DIFFERENT TYPES OF PROFESSIONALS CALL THEMSELVES ADVISORS
The following definitions come from FINRA: • FINANCIAL PLANNERS: These are professionals who “create comprehensive plans that delve into every aspect of your financial life, including savings, investments, insurance, college savings, retirement, taxes and estate planning.” • INVESTMENT ADVISERS/MANAGERS: These individuals provide individually tailored investment advice and may manage investment portfolios. They hold such titles as asset managers, investment counselors, investment managers, portfolio managers, and wealth managers. • INSURANCE AGENTS: “Insurance agents sell life, health and property insurance policies, and other insurance products, including annuities. Agents can work exclusively for one insurance company or they can represent multiple companies and try to find you the best coverage for your needs.” • ACCOUNTANTS: “Accountants are trained to provide professional assistance in areas including tax and financial planning, tax reporting, auditing and management consulting. A CPA can help you consider the tax implications of financial decisions.” Your accountant and your financial advisor should work together on your behalf.
