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These advisors vary in terms of their areas of expertise and the specific types of financial services they provide, and tailor their advice to their client’s financial situation, needs, and goals. Generally, a financial planner charges fees at an hourly fee, by the project, or as a percentage of assets under management.
The simplest definition of the role of a financial advisor would of that of a person who helps individuals, families, and organizations make decisions related to their investments, taxes, insurance planning, retirement planning, estateplanning, and money management. Accounting & TaxPlanning Firms.
Getting the right financial advisor: Financialplanning for high-net-worth individuals can include taxplanning, managing philanthropic activities like charity, asset protection, estate and succession planning, and risk management, among several other things. Chartered FinancialConsultant (ChFC).
Physicians also require basic insurance plans like homeowners and auto insurance to protect their assets. Further, physicians also need comprehensive estateplanning, such as setting trusts for asset protection and the smooth transfer of their wealth to the next generation.
The per-hour fee structure is often used by financial advisors offering advice on estateplanning; debt management; tax strategies; and Social Security claiming strategies. Many financial planners will do a portfolio review and provide investment advice for an hourly fee as well.
If you are a high-net-worth individual and wish to learn about wealth preservation, tax-saving strategies, and management of large estates; engage the services of a wealth advisor who can advise you on the same. Keep reading to know more about the financialplanning process for high-net-worth individuals and how it can benefit you: 1.
Some platforms, such as Harness, maintain networks of vetted tax advisors with expertise in a variety of fields, making it easy to get introduced to specialists when needs arise. Some tax advisors specialize in taxplanning, while others may concentrate on auditing, financialconsulting, or simply annual tax filing.
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