Often, a financial advisor and a financial planner are used interchangeably. But, if you are serious about hiring either, you need to know the difference between them. While they are similar and fall under the same umbrella, there are things a financial advisor can do and a financial planner cannot and vice versa. Allow us to help you iron out the differences so when it comes the time to seek one, you know exactly which one you need.
Setting Long-Term Or Short-Term Goals?
If you’re looking for assistance to meet your long-term financial goals like your retirement plans or putting a down payment for your home, then it is most likely that you will need a financial planner. A financial planner will be able to give you a clear vision of what you need to do and how you can take the route to achieve your goals. Financial planners are there to guide you through the process and an advisor does the same but for more short-term financial goals. So if you need a pair of ears and advice on your real estate or life insurance, then a financial advisor is able to assist you.
Ultimately, a financial planner can play an advisory role for you as a financial advisor can but an advisor cannot help you plan your finances.
Know Yourself Before You Know Them
When it comes to the difference between an advisor and a planner, the one key difference is how you want them to help you. In order to know this, you need to reflect and see what sort of help you need, so it starts with you. You need to understand your financial position and what your goals are to avoid any miscommunications with the financial expert later on. Of course, we are not saying that you need to have everything planned out, we’re saying do a bit of homework - take a step back and reflect on yourself.
Doing It Yourself
We can tell you now if the thought of having a financial expert beside you has ever crossed your mind, then it's probably a sign that you shouldn’t do it yourself. It’s always a good idea to have a professional to support and give you advice to prevent you from falling into a pit.
Need A Hand?
If you’re looking for someone to manage your finances, invest in your financial future, plan for your retirement, store out your superannuation, get a home loan, or insure your family and wealth, look no further than to GJ Private Wealth. With the help of experts like GJ Private Wealth, we can help you by stringing together the steps to achieving your financial goals. The team at GJ Private Wealth can provide you with financial advice or financial planning services. So if you are looking for a financial adviser or planner based in Sutherland Shire, GJ Private Health can assist. To speak with our team about what we can do for you, call us on (02) 8539 7999 or contact us via our website https://www.gjprivatewealth.com.au/contact