From the course: Financial Planning and Wealth Management Fundamentals
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Commonalities to consider across the board
From the course: Financial Planning and Wealth Management Fundamentals
Commonalities to consider across the board
Alright, so we've discussed the three key types of advisors. Financial planners, investment advisors, and portfolio managers. And we spent a lot of time going through the differences between them, but there's again a lot of similarities between these different types of advisors, and it all starts off with a solid financial plan. Now, no matter who the client is, what level of wealth they possess, and what complexity is involved in their personal or financial situation, their advisor needs to take the time to sit down with them to understand and document their goals and put together a plan to reach them. So what do all three tiers of advisors, what is the process that they all have in common? That common denominator is the financial planning process. Now, as the financial planning industry has grown and evolved over the past few decades, the methodology used to generate a financial plan has also changed rapidly and for the much better. Whereas in the recent past, a typical financial…
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