It is the process involved in making sure that the goals set by top managers are feasible and the mechanism one should apply to achieve them. In financial management process, one needs to gauge the environment within which the business is located and thereafter confirm the goals of the particular business with the amount and types of resources needed to achieve the goals and how much they cost before coming up with the budget. Financial planners therefore are individuals who are professionals in helping individuals and corporations meet their financial goals.
Financial planners perform the following tasks in an organization for goal achievement. They are responsible for keenly monitoring the finances of the organization within which they are hired till their time expires. They offer advises necessary for helping their customers identify any problem made in their investment and come up with corrective measures as soon as possible to ensure the investment thrives successfully. They are responsible for offering educatory services to their clients to help them know which tools to use for them to achieve their financial goals and also what benefits they get from them seeking advise concerning money management. Incase clients are stranded anywhere financially, it is the responsibility of financial them to strengthen and help them meet their financial needs and also keep advising them frequently to ensure their goals are finally achieved at the end.
Financial advisors are compensated mainly through the commissions earned or fees or they can get both.
Before coming into a decision as to whom to hire as your financial planner, you need to consider a variety of factors. First, one should figure out what services they wanted the planners to provide for them and the amount of money that works for them as a form of payment to them. Once academic certificates and recommendations from different employees are presented, one can easily know what qualifications and standards the various financial planners have before making a decision to hire them.
Listed below are the various types of financial planners. There are those types of money advisors that major in planning resources at warehouses and they ensure that the right stocks are dealt with and allocated successfully using the least cost possible. There are also insurance firms’ financial advisors who specialize in the protection of goods and can do business in investment products, others offer investment services in banks, some offers advisory services in private banks and many more and these various types falls under the three categories; fee-based, commission-based and fee only independent registered advisors.