What Do Financial Advisors Do?

A financial advisor, such as Dominick Dibona, is a professional who is highly financially literate. Financial Advisors take this skill and use it to help individuals properly budget for their future.

Within budgeting, financial advisors make recommendations about how an individual should invest their money. These investment plans help individuals make safe but lucrative decisions so that they can reach their future goals.

Key Aspects

In the eyes of Dominick Dibona, the first step of a good financial advisor is to understand and assess their client’s goals. With your advisor, you can review plans for retirement, giving to charity, travel, college savings, and unforeseen healthcare expenses.

There is no right time to meet with a financial advisor. However, the sooner you do so, the faster you can begin to better manage your money.

If you think about it, waiting until later in life to speak with a financial advisor means all of your prior income has not been positively affected by their services.

On the other hand, if you begin a relationship with an advisor earlier on in life, together you can create a plan utilizing a larger amount of income. Once you begin to discuss your goals, an advisor can help you prioritize them and realistically map out a method of achieving said objectives.

Financial advisors can help you break down your aspirations into those that are necessary and those that are more so desires. This makes it easier for you to understand when certain purchases will be appropriate once you have an idea of what funds must be available to cover the necessary expenses.

Ongoing Relationship

Once you have formed a relationship with financial advisors that you trust, you can, and are recommended to meet back with them every once in a while to review or edit your plan.

These edits may be made because of a change in your goals, a change in the economy, or perhaps a change in your financial situation.

Maintaining an ongoing relationship with a financial planner, such as Dominick Dibona, holds a plethora of benefits. As you are navigating through life and considering a large purchase, your advisor is there for you to run ideas by.

Their unbiased and highly skillful perspective can help guide you towards a decision that is best for your budget as opposed to what you want to do in your heart.

Especially in times where there is volatility in the market, an advisor can provide you with the information you need to feel comfortable that your investments are protected.

Many individuals that invest without a financial advisor often get nervous when there are fluctuations in the market resulting in a retraction of investments.

When you have a long-term plan dependent on your investment strategy, pulling out of the market could be detrimental to your future endeavors.

A financial planner can help assure you that you are doing the right thing, therefore keeping you on the right track towards a lucrative future.

Choosing the Right Fit

Remember that a wealth management professional is there to help you.

When you are interviewing for the right fit for your needs, stay keen on whether the individual is keeping your goals in mind.

Of course, they will volunteer their expertise when giving input into your ideas however make sure they don’t try and steer you too far off of the path of what you desire to achieve. Also, keep an eye out for their level of certification.

Some common certifications to keep in mind are the following:

CDFA – Certified Divorce Financial Advisor

CIMA – The world’s largest professional body of management accountants.

MBA – Master’s in Business Administration

Specializations

Under the broad overhead of financial advisors, many professionals choose to specialize in specific areas so they can best cater to their clients.

Financial and Investment Planning – In this category, professionals are especially keen on analyzing a client’s goals, risk tolerance, life stages, and economic status in order to construct an appropriate class of investments for them.

Retirement Planning & Distribution – Individuals well versed in this area focus on identifying a client’s level of income and then calculating expected expenses to create a savings program and help manage assets. Planning for retirement well before it is time to do so allows an individual to rest easy knowing that their finances will be in order when the day comes.

Separately Managed Account Strategies – This is when you allow a trained professional to invest in specific securities in a manner that provides ownership, control, and transparency. This method prevents the client from having to take time out of their life to stay on top of their investments while providing them with the security that their assets are being well taken care of.

Secure Your Future

There is no better time than the present to ensure you and your loved ones will be well taken care of in the future.

Get in touch with a qualified financial advisor, like Dominick Dibona, to create a game plan that will benefit you for years to come.