Here in the UK, there are a wide range of financial professionals offering a variety of services, from holistic wealth management to financial analysts. Among the many experts that assist enterprises and individuals are financial consultants.
In the following passages, we’ll take a deep dive into their role and the services they provide. If you’ve ever wondered, “what is the difference between a financial adviser and a financial consultant?”, read on for the answers you seek.
What is a financial consultant?
Financial consultants can be self-employed specialists or work through an established firm, and their clients can be individuals or enterprises.
Financial consultants provide personalised advice that helps clients with a range of financial aims. For instance, they may offer aid identifying suitable investments, strategies for financial planning or guide decisions on protective policies. Consultants often direct both the buying and selling of asset classes on the behalf of investors, like bonds or stocks, or supply recommendations on appropriate financial products.
Before providing tailored council, a financial consultant typically meets with clients for an assessment of their present financial situation and to gain an understanding of their financial goals. It’s understood that life changes like retirement, new or ending employment, marriage, children and health can require further assessment to ensure that financial plans still fit, and can yield the desired results before they make any recommendations.
What does a financial consultant do?
The service a financial consultant offers can provide their client with an overview and analysis of their financial situation. However, if they are hired to consult on one specific financial area, the advice will naturally be more focused.
Consultants break down various aspects of their clients’ financial situations, including expenses, income and assets, and help them form an effective financial plan to achieve their goals. These ambitions can sometimes be focused on a specific milestone, like purchasing property or planning for retirement.
It is worth noting that some financial consultants provide clients with different types of services according to their specialisation. For instance, a consultant who is an expert in planning may offer advice on taxes, estate and retirement planning and insurance, while an investment focused expert will cover portfolio management.
How do financial consultants and financial advisers differ?
The terms “financial adviser” and “financial consultant” are often used interchangeably and many of the services they provide cross over. Both provide personalised financial advice that meets their clients’ needs and helps them to reach their financial objectives.
Financial consultants are often associated with short-term financial aims, while a financial adviser usually provides ongoing and comprehensive support; however, this can depend on the consultant or adviser in question.
How to find a financial consultant
Do you need a financial consultant in Cheshire or Oswestry? If so, we can help. Our experienced team can consult on all aspects of your finances, whether you run an enterprise or need professional assistance regarding your personal wealth.
Regardless of whether you seek short-term assistance with a specific area of your finances or comprehensive support, you can rely on Hartey Wealth Management. Reach out to us today to arrange a face-to-face consultation with one of our advisers.
