With the proliferation of financial-blogs, investment Apps and Robo-advisors, many are wondering whether it is worth hiring a financial advisor. Financial advisors specialize in providing money management solutions in a wide variety of places, i.e. independent consultancies and insurance and financial companies such as banks and investment firms. According to a report published by CNBC, the main reasons for seeing a financial advisor are as follows:
- When personal changes arise – changes or milestones in personal life, such as marriage and having a baby must be managed well to ensure a sound financial future. This is important because financial disagreements in marriage can easily cause financial strain and damage a relationship.
- When you experience wealth changes – if your financial fortunes have risen as a result of a pay rise, new job offering or inheritance, you may need a financial advisor to help you make the most out of the windfall. The advice can cover everything from savings to investment strategies.
- When you need emotional support – catastrophic financial events such as the 2008 Financial Crisis and the Dot.com Bubble often cause jitters among investors and the general populace. A financial advisor can be called in during a crisis to provide objective advice. For clients with facing financial disclosure challenges, the advice can help instill honesty in financial reporting.
The things a financial advisor does that you probably did not know?
Financial planning can be hectic if things don’t fall as planned. Besides providing crucial advice on investment matters, money management, and retirement planning, financial advisors can do much more. According to Business Insider, here are 4 things you probably didn’t know the experts:
- Tax planning
Any money that can be saved through tax planning can go a long way to boost your financial health for years to come. A Certified Financial Planner (CFP) will carefully study your tax returns to help you find ways to manage and maximize your finances and taxes. For real estate investors, investment advice can help stem future losses and consolidate gains.
- Loan negotiation
Using their knowledge in finance and investment, financial advisors and planners can help clients find the best interest rates when applying for loans and mortgages. In the case of the later, the financial expert can negotiate loan rates and close real estate sales on your behalf.
- Financial therapy
Although financial advisors and planners are not licensed counselors, they are well-informed about the psychology of money and how it affects the human mindset. Subconscious beliefs about money have been shown to affect how people earn, spend and save money. During the therapy sessions, the advisor will come up with a sound financial plan to help clients prosper.
- Exploit the loopholes in insurance coverage
A CFP trained financial advisor can audit all the insurance policies held by individuals and businesses, i.e. life, property and liability insurance coverage. The insights obtained from the audit can be used to help clients find insurance loopholes and reduce the due amounts. One of the best advice is obtaining a cost-saving, umbrella coverage for home, vehicle, and other liabilities.
- Work with your employer
The advisors are also well-placed to work with employers to optimize various worker benefits. For instance, an advisor can work with your employer’s HR manager and 401(k) providers to discuss best plans to implement and cost savings options. The support can also cover incomes from investment, annuities, IRA accounts and other less known retirement and investment accounts.
The Debt Advice You Can Trust!
People who need advice on issues like tax planning, investment planning, and debt management can seek valuable support from financial advisors. Consumers with high-interest loans are constantly bombarded with unending monthly payments that come with far-reaching implications on one’s credit standing and peace of mind. The Illinois based Jayhawk Advisors is a financial advisor in the business of making a difference. The company is focused on promoting the client’s financial well-being since it understands the importance of achieving financial goals.
The Jayhawk online debt estimating calculator is easy to use. All you need to do is enter your particulars, including name, address, estimated household income, monthly credit card payments and estimated credit card debt to know how much you can save. The other popular tool from Jayhawks is the debt management solution, which prioritizes what a client needs by offering low interest, single monthly payment plan. To get in touch with Jayhawk Advisors, visit the company website or call 1-800-781-7547 to speak to a friendly representative.
Cobalt Advisors Complaints Already Starting For Debt Consolidation Loans
Cobalt Partners: Can You Trust Them?
Cobalt Advisors and Credit 9 have joined Saxton Associates and Hornet Partners in flooding the market with debt consolidation and personal loan offers in the mail. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Best 2020 Reviews, the personal finance review site, has been following Carina Advisors (also known as Corey Advisors, Pennon Partners, Jayhawk Advisors, Clay Advisors, Colony Associates, and Pine Advisors, etc.).
Consolidation loan occurs when someone decides to pay off several smaller loans with a single larger loan. You are lumping together all your payments into a single large payment. One of the benefits of the larger loan is a lower interest rate than smaller loans.
Moreover, the term on the larger loan is often longer which can lower the amount the person has to pay every month.
Most creditors offer consolidation as an easy solution for debt problems. While a consolidation loan can make it easier to control your debt because you only have a single payment to remember, it doesn’t address the main reasons why you got into the debt in the first place.
That being said, a consolidation debt is an efficient way to help you make short work of your debt and significantly improve your financial life. There are many kinds of consolidation loans for creditors to choose from. Make sure you select the right type of consideration loan for your particular financial situation.
Loan Consolidation for Students
Student loan consolidation is popular among students but it is important to have a college degree to qualify. The debtor can take all of their loans from previous years and consolidate them into a single loan. This will lock the interest rate to prevent it from rising over a long period of time. Moreover, student consolidation loans will stretch out over a longer time frame which will reduce the monthly payments, but it won’t save you from having to pay the interest.
