Best Financial Advisors in Pomona

Frequently Asked Questions

• Introduction

  There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.
  

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
    

  There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.
  

• How can residents of Pomona and the state prepare for a recession?

  Residents of Pomona and the state can prepare for a recession by having an emergency fund worth more than half of a year's living expenses. Lifestyles should be kept in check to prevent overspending, while expensive credit card debt must be paid off to prevent interest from racking up. Learning new skills is useful to open new avenues for earning.

• What is more economically advantageous in Pomona and the state: buying a car on installment or leasing?

  For residents of Pomona and California, the answer to the leasing versus buying on installment question depends on how often the individual changes cars. If the intention is to keep the car for a long period of time, a purchase is the ideal choice. If the motorist switches cars every time a new model is released, a lease is preferable and will cost less.

• Why do financial advisors operating in Pomona advise diversification instead of focusing on a handful of strong performers?

  Diversification is preferred by financial advisors in Pomona because it protects against sudden and drastic losses in any single investment sector. It allows investors to in some cases earn more than the single-product crowd even if there are some options that lose money over time, as long as the winners outweigh the losers.

• Why save for retirement when a person from Pomona can derive pleasure by spending money at the moment?

  It is preferable in Pomona to save money for retirement instead of deriving pleasure in the present because happiness is more long-lasting than pleasure. The hormonal highs one acquires from spending money is a fleeting phenomenon, while being safe and secure in old age cannot be quantified and lasts until death.

• In Pomona, what differentiates independent financial advisors from those in mainstream companies?

  In Pomona, independent financial advisors operate free from big-name companies and usually charge less. They are also distant from external influences brought by large corporations, unlike dependent counterparts constrained from recommending products from competitors. The advice and service given by independents could be more personalized and personal since the pool of choices is unrestricted and the atmosphere in the office looser.

• Are financial advisors worth it?

  Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.