Finding financial success requires, almost by definition, a careful approach and a set path of plans. Mark Hauser is the co-managing partner at Hauser Private Equity and an experienced financial advisor with years of industry knowledge at his back. Helping clients find their path forward has been not only his career but also his passion.
To help assist potential clients in the future, Hauser took time out of his day to explore the role of a financial advisor as well as some of their foundational tasks.
What Does A Financial Advisor Do?
Financial advisors offer a shot of services from a wide-ranging menu depending on their core area of expertise. Many financial advisors will focus on specific financial services, while others will offer targeted assistance to particular goals and markets.
No matter what you are looking to accomplish, you’ll find capable financial advisors in the following areas of expertise.
- Debt Management
- College Funding
- Strategic Investments
- Tax Planning
- Retirement Planning
- Insurance Advice
- Estate Planning
Whether you are planning for the future or trying to set yourself up for success in the business realm, a financial advisor can make sure that you know what is necessary to make the proper moves.
Different Types of Financial Advisors
While all money is the same once you break it down far enough, managing it becomes a different task depending on the industry. There are a variety of other financial advisors who are experienced in critical areas and primed to support your goals.
Mark Hauser outlined the four primary types of financial advisors so that his readers can best prepare for their needs in the future.
- Fee-Only Financial Advisors – A fee-only financial advisor will receive their pay at a flat or hourly rate as well as potentially a percentage of their client’s assets. Considered fiduciaries, fee-only advisors are legally mandated to act in the best interests of their clients.
- Commission-Based Financial Advisor – These financial advisors make money from selling products to their clients. Financial advisors who take commission are not considered fiduciaries and are instead considered salespeople for brokerages and insurance firms.
- Registered Investment Advisors – An RIA is a firm that supports fiduciary financial services for its clients. This type of investment advisor may also utilize a compensation structure based on fees.
- Certified Financial Planners – A certified financial planner has years of experience within their field as well as a host of educational components at their backing. CFPs offer wide-ranging services for complex financial services.
When selecting a financial advisor, Mark Hauser believes it is of the utmost importance that you verify their credentials, determine their compensation method, and explore their professional manner. Hauser believes it is important to find a financial advisor that is as clear and focused as they are respectful and professional.
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