Monthly Archives: August 2016

Online Financial Consultation

People today are looking for ways to make their hard earned money last. We are a society where the majority of us live paycheck to paycheck and not many people have plans or savings for the future. This is making online financial consultation more and more popular. There are some steps that one goes through when planning an online financial consultation.

Most companies will set up an initial evaluation. This is the driving force behind a long-term financial plan. It is a critical phase where the client provides comprehensive financial information to the consultant. Then consideration is given to both monetary and monetary goals. The key items looked at are net worth, goal setting, asset allocation, investment performance, estate and income tax, risk tolerance insurance needs and overall special needs.

Now, this may sound a bit overwhelming, but for the professionals who do online financial consultations, it is just the basics. That is why it is smartest to go to a professional.

After the initial evaluation, your online financial consultant will begin the strategic planning phase. This is where the comprehensive planning for your future begins.

The planning is based on such strategic areas as investments, risk management, income tax, stock options, charitable giving, retirement, wealth preservation, wealth transfer business succession and estate.

The final part is the ongoing monitoring of your financial plan. This is the source of creative ideas and solutions building your wealth. In this phase, the online financial consultant will measure investment performance, provide a quarterly reporting and continued strategic assessment and refinement as requested.

Financial consultation is an ongoing, collaborative relationship. Your financial consultant can help you identify your dreams, create a plan tailored to your dreams, and track your progress along the way.

A large majority of people who use financial consultants feel highly satisfied with their advisors and look forward to continuing their relationships.

Financial Consulting

Financial consulting is one of the most sought after services not only by large corporations, individual clients, but government agencies as well. A financial consultant has the needed expertise, educational background and experience to provide an expert opinion on proposed business plan, complex investment portfolio, taxation, risk assessment, income management, and long-term planning. To become a financial consultant, one must be recognized by the Institute of Financial Consultants. This will only happen if the needed education program and examinations were completed to satisfaction.

Right now, there are two main types of financial consulting; business and personal. In business consulting arrangement, the client will ask for the opinion of the consultant in regards to their specific plan or concept. The role of consultant is to review the said proposed plan. After assessment, he is expected to provide advice on pending government regulations, risk management, long-term viability, and industry trends. In this type of work, consultants must have background related to insurance management, finance, accounting, and business management. It’s also a must that the consultant has at least 10 years of practical experience. Their experience will surely add more perspective and value.

In personal consulting arrangement, individual clients who have significant financial resources are hiring financial consultants that offer services that include taxation planning, long-term planning, income management, and investment advice. A consultant is expected to manage the portfolio in order to obtain maximum benefits without taking huge risks. Financial consultants who focus on serving individual clients are expected to have a background in financial planning and accounting. They must also have at least 5 years personal finance management experience.

What is a Chartered Financial Consultant

It is certainly not easy to be a chartered financial consultant and speaking of understanding the job, there are few important affairs that you should look into. First of all, it is the significance of being a financial consultant. Anyone can assign such titles to themselves as basically there is no specific academic requirement. Yes, there may be certain licenses that one should possess before being able to offer financial planning services to people. Recently there is a revelation that there are scams involving billions of dollars done by financial consultants. As such, you should beware of the experts’ credibility and personal ethics before deciding upon utilizing their professional skills.

Many designations such as the CPA (Certified Public Accountant), CLU (Certified Life Underwriter), and CFP (Certified Financial Planner) are professionals in the planning of finance industry that have undergone extensive training, being educationally certified and equipped with several years of experience. These credentials are important to give a view to people to differentiate between a chartered financial consultant and a self-claim professional. This is important to ensure they deal with a certified expertise to handle their financial affairs. With such strict requirements, government will also be able to control the integrity and quality of financial planners.

Do not make prompt judgments of a professional planner before you seek financial planning services from them. You should not hesitate to understand their backgrounds such as their designations, the services they provide, what institutions they graduated from and what benefit they might enjoy from your situation. You can also contact the awarding organization to make confirmation that the person’s credentials are not self-made.

Getting a proper planning from a chartered financial consultant may extract a certain figure from your bank account but it should be appropriate considering their education covers a wide field of knowledge that include taxation, accounting, insurance, economics, ethics, estate planning and investing. There are three examinations related to such fields to pass and must have at least three years of experience before they become a licensed financial consultant.

The Benefits of Hiring a Business Financial

It’s no secret that starting your own business requires a lot of hard work and research. Besides those things, you also need seed money in order to get your business up and running and that often means applying for a loan at a bank.

Getting a business loan is just like getting a loan for anything else, for the most part, but banks often require a little more information than is typical of other types of loans before they’ll hand over the funds that you can use as seed money to start your own business.

That’s where a business financial consultant can help.

Having a business plan in place is one of the most important things that any aspiring business owner should do. Beyond being an outline of what your business is about and how you plan to succeed, your business plan should also include a plan for how the various financial aspects of your business are going to be dealt with.

Hiring a consultant can help you to successfully navigate what is, at times, a very confusing maze of laws and rules that govern business finance. Not only can you make sure that any money that you put into your business is appropriated to the right aspects of the business but, with a consultant, you’ll also strengthen your business plan so that the banks will extend a line of credit to you.

Business financial consultants typically know exactly what it is that banks look for in the people that they’ll potentially extend loans to. It’s important to remember that starting a business isn’t just particularly risky for you; it can be a risk for the bank as well.

Banks want to make sure that they’ll get a return on their investment into the business that you’re starting. In order to guarantee them that their money won’t just disappear, you need to have a business financial consultant’s expert grasp on many of the different aspects of business finance and have everything thoroughly outlined in order to secure business funding.

Aspects of a Business Plan

Some of the aspects that you need to be familiar with in your business plan include how the funding you’re trying to secure is going to be spent on things related to the business like supplies, office space, personnel, marketing and promotion.

Beyond these things, a business financial consultant will use various CFO services to help you develop an idea for things like anticipated cash flow and escalating costs as they relate to the growth of the business. Having a plan to start a business is important, but having the foresight to predict how things are going to develop once the business is operational is equally important.

With the economic times being as trying as they are everyone is tightening their belts and banks are looking at who they give money to with more scrutiny than they had in the past.

Succeeding as an Owner

If you want to succeed as the owner of a brand new business then you have to make sure that every single aspect of your business related finances are in order before you go to the bank or any institution of lending with the expectation that you’ll be given the money needed to get started.

A business financial consultant and the CFO services that he or she can provide are pretty much necessities for new business owners, but any business can benefit from working with such a person. After all, you’ve already got plans to start your business and it’s a given that you’ll want to stay in business.