Can anyone tell me the difference of these roles.... Financial Advisor Financial Planner CPA or Tax Consultants if we want to know how to save money or invest or want to know which stocks will fare wel etc who will suggest and guide us among tehse 3 who will help us reach our long term goals:coffee
Financial Advisor- One who advices you on investing in MF , insurance, FD, other products... But these days they specialise like they give advice on only one type of product like MF or insurance ..Ideally they are supposed to have exposure to financial products available in the market... Financial Planner- One who advices on financial plans for a long term, helps you plan finances for a fee..This is more like a long term activity will help to understand your financial requirements for long term short term and help you plan accordingly.. CPA - is just a tax advisor, will file your taxes and help you calculate your taxes for a fee.. As fas as I know there are not many people who will advice you on all financial products until an unless the amount of investment is huge like 1c.. However wealth managers do help you choose different type of financial products like MF, insurance, bonds, fd... Stock advice - no one will take responsibility as there is a huge risk involved. and they will not suggest stock , timing of entering and exiting the market. There is always a disclaimer attached with the advice received....
Chitu Thank you for the clarification...are we also supposed to have some huge amount to go to a financial advisor?? i was under the impression that we can go to financial advisor to understand how to invest smartly...
Hi.. You need not have huge amounts for going to a financial advisor.. Even small amount of investment is enough. They would advice you to invest smartly in SIP, MF, insurance... Like if you walk in to a Bajaj capital office they will be glad to help you choose the SIp you should make even for a monthly investment of rs1000. Dont feel shy to talk to an advisor even if the amount is small as they will be glad to help you... Huge sums....I was talking about the wealth managers - they take care of big portfolios and the amount of investment should be huge.
hey chitu...thanks alot for the details... would you be able to list any financial advisors available in hyderabad?
Hi, I dont know anyone from hyderabad .. But you can walk into a Bajaj Capital or ICICI Bank office and ask for the help of an advisor...
