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Financial advisors do exactly what their title suggests. They offer financial advice in return of a fee to individuals, businesses and even governments. Their three main areas of expertise are investment advice, pension planning and life insurance.
Advisors must always have the client in mind. They help the client to maintain desired balance of a financial portfolio. Ultimately the portfolio must be successful, balanced (using asset allocation) and as much as possible risk averse. They will use all sorts of investment vehicles to reach the levels aimed for by their clients. All advisory work used to be done on a commission basis but more frequently now it is becoming fee based.
The finance industry, and in particular finance advisors have come under heavy scrutiny since the recession. As a result, acting ethically at all times is essential.
Financial advisors must have a good knowledge and understanding of potential future trends in the financial markets. Their assumptions for their clients must build in inflation, liabilities and an accurate projected return. Most clients will want a structure whereby both short and long term goals can be satisfied.
Financial advisors will spend a long time studying cash flows, trends, how to reduce costs and company accounts to build up the most accurate picture they can.