planners don't charge a set fee but earn commissions on their proposed financial items. This approach might lead financial advisers to upsell goods to customers they may not require.

When deciding if a financial planner or financial adviser is the correct option for you, it's crucial to evaluate their knowledge and specialty. For example, a financial planner will assist you in making the greatest financial decisions, while an adviser can provide investment and insurance suggestions. Both specialists may help you reach your financial objectives, but a financial planner will take a comprehensive approach.

A financial planner works with individuals and organizations to assist them in reaching their financial objectives in the long term. In addition, they will aid customers with budgeting, retirement planning, and asset allocation. Some planners work for a bank, wealth management agency, or nonprofit organization, while others are professional accountants and brokers. In all circumstances, you should conduct your due research before handing your money to any financial advisor.

Unlike Robo-advisors and internet planning services, a financial planner will spend time getting to know you and your financial circumstances. They will ask you questions about your present financial condition and risk tolerance, which is critical when calculating how much of your portfolio should be invested in stocks and bonds. A planner will also meet with you occasionally to adjust your portfolio as your circumstances change.

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