Since you won’t be taking out any more student loans, this type of consolidation loan is a great option. Most people can only consolidate their federal loans, but this will make managing the loan much easier since they have to worry about a single payment every month.
If you want to learn more about the student consolidation loan, get in touch with the US Department of Education’s Direct Loan Program. These entities will help you consolidate the loan and lock in a fixed interest rate. You may even seek a payment forgiveness program. The consolidation must be done through the Direct Loan Program to qualify for repayment benefits.
Unsecured Consolidation Loans
Unsecured consolidation loans are unsecured loans that are offered by banks and credit unions. They are also known as signature loans. The interest rates on unsecured loans are lower than the credit card’s. Most people take out the loan for a certain period of time.
Despite its advantages, unsecured consolidation loans can offer a low-interest rate, but it may not be that great for many debtors. Moreover, it still doesn’t address the main reason why most people got into this problem in the first place: a spending problem.
Without addressing this issue first, you may ‘relapse’ and rack up more credit card refinancing vs debt consolidation, not to mention the fact that you still owe payments on the consolidation loan. If you decide to go this route, you should stop the use of your credit cards entirely.
You may have received unsecured consolidation loan offers in the mail. But it is searching in more credible sources to see if you can qualify for a better loan. Apply at your credit union ort local bank in addition to the offers in your mail. It is worth reading online reviews of the loan and the creditor offering the consolidation loan.
Home Equity Loan (aka Second Mortgage)
This type of consolidation is a home equity loan or a second mortgage. This gives people the option of borrowing against their property (or their home) and utilize this money to pay off their debts on credit cards that may have been accrued.
Because the loan is secured against the equity in the home, this option provides you with the lowest interest rates but also increases your risk of losing your property if you fail to make the payments on time. At the end of the day, most people end up going back into debt out of force of habit in just a few years’ time. Make sure to be weigh the pros and cons of this option before choosing it.
If you are thinking about home equity loans, make sure to stop using your credit cards completely before you accrue further debt on them. It is worth your time to thoroughly research all the different banks and companies that offer home equity loans. As a general rule of thumb, you may qualify for lower interest rates if you go through your credit union or local bank.
Is Consolidation Loan Going to Help Me Recover From Debt
While consolidation loan seems like a good option if you think about it, it is important to weigh all your options before signing up for it. As mentioned earlier in the article, most people are spendthrifts and end up back with crippling debt after having just paid their previous loan off. Using a consolidation loan requires discipline and access to a steady source of income.
This is a serious problem that can get even worse for you if you keep resorting to debt consolidation. In most cases, the best solution is to set up a personalized debt payment plan. This will help you identify your spending patterns and the complete breakdown of cash flow. A bird’s eye view of your finances will help you turn your finances around and get the best possible results.
If as a last resort, you do decide to go down the consolidation loan route, make sure to do your research into all the creditors near you. Whenever possible, look for ways to minimize the interest on your loan and secure the longest pay off time. Your goal should be to lower the interest rate to help you quickly pay off the loan without a hitch.
Finally, there are many budgeting apps that let you take full control of your budget. They provide insights into your spending and let you keep your money situation under control.
- Life At Home: How Families are Spending Their Time at Home Durning COVID-19 May 25, 2020
- Biggest Threats to Your Child’s Safety and What You Must Do to Protect It May 25, 2020
- Break Media: Giving a lifetime opportunity to up & coming artists with their entertainment company May 25, 2020
- New Orleans Artist Nuski Baby Gives Hands For Those In Need May 25, 2020
- Started as a Repost Page, the Media/Marketing Agency, 6ixclouttv is Expected to Turn into a Record Label Soon May 25, 2020
- Matt Par – The Young YouTuber Who Runs 9 Channels Without Showing His Face May 24, 2020
- How Jason Stavrianidis Is Making a Name for Himself as a Jeweler May 24, 2020
- Cobalt Advisors Complaints Already Starting For Debt Consolidation Loans May 24, 2020
- Tom Brady has left Bill Belichik and will be Playing with the Tampa Bay Buccaneers May 23, 2020
- Fitness Experts Give Tips on How to Do a Juice Cleanse May 23, 2020
Lifestyle10 months ago
Catholic Cases App brings Church’s Moral Teachings to Androids and iPhones
Tech1 year ago
Cloud Buyers & Investors to Profit in the Future
Entertainment10 months ago
Avengers Endgame now Available on 123Movies for Download & Streaming for Free
Entertainment10 months ago
123Movies Predicts Hobbs and Shaw will be the Most Downloaded Movie of 2019
World1 year ago
The New Feyenoord Stadium to have 63000 Seat Capacity
Entertainment12 months ago
Jonas Brothers’ ‘Chasing Happiness’ Amazon Documentary now Available for Free on Fmovies
Tech2 years ago
Siri’s latest glitch shows Donald Trump’s age as a penis
Tech11 months ago
Steam Offers Free Games Just Before Steam Summer Sale 2019