An investment consultant helps clients devise and then put into effect investment plans and build and maintain their individual portfolios. Most financial advisers and stockbrokers are considering investment consultants by the law. An investment consultant serves as a counselor to his or her client and helps them achieve their financial goals. An investment consultant may work for a client on a fee basis, working one or more hours a week, or as a full-time employee, contributing to the client’s overall financial planning.
Retirement planning remains a relatively new concept, even to the investment consultants who have been assisting wealthy clients since the early days of the gold and silver standards in America. Retirement planning means finding investments that produce a rate of return that is long-term, and less likely to lose value. Assets that provide a guaranteed minimum rate of return should be held by retirement planning individuals. In recent years, the term “asset owners” has begun to creep into the American lexicon as the more common term, IRA, is for retirement assets. Some investors also use the term, but probably inappropriately, as individual retirement accounts (IDsAs).
As with other fields, there are a number of schools of thought when it comes to financial advisors. Some specialize in estate planning, others offer healthcare planning, and some offer both healthcare and wealth management solutions. Some financial planners have worked with clients from all walks of life while others have developed specialties within a single industry. For instance, healthcare asset management specialists help clients with the purchasing, insurance, and healthcare of their loved ones.
All good investment advisors should be licensed by the state in which they operate. Investment advisors should receive continual re-training in the latest rules and regulations that govern their business. Good investment advisors should be familiar with state and federal laws and regulations that govern how retirement funds are administered. In addition to being up-to-date on regulations and laws, good investment advisors should also be knowledgeable about tax issues, since many tax issues come down to what a client has done with their IRA funds.
Many of today’s top financial investment consultants provide a wide range of financial advisory services. They can offer investment consultants, estate planning, and even personal finance consultations. There are even online banking services that allow your financial advisor to wire funds to your bank account if you prefer to handle all your banking yourself. The Internet has made it possible for virtually anyone to open an IRA account and take advantage of all the tax advantages of an IRA. This has resulted in more self-employed people finding themselves relying on financial investment consultants to help them manage their accounts. It’s likely that this trend will continue to grow.
Regardless of whether you choose to work with an IRA or self-employed IRA, or engage the services of a few investment consultants, the goal is the same: To provide you with sound advice that allows you to make sound investments that will ultimately give you a better overall financial picture. As with any relationship, it’s important that both you and your advisor are honest with one another about your goals, expectations, concerns, and so forth. If an advisor shows you unrealistic optimism during the beginning of your relationship, be wary. If he or she shows you unrealistic pessimism, be suspicious.