When it comes to your finances, you can’t take chances. You have to consult a family financial advisor or 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.
