Who is the best person to ask for financial advice? (2024)

Who is the best person to ask for financial advice?

Important. “Financial advisor” is a broad term referring to financial professionals such as financial planners and investment managers. Anyone can say they're a financial advisor, but an advisor with professional designations is ideally the one you should hire.

Who is the best personal finance expert?

Famous financial advisors became household names for a variety of reasons. Benjamin Graham and Warren Buffet are among the most common traditional financial advisors that relied heavily on value investing. Several financial advisors such as Dave Ramsey and Robert Kiyosaki are most known for their print publications.

Who is the most trustworthy financial advisor?

Who should I talk to about my finances?

Your financial planner is the big-picture person, the one you talk to first about any financial issues. They can help you make a plan to pay off debt, save for college, or invest for retirement.

Where is the best place to get financial advice?

How do I get unbiased financial advice?

What is the #1 rule of personal finance?

#1 Don't Spend More Than You Make

When your bank balance is looking healthy after payday, it's easy to overspend and not be as careful. However, there are several issues at play that result in people relying on borrowing money, racking up debt and living way beyond their means.

What financial advisor has the lowest fees?

Robo advisors typically follow the fee-only compensation structure, and their costs are also outlined in new account paperwork. Digital-only advice may cost as little as 0.2% to 0.35% plus investment product fees.

What is better than a financial advisor?

Financial planners, on the other hand, are a better fit for someone looking to map out their financial goals and make a long-term plan. Advisors can help with all of your financial needs, though. Ideally, you'd find someone who has experience working with clients in situations similar to your own.

How not to get scammed by financial advisor?

How do I know if my financial advisor is honest?

An advisor who believes in having a long-term relationship with you—and not merely a series of commission-generating transactions—can be considered trustworthy. Ask for referrals and then run a background check on the advisors that you narrow down such as from FINRA's free BrokerCheck service.

Who can help me understand my finances?

Talk to Financial Services Professionals

Financial services professionals make a living with their expertise and can help you learn about everything from managing student debt to finding a suitable mortgage for buying your first house. Some of these topics are covered in seminars, others in one-on-one consultations.

Can I hire someone to help me with my finances?

Deciding to work with a financial advisor is a personal choice. There is no set litmus test for whether you need one. If you have investable assets, personal and financial goals, or questions about your finances, you may want to hire a financial advisor.

At what net worth should I get a financial advisor?

Generally, having between $50,000 and $500,000 of liquid assets to invest can be a good point to start looking at hiring a financial advisor. Some advisors have minimum asset thresholds. This could be a relatively low figure, like $25,000, but it could $500,000, $1 million or even more.

Where do people get financial advice from?

independent financial advisers (IFAs) give unbiased advice about the whole range of financial products from all the different companies available. restricted advisers give advice on a limited range of products.

Are financial advisors through your bank free?

They may even offer incentives such as lower fees or free checking if you have an investment account at the bank. Note that your bank advisor is not a free financial advisor. Generally, there is a minimum amount that it wants you to continue to have invested there to maintain the services.

What three financial advisors would do with $10,000?

Can banks give you financial advice?

Not all banks have financial advisors, while other banks may offer you free financial advice under certain circ*mstances. While most large banks offer full-service products for banking, lending, investing and insurance, other banks may not.

When should you talk to a financial advisor?

Graduating college, getting married, expanding your family and starting a business are some major life events that might cause you to reevaluate your financial situation. A financial advisor can help you manage these life events while making sure you get or stay on track.

What is the difference between a financial planner and advisor?

Generally speaking, financial planners address and keep tabs on multiple areas of their clients' finances. They develop long-term, strategic plans in these areas and update them on a regular basis over the years. Financial advisors tend to focus on specific transactions and short-term situations.

Do billionaires use financial advisors?

Because a billionaire's situation is more complex than the average investor's, a wealth advisor serves as the billionaire's advocate and vets the most appropriate vendors for each situation, he adds.

Who is above the finance manager?

In a typical large organization, the Chief Financial Officer (CFO) is the highest-ranking finance officer in the company. Hierarchically speaking, they rank third, behind the Chief Executive Officer (CEO) and Chief Operating Officer (COO) - again, in a typical hierarchy.

Who is the best female in finance?

What is the 1234 financial rule?

One simple rule of thumb I tend to adopt is going by the 4-3-2-1 ratios to budgeting. This ratio allocates 40% of your income towards expenses, 30% towards housing, 20% towards savings and investments and 10% towards insurance.

What is the 50 30 20 rule?

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals. Let's take a closer look at each category.