Independent Financial Advice for more than Investing
A lot of people thing that independent financial advisors are only used for investment purposes, but that’s only one aspect of what they do. As the name suggests, they offer all kinds of financial advice. And while investment opportunities are why many people hire independent financial advisors, they offer other services that are equally, if not more, valuable to a large percentage of the population.
Maybe you are a person that doesn’t have any money invested in stocks, bonds, or IRAs. But, if you have accumulated a lot of debt in the past, an independent financial advisor is an excellent person to consult with. They have the financial knowledge to help create a budget that will allow current and delinquent bills to be paid while saving a little money for the future. Many people have found themselves in debt and contracted the services of a credit counselor. In many cases, this is just another name for a financial advisor.
The services provided by independent financial advisors are so important that when the federal bankruptcy code was rewritten in 2005, one of the new provisions mandated that anyone filing for bankruptcy must complete a certain amount of time in credit counseling provided by a qualified financial advisor. The hope of including this rule is to give people a greater chance at not repeating past mistakes.
As has been illustrated here, the value of an independent financial advisor goes far beyond the realm of the stock market. And with money becoming an increasingly precious commodity, it would seem as though everyone could benefit from sound financial advice.