Everyone Will Need a Financial Advisor at Some Point or Another
In the same way that a doctor needs her/his own doctor or a lawyer might need legal advice, even the most money-savvy people will find that they need financial advice. So as you teach yourself about finances, understand which decisions are too complex and which situations are beyond your skill level and seek out advice.
A financial advisor is an individual who provides financial advice or guidance to customers for compensation. Financial advisors provide different services, including investment portfolio management, tax planning, retirement planning, insurance planning, and estate planning. These professionals help their clients meet and manage their most important financial goals in life. A fundamental goal of financial advisors is to increase clients' net worth over time, while protecting them from risks such as loss of income due to disability, premature death, and long-term care expenses.
This legal term refers to a person or other entity, such as a bank or credit union, who acts as an agent-in-trust (carries out financial or legal duties on behalf of another) for another. A fiduciary might manage a financial trust for a minor. The fiduciary has the responsibility to behave in a trustworthy manner.
Free financial advice is easy to come by, and it is often provided by brokers and sales agents. They want to sell you something. Their only legal obligation is to sell you a product or service that is "appropriate" for you. It does not have to be the best option for you. They are under no obligation to provide advice that is in your best interests.
Never be shy about asking this question of any financial advisor: "Do you have a fiduciary responsibility to provide advice that is in my best interest?"