A financial advisor works to help you manage your finances and reach long-term goals, like buying a house or saving for retirement. They can also make investment plans and offer guidance on things like budgeting and tackling difficult topics such as projected taxes.

The most common types of financial advisors are planners, robo-advisors and traditional investment advisors. Planners are generally more hands-on and can help you with things like developing a savings plan, creating an investment portfolio or setting up a retirement account. Robo-advisors are often fee-based and offer low fees, but lack the depth of advice that a traditional advisor can provide. Go here https://ex-ponent.com/financial-advisor-ottawa/

A traditional financial advisor can be a fiduciary, meaning they have a legal duty to always operate in your best interest. They can be paid by transaction or by an annual management fee, and may also charge hourly rates for their services. Some advisors work for independent firms, while others are employees of a bank, brokerage firm or investment company.

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When choosing an advisor, look for one who has the heart of a teacher. They should want to leave you feeling smarter than when you walked in the door, and they should stay on top of current financial issues, changes in the market and industry news so they can help answer your questions. It’s also important to understand how your financial advisor is paid; if they are a fiduciary, they will charge a flat fee and won’t earn commissions from the products they recommend you buy.