What do you think of when you hear “financial advisor”? You might think of someone who helps you plan your retirement or invest for the future. But a financial advisor does more than just help you manage your money. So, “what does a financial advisor do?” – A financial advisor is a professional who can provide advice and guidance on all aspects of personal finance.

What is a Financial Advisor?

Financial advisors offer invaluable assistance in creating long-term wealth-building strategies and effectively balancing investment portfolios. They offer advice on various financial issues and decisions, ultimately guiding clients toward achieving financial independence and security.

What Do Financial Advisors Do?

Financial advisors help individuals and organizations manage their money to achieve financial goals. Discover the various types of financial advisors to guide your financial future:

What Do Financial Advisors Do
  • Investment professionals
  • Tax professionals
  • Wealth managers
  • Financial planners

Financial advisors assess a client’s current financial situation and create a comprehensive plan that helps meet the client’s short-term and long-term goals. To do this, they must be up-to-date on the ever-changing economic landscape. Financial advisors research and analyze investment opportunities, provide risk management advice to clients, and monitor their clients’ financial portfolios.

They provide a wide range of services including but not limited to:
  • Asset Management
  • Tax Preparation
  • Budgeting
  • Retirement Planning
  • Estate Planning
  • Insurance Advice
  • College Savings
  • Real Estate Investments
  • Business Succession Plans

Asset Management

Financial advisors help clients manage their investments. They typically develop a portfolio of stocks, bonds, mutual funds, and other investments designed to meet the client’s goals. Financial advisors monitor these investments over time and adjust them as necessary to ensure that they remain in line with the client’s objectives.

Tax Preparation

Financial advisors can help their clients understand and prepare for the tax implications of various financial decisions. They can provide advice on how to legally minimize a person’s or an organization’s tax burden, as well as make filing taxes simpler and more efficient.


Financial advisors work with their clients to create effective budgeting plans that will help them meet their financial goals. They can provide guidance on how to best prioritize spending and savings, as well as recommend strategies for managing debt.

Retirement Planning

Financial advisors can help clients plan for retirement by assessing their current situation and creating a comprehensive plan that includes investments, budgeting, and saving strategies. They provide advice on the best way to save for retirement, how to take advantage of tax benefits, and when it is appropriate to begin taking Social Security payments.

Estate Planning

Financial advisors can help clients plan for the future by creating an estate plan that includes wills and trusts. They can also provide guidance on managing inheritance taxes and making charitable donations while minimizing estate taxes.

Insurance Advice

Financial advisors can help clients assess their risk exposure and determine what type of insurance coverage they need. They can provide advice on the best types of insurance to fit the client’s needs, such as life, health, disability, or long-term care insurance.

College Savings

Financial advisors can assist clients who are saving for college by recommending strategies to make the most of their investments and maximize tax benefits. They can also provide guidance on the best type of college savings account, such as a 529 plan or Coverdell Education Savings Account (ESA).

Real Estate Investments

Financial advisors can help clients identify potential real estate investments and develop strategies for making the most of them. This may include advice on the best ways to finance a property, when to buy or sell, and how to manage tax implications.

Business Succession Plans

Financial advisors can help clients develop a business succession plan that will guide the future of their company. This may include advice on asset transfers, estate planning, and retirement strategies.

If you’re interested in working with a certified financial planner, financial advisor, or another personal financial professional, it’s important to choose one that fits your needs and goals. At NextGen Financial Planning, we can help you find a financial advisor who will create a personalized financial plan that fits your unique situation. Contact us today to get started. We look forward to helping you build the financial future of your dreams!

Financial Advisor vs. Financial Planner

Financial advisors and financial planners are both financial professionals who work with clients to manage their money. However, there are some key differences between the two:

Financial Planner

A financial advisor typically provides investment advice and guidance on managing finances, while a financial planner often provides more comprehensive advice that takes into account the entire scope of the client’s finances. Many financial advisors specialize in one particular area, such as investing or tax planning, while financial planners can provide a range of services.

To become a certified financial planner (CFP), a professional must have completed the CFP Board’s education and examination requirements and adhere to its code of ethics and professional responsibility. Financial advisors do not necessarily need to be CFP certified, but they must have the appropriate license and qualifications to provide advice.

