What comes to your mind when you hear the term “financial advisor”? Well, you will likely be thinking of an expert who is well experienced in providing you with financial advice, specifically with regards to investing. Although this is a good place to start, however, it does not paint the whole picture. In fact, it’s not even close. Financial advisors can help you with a lot of money goals too.

What Are Financial Advisors?

A financial advisor can help you in creating techniques for avoiding financial risk and growing wealth over the long term. They can provide you with a game plan so you will be on the right track in achieving your financial goals.

However, financial advisors are not a one-size-fits-all package. They obtain different certifications and degrees. These financial advisors offer a wide range of services and have different backgrounds. Because of this, they can do more than just help you in choosing mutual funds and explain the complicated jargon. In other words, financial advisors can help you in almost all types of financial planning. For instance, managing an inheritance, saving for retirement, and many more.

The term “financial advisor” can be considered as an umbrella term for various types of financial professionals. It is just the same as the term “doctors” which refers to all medical professionals regardless of what area of medicine they specialize in.

The following are some of the different types of financial advisors which you might encounter during your financial journey:

  • Tax professionals
  • Investment professionals
  • Financial planners
  • Wealth managers

What Can a Financial Advisor Help You With?

Every financial advisor is qualified to help you in achieving your different financial goals. The following are some of the things that a financial advisor can assist you with.

Cost-Effective Bookkeeping Services: Savvy Financials provides cost-effective bookkeeping services tailored to your business size and industry.


Most financial advisors are also considered investment professionals. This means that they can help you in determining the mutual funds that are appropriate for you and teach you how to handle and make the most of your investments. At the same time, they can also help you in understanding the risks as well as what you need to do so you can accomplish your goals.

A well-experienced professional can even help you to remain on the roller coaster of investing most especially when it takes a dive. They are always confident that what goes down will potentially go back up such as in the case of mutual funds. Since they are always emotionally neutral, they will likely advise you to look at your investments with a long lens. They use their level of expertise when it comes to your retirement plan.

Retirement Planning

Have you ever imagined what your dream retirement would be? Do you want to open your own business? Or perhaps travel the world? Do you see yourself being a volunteer at the local homeless shelter? Or maybe visiting your grandkids? Regardless of what your dream would be, it is important that you have a stable income stream that can take care of you through the next decade or more.

Just like an investment professional, a financial advisor does not only help you in building your wealth but also in protecting it for the long term. They can assess how much your projected financial needs will be and create strategies to stretch your retirement savings.

They can give you suggestions on when you should obtain your required minimum distributions (RMDs) from your investments. In this way, you can avoid those horrible penalties. Furthermore, they can also help you in determining when to tap into Social Security.

Estate Planning

Sometimes discussing end-of-life planning can be quite depressing, however, it shouldn’t have to be. Whether your business has been running for 30 years or you just recently purchased your new home, you must decide what you should do with these assets.

This is something crucial, hence, you should not put this off for tomorrow! Some people choose to get term life insurance and make a will. Anyway, you can always make some adjustments and adapt to your life situations.

However, if your circumstance is more complicated, then it is a must that you should work with a financial advisor or a lawyer with estate planning experience. In case the worth of your estate is millions of dollars, then you will probably need a wealth manager. They can provide you with the guidance that you require in creating a plan to ensure that your wishes are carried out. As a result, you can have some peace of mind, which is priceless!

Expert Payroll Tax Expertise: Savvy Financials offers expert payroll tax expertise, handling complex tax calculations and filings.

Tax Planning

Obviously, nobody likes to deal with taxes. Regardless of how old you are, taxes can be very overwhelming, especially as you keep on growing your wealth and getting closer to your dream retirement. With the help of a tax professional, you will be able to understand in plain English the impact of taxes on your finances.

They can provide you with some advice on creating a tax-efficient estate plan, making charitable donations, or how you can make the most of your tax breaks. They want you to be able to reduce your tax burden and at the same time, provide you with the best possible returns. In other words, you will have more money in your pocket! However, you should remember that your investment decisions must not depend entirely on taxes.


If you are expecting an inheritance down the road, then you might be wondering about how to use these funds efficiently or what is its tax implications. Fortunately, a financial advisor such as a financial coach or a wealth manager can help you in keeping this inheritance from becoming a burden.

They can provide you with some suggestions on how to accommodate your financial goals and strategies. They are also able to answer your difficult questions such as projected taxes. Also, they can guide you on the practical steps that you need to follow, whenever that time comes.

Health and Long-Term Care Planning

Based on a recent study, it is expected that a 65-year-old couple who will retire in 2021 would spend between $156,000 to over $1 million for their health care expenses during their retirement. So, what should you do so you can prepare for this large amount during this chapter of your life?

An insurance agent or a financial advisor can help you in understanding what your options are for your long-term care insurance. Afterward, you can select a plan that you can afford now and, in the future, when you will be needing it the most.

How to Select a Good Financial Advisor

Compliance with Accounting Standards: Savvy Financials ensures compliance with accounting standards, maintaining accurate and reliable financial records.

Knowing how to choose the best financial advisor is very important. You have to consider that this person will become your partner for the years to come. Consequently, this person will help you in building your wealth. You will rely on this person’s advice when it comes to investing your hard-earned money so that you can achieve your dream retirement someday.

So, how do you know if that person is the right financial advisor for you? The following can help you in ensuring that you have the right person that can help you in investing.

Conduct an Interview

What should you do if you have bad options to choose from? Well, you just need to find more options. If you have more options, then most likely you can make a great decision. The best thing to do is to interview at least two to three financial advisors before making the ultimate decision. Before doing an interview, be sure to prepare a set of questions. This can help you in figuring out which one is a good fit.

The Advisor Should Only Teach You, Not Sell You

The financial advisor that you choose should have a heart of a teacher. This means that after leaving their office, you feel smarter. A good financial advisor will be able to teach you about the stock market, your circumstance, the facts, as well as the investment options that can work with you to help you in making a wise buying decision.

The Advisor Should Be Qualified and Knowledgeable

Obviously, you want someone who is knowledgeable about their stuff. This person must be on top of what is currently happening in the stock market. Hence, they should be able to answer your questions about investing and retirement. They should also know what stocks comprise your mutual fund options, as well as the difference between a traditional and a Roth IRA.

Even if the advisor might be smarter than you, it does not mean that they should tell you what to do. Most often, some advisors get so full of themselves since they have more degrees. If you feel that the advisor is talking down to you, then perhaps it’s best to show them the door. Keep in mind that the financial advisor works for you, it should not be the other way around.

Research if Their Advice Coincides with Your Beliefs

It is essential that you and your financial advisor should be on the same page. Look for an advisor who has a long-term investing strategy. They must encourage you to keep investing regardless of whether the market is up or down. You should avoid working with someone who recommends that you should invest in something that you are not comfortable with or might be too risky.

If you are ready to start investing, then you can talk to a financial advisor at Savvy Financials. You can always have peace of mind knowing that your financial advisor is working for your best interest. Contact Savvy Financials now to learn more about our financial services!