What type of financial expert do you need? Find out now

When it comes to your finances, you can’t take chances. You have to consult a financial expert to save or grow your money. A financial expert can suggest you the right ways to repair your broken financial house.

But do you know what type of financial expert should be hired? There are so many types of financial experts with various titles. For instance, debt counselors, tax accountant, insurance agent, investment advisor, and so on. Whom should you consult in your current situation? These are vital questions and you need to find out the right answers. Otherwise, you may not get the best help even after spending money.


In this post, I’ll discuss the various types of financial experts whom we need in various situations. Hopefully, this will help you to choose the right type of financial expert for yourself.

Types of financial experts you need in various situations

Here are the 4 types of financial experts you need in different types of situations.

1. Tax accountant: As the name suggests, a tax accountant helps you to file income tax returns properly. He helps you to find out the deductions you’re eligible for and get a maximum tax refund from the IRS. A tax accountant can also help you to file an extension on your tax.

A tax accountant charges a fee between $159 and $449 depending on the kind of service you need and his level of experience. You can consult a tax account between January and April since that is the tax filing season.

2. Debt counselor: A debt counselor’s job is to give you relief from debt collectors. He helps to solve your debt problems with a smart budget plan and intense negotiations. A debt counselor will create a budget plan after analyzing your financial situation to save money and pay off debts. If the budget plan doesn’t work, then he will negotiate with your creditors/debt collectors and set up an affordable repayment plan for you.

Usually, debt counselors charge a fee for their services. You have to pay the fee after they have successfully negotiated your accounts. If any debt counselor charges an upfront fee, then it’s better to not work with him since that is against the law.

If you’re in debt problems and want to get relief from debt collection calls, then consult a debt counselor right now.

3. Insurance agent: If you want to live comfortably in this country, then you need to have at least 3 insurance policies - auto insurance, health insurance, and homeowners insurance. But how much insurance do you need and from where should you buy a policy? What is the minimum coverage you must have?

An insurance agent has all the answers to your questions. An insurance agent’s job is to sell insurance policies. But this is not his only job responsibility. It’s also his job to educate clients about the features of different insurance policies. An insurance policy can help you to choose the right insurance policy based on our current situation.

The best part of consulting an insurance agent is that you don’t have to pay any fee. The insurance agent gets his paycheck from the insurance company. Independent insurance agents earn a commission on the policies they sell.

4. Investment advisor:An investment planner has a specific job to do, and that is to find out the best investment plans for you. An investment planner won’t look at your overall finances. He will just help you to create a diversified portfolio so that you can grow your money gradually. If you want to invest in the stock market, then you can consult an investment planner. The investment planner will conduct thorough research on the companies that are doing well in the market or are expected to grow in the future, and guide you to buy stocks accordingly.

Most investment advisors charge a fee at an hourly rate. But some investment advisors prefer to charge a fee based on the total number of accounts and assets they are managing.


Final notes

Most likely, you won’t need to hire all the 4 types of financial experts at the same time. Consult a debt counselor when you want to get relief from debt collectors. Consult a tax accountant when you want to file income tax returns. Consult an insurance agent when you’re looking for a good auto insurance policy or health insurance policy. And, consult an investment planner when you’re wealthy enough to take risks financially.

There is nothing wrong with getting the right guidance from financial experts when you need it. At least, it’s better to get help from an expert rather than making costly mistakes. But there is one last suggestion I would like to give you. Do make thorough research before hiring a professional. Check out the reviews and compare the fees before making the final decision. Financial experts will play with your money. So, you have to work with someone who is considered as the best player in the game.