Financial advisors who want to sell products like bonds, stocks, mutual funds, and annuities, must be registered with the Financial Industry Regulatory Authority (FINRA). They must pass several tests to become certified.

At NextGen Financial Planning, we only work with experienced financial advisors who are committed to helping clients reach their financial goals. Our team of professionals provides comprehensive investment advice while effectuating sound and responsible financial strategies. Contact us today to learn more about how our advisors can help you achieve your financial objectives.

Financial Advisor vs. Wealth Manager

Financial advisors and wealth managers are both professionals who provide financial advice to their clients. But there are differences between the two titles:

Wealth Manager

A financial advisor typically provides guidance on investments and managing finances, while a wealth manager is often more comprehensive and may also focus on areas such as estate planning, tax strategy, and retirement planning. Financial advisors may also offer investment advice, but they are typically more focused on investments than a wealth manager.

Wealth managers often have specialized expertise in areas such as estate planning or tax law and can bring a higher level of sophistication to financial planning. They also usually work with high-net-worth individuals, while financial advisors typically work with clients of all wealth levels.

At NextGen Financial Planning, we have a team of experienced financial advisors and wealth managers who are committed to helping clients reach their financial objectives. We provide comprehensive advice that takes into account the client’s entire financial picture. Contact us today to learn more about how our professionals can help you achieve your goals.

Human Advisors vs. Robo Advisor

Human advisors and robo advisors are both financial professionals who offer advice to their clients. However, they differ in the way they provide services.

A human advisor typically provides personalized guidance that takes into account a client’s individual goals and preferences, while a robo advisor typically follows an algorithm or automated process to make decisions. Human advisors typically have specialized knowledge and experience to provide more detailed advice, while robo advisors can offer a cost-effective option with low minimums for smaller accounts.

NextGen Financial Planning combines the best of both worlds – the personalized advice and expertise of our human financial advisors, coupled with the efficiency and affordability of automated technology. We provide our clients with a comprehensive financial plan tailored to their unique needs and goals. Contact us today to get started!

What is Financial Planning?

Financial planning is an important aspect of managing your finances and achieving your long-term financial goals. It involves creating a strategy for saving, investing, and managing debt that will help you reach those objectives.

What is Financial Planning?

NextGen Financial Planning offers a variety of financial planning services to meet our client’s needs. Whether you need help with budgeting and debt management, retirement investments, or estate planning, our team of experienced financial advisors can provide comprehensive advice that takes into account your entire financial picture.

If you require a good financial advisor for financial planning, asset allocation, investment management, or other personal financial matters, contact us today to learn more about how our services can help you achieve your financial goals.

Frequently Asked Questions

What are the main duties of a financial advisor?

The main duties of a financial advisor are to provide advice on investing and managing finances, create comprehensive financial plans for clients, and help clients reach their long-term financial goals. Financial advisors may also advise clients on retirement planning, estate planning, asset transfers, and other strategies for building wealth.

What is an Investment Portfolio?

An investment portfolio is a collection of investments, such as stocks, bonds, mutual funds, and other securities. It is an important part of financial planning as it provides exposure to different asset classes and helps spread risk.

What does Risk Tolerance mean?

Risk tolerance is an individual’s willingness to take on risks when investing. It is important when creating an investment portfolio as different people have different levels of risk they are comfortable with taking on.

Do I need a financial advisor?

Whether or not you need a financial advisor depends on your individual situation. If you have complex financial matters, such as estate planning or retirement planning, it is recommended to seek professional guidance from an experienced financial advisor.

At NextGen Financial Planning, we offer comprehensive advice and expertise to help clients reach their long-term goals. Contact us today.

What is a Chartered Financial Analyst?

A Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute. It indicates that an individual has passed a series of exams and gained knowledge in portfolio management, financial analysis, and investment strategies.

How much do financial advisers charge?

The fees charged by financial advisors vary depending on the type of services offered and the complexity of the advice provided. Generally, financial advisors charge an hourly rate or assets-under-management fee. It is important to understand all the fees before engaging with a financial advisor. At NextGen Financial Planning, we provide transparent pricing and clear terms for our services. Contact us today so we can discuss your financial goals and needs.


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