Best Financial Advisors in Van Nuys

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.
  

• Are there financial literacy programs for low-income individuals and families in Van Nuys?

  Yes, The FamilySource Center offers free financial literacy services to low-income individuals and families. These services include financial coaching and literacy training, tax preparation and filing, foreclosure counseling, and prosperity coaching. The center is located at 6946 Van Nuys, Ste. 220 Van Nuys, CA 91405, and can be reached by phone at (818) 786-4089.

• How can you know if passive investing in Van Nuys is right for you?

  Passive investing is appropriate for those seeking lower tax losses and fees, as well as less investment maintenance. It provides fairly positive long-term yields, sometimes outperforming active investments. It is beneficial for Van Nuys investors who want to avoid complex investing or do not have the time to monitor the performance of individual stocks. However, such an investment may not be suitable for those looking to diversify their portfolios or avoid volatile returns.

• Are investments in private companies recommendable for an investor in Van Nuys?

  Investing in venture capital and private equity can produce significant returns. There are times when investing in risky companies, such as start-ups or those in emerging industries, is the best option. A small investment in the early days of Starbucks and Microsoft, for example, would have resulted in significant long-term returns. Investors considering this strategy should speak with a Van Nuys financial advