The Role (qualities of successful entrepreneurs) of Financial Advisors
No commentsBy Dillon Norris
When it comes to managing your finances, you can certainly do it yourself. If you don’t feel comfortable doing that, you can use the services of a financial analyst or a financial advisor. Choosing one is easy once you know what they can do for you.
A financial analyst and a personal financial advisor help to provide both an analysis and also guidance to businesses and individuals who seek help with their financial decisions. Each type of financial specialist gathers financial information, analyzes it, and makes a recommendation to his/her client. However, they do differ when it comes to the type of investment information that they can provide, and also the clients that they work for.
A financial analyst assesses the economic performance of companies and industries, as well and for firms and institutions that have money to invest. A personal financial advisor assesses the financial needs of people, able to offer them a wide range of options.
Also called securities analysts and investment analysts, a financial analyst works for banks, insurance companies, mutual and pension funds, securities firms, and also other businesses. He or she helps these companies and/or their clients make important investment decisions. A financial analyst read a company’s financial statements and also analyzes commodity prices, sales, costs, expenses, and also tax rates in order to determine the company’s value, as well as to project its future earnings.
The financial analyst meets with company officials in order to gain a better insight into the firm’s prospects and also to determine its managerial effectiveness. They also usually study an entire industry, assessing its current trends in business practices, products, and industry competition in order to keep abreast of new regulations and policies that may affect the industry. Monitoring the economy to determine its effect on earnings is also a duty.
A personal financial advisor, also known as a financial planner or a financial consultant, uses his/her knowledge of investments, tax laws, and also insurance in order to recommend financial options to individuals that fit with the client’s short-term and long-term goals. Financial planners deal with such issues as retirement and estate planning, funding for college, and also general investment options. Some financial advisors are able to advice on a wide array of topics, while others are specialized in certain areas.
Working with a financial advisor begins with a consultation, where he/she is able to obtain information on the client’s finances and financial goals A comprehensive financial plan is then developed that identifies problem areas, offers recommendations for improvement, and also selects appropriate investments that are compatible with what the client wants.
Clients usually meet with their financial advisor at least once a year to update them on potential investments, as well as determine if any changes have been made.
In addition, some advisors buy and sell financial products, including mutual funds or insurance, or are able to refer their clients to establishments who do.
Perhaps a financial advisor’s most important job is building a customer base, since referrals from satisfied clients help to generate new business. Other than being contacted by the client, financial advisors contact potential clients by offering seminars or lectures, or even meeting them through business and social contact.
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Why You Must Plan for Retirement
By Dillon Norris
Bob is a 65 year old graphic designer that is very financially secure. His colleagues, friends and family define him as a prosperous “fly by the pants” kind of guy. From as far back as he can remember, Bob has always hated planning and believes that his “spontaneity” and ability to think creatively while implementing new ideas has made him successful. For the past 30 years or so, Bob believes that his non-planning methodology has worked well for him. Well, Bob is now tired of the working rat race, and decides that it is now time to retire and have some fun. He doesn’t know what he’ll do exactly when he retires in 6 months other than have a good time. However, he knows that he won’t plan his days and will do whatever pleases him.
Let’s take Sam, a 60 year old attorney who is also financially secure. He is a “plan it to the bones” type of guy that loves planning and believes that his impeccable organizational skills have enabled him to accomplish all of his goals. Some might say that Sam is a bit anal but he disagrees and believes that his planning methodology has served him very well the past 35 years or so. His motto is “great planning makes a great man.” Like Bob, Sam is ready to retire. He’s had enough of the hustle and bustle of being a senior partner in a big law firm and is ready to retire so that he can pursue one of his lifelong dreams of becoming a volunteer for several organizations. Unlike Bob, Sam has already started planning out his goals, activities and has designed a “downsizing plan” that will enable him to retire in less than 6 months to pursue his dreams.
Now, let’s flash to the future. It is 6 months later. Bob is retired and is downright bored. Although he initially enjoyed not planning his retirement and found much pleasure in doing things on the spur of the moment, he is getting a bit bored with bar hopping, going on weekend fishing trips, and hanging out at the health club. He is also getting bored with himself and is starting to wonder if there is more to retirement than simply having fun. He is even considering going back to work or perhaps taking on some work projects to give him something to do. On the other hand, Sam is having the time of his life. He’s right on schedule. The first few months, he rested and relaxed and enjoyed himself immensely. Now however, he has transitioned to his non paid volunteer activities and has become a valuable resource to two prominent nonprofit organizations. Sam is truly enjoying his retirement and looks forward to a busy, scheduled day of providing volunteered activities.
So, what has this taught us? It has taught us that planning for your retirement is more than simply deciding that you have enough money to retire on a certain date. It is about planning how you’ll spend your time while accomplishing your goals. In fact, according to Christina Wright, a Retirement Specialist, “Many professionals don’t actually plan for their retirement. Although they evaluate their finances and are sure that they can support their lifestyles, they don’t plan how they’ll actually spend their time day in and day out. This “lack of planning” often leads to intense boredom and dissatisfaction with their newfound freedom. As a result, many of these professionals go back to work part or full time, not for the money, but to obtain some mental stimulation and excitement in their lives. This could have been avoided by simply planning out their goals and working hard to accomplish them”
With this in mind, we’ve talked to hundreds of successful retirees and found that like them, you can accomplish your retirement goals through the implementation of these five easy steps:
1. Have a positive mental attitude. You should have a positive mental attitude about this new phase in your life. You must know what retirement means to you and be willing to do whatever it takes to make you happy.
2. Be committed to your goals. You should make sure that you are 100% committed to living your life the way that you visualize it every single day.
3. Transition slowly and visualize success. You should be willing to transition yourself from a working professional to a retired person. You should visualize how great your life will be in a lifestyle that will give you the satisfaction you desire once you retire. For example, if you see yourself as lounging around all day, you have to ask yourself some hard questions like; will this truly make me happy? Can I see myself doing this for the next 25 or so years? If I find this isn’t fun, are there any activities that might make my days more fun? If so, what are they?
4. Plan your days. Regardless of whether or not you intend to lounge all day or are involved in many activities, it is always a great idea to plan out your days. This doesn’t have to be a mind-boggling task and you don’t have to use a fancy planner to be successful. Instead you simply have to think about your activities a day or week in advance, and plan how you’ll spend your time.
5. Find pleasure in accomplishing your goals. Find satisfaction in actually accomplishing your new life’s goals in retirement whether you are volunteering at your favorite organization or going fishing with a friend.
In conclusion, taking and maintaining control over your retirement is up to you. By having a positive mental attitude, being committed, transitioning yourself, planning your days and finding pleasure in your accomplishments, you can make your retirement dreams come true!
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Learn The Techniques Of Real Geniuses Online And Their Success Stories
How to Learn More About Money
By Dillon Norris
Let us touch on the issue of our basic educational institutions, the schools, where we learn about the facts of life.
What are the subjects covered in school?
Language, mathematics, science, history, social studies, religion, among others are all important for us to study to blend ourselves well with society.
Even in the collegiate level, depending on what course one chooses to take, lessons are concentrated on the theories, principles and/or basics which are hardly in consonance with the real world.
How do we learn new things?
Reading websites, attending seminars, and talking to people more knowledgeable on the subject are some of the ways. We also learn by making mistakes, like babies learning to walk.
It is like roller skating where we get bruises every time we fall. The message is: “Don’t let mistakes stop you from learning. Learn from those mistakes and let them encourage you to learn more.”
Always bear in mind that education in school is only the fundamental foundation of general knowledge. Outside school , we must gather as much skills as possible especially those pertaining to creating wealth.
I firmly believe that one’s choice of endeavor must be anchored on love. Because when you love what you do, you will enjoy and take good care of it, not to mention the benefits it will bring to your health. With this in mind and in heart, you are following the dream of your life and you can use this principle in the choice of your business to gain wealth.
Loving is one thing. Knowing is another. Know your business. Know how to go about it. It is imperative that you acquire financial knowledge to gain wealth.
Today, information is wealth. Get to know what is going on around you. You will find opportunities to get rich from information that is current.
Time can be of the essence depending on the subject of the business. Knowledge on the business is vital; that is why learning is a non-stop process. You need not necessarily be familiar with a particular business, but you must learn to know the business before you get involved in it.
People who have actual experiences on a subject are the ones you can talk to in gathering information. Do not listen to hearsay or to those who neither know nor have any experience on the subject. Knowing is an asset; not knowing is a liability. That is why, information is wealth.
Exchange information regarding financial matters with your colleagues as frequently as possible. This is one way to acquire updated news.
On topics that are not clear or familiar to you, ask questions (rather than pretend you know when you don’t) and be generous to share what you know when asked. Opportunities are sometimes born spontaneously in discussions that are beneficial to either or both parties.
The risk factor is always there even if you know the business. This is inherent in every type of business. But risk can be managed and kept to a minimum if you have the proper knowledge.
Gathering information may be time consuming but time well spent. Sometimes, it takes more time to gather information than the business itself. Keep in mind though that timing (when to act) could be important in the business you are interested in.
How much you know is different from how fast you know. Remember the old saying: “The early bird catches the worm?”
The first or earliest to know gets the opportunity. If you know of an opportunity that is not yet in the news, it’s good news. Stay focused. Keep a clear and keen mind. Just like the advice of a weather station: “Know before you go.” The same thing is true in business: “Know before you go (into action).”
When in business, you must learn to manage the flow of money, your people, and your system. Get to know where the money you invest should be at any particular time so that you don’t get cash strapped in the middle of your transactions. Make sure your money flows smoothly to where it should be. Learn to manage your people. They work for you, so take good care of them and they will take good care of your business.
Systematize your work flow. This will cut wasted time, energy, and money as well. What you save is additional profit.
Keep in mind to leave some time for your out-of-business activities too, like family and social affairs. Like giving credit to where credit is due, give time to where time is due. Think of ways to do more in less time. This will increase your profit margin making you more competitive.
Most people find difficulty in marketing or selling products and / or services. It takes time and patience for your prospective clients to get acquainted with what you’re offering. Their most likely first reaction is to reject it. This is normal. With the right people negotiating and handling the marketing aspects of your business, you can surmount this difficulty and eventually come up with positive results.
Communication skill is very important. It is your eyes, ears, and mouth rolled into one. It is a friendly spy to keep you updated and more knowledgeable. Without it, you’ll be groping in the dark.
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Friday, April 30th, 2010 at 11:35 am and is filed under business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
