Financial advice is…..

Posted by admin on January 30, 2009

Financial advice is in some respects like medical advice: we need both on an ongoing basis, and failure to obtain either can impose costs on society when our health—physical or financial—suffers. There’s a strong case to be made that the government should subsidize comprehensive financial advice for low- and middle-income Americans to help prevent bubbly thinking and financial overextension.[1]

Financial advice is usually so abstract that we can’t possibly know the good until we suffer through the bad. Had you not made that 35K debt ‘mistake’, you absolutely wouldn’t be where you are now.[2]

Financial advice is simply essential.One of the first lessons I learned about fina . [3]

Financial advice is typically broader advice than simply mortgage advice. A financial advisor is trained in many different types of investments beyond property and investments.[4]

Basically, he bashes traditional financial advice, which tells us to ride out the waves of the stock market and continue investing in tax-deferred retirement accounts and mutual funds with strong track records. He starts talking about how investing in real estate made him wealthy, and he depends on his businesses and investments to live.[5]

Basic understanding of mortgage notes, banking rules, understanding the fundamental workings of basic finacial products, CDs, equities, fixed income, ETFs, credit cards etc. All of this is absent from most of the population’s knowledge set; it’s one of the reasons we find ourselves in the current economic condition.[6]

Professionally, the advice is given only after the financial situation of the client is unveiled through a thorough fact-finding and analysis exercise. Many financial advisers also double-up as financial planners because their function is crossed in many areas.[7]

Professional financial planning takes a holistic approach to an individual’s financial life. A qualified financial planner will consider a client’s goals, stage in life, personal circumstances and risk tolerance.[8]

General information about how to plan and manage your finances is available free from many government and community services. It may also be available from your bank, credit union or building society.[9]

General advice can provide a general overview on financial information such as superannuation, insurance, managed funds and shares. Personal advice requires an in depth analysis of your financial situation and will depend on your individual needs, typically it involves time to propose a customized plan and has associated costs.[10]

Financial planning is simply essential for anyone who wants to achieve great financial goals in their life. But don’t get me wrong, it’s not just about getting your goals right — it’s about making the right choices.[11]

Financial planning can be more expensive than seeking advice on just one or two products, although once the plan is in operation you can set up annual reviews which may be conducted for a smaller fee. [12]

Financial exclusion is the inability, difficulty or reluctance to access appropriate, so-called mainstream, financial services. The reduction of financial exclusion is a priority for the present government because it can lead to social exclusion.[13]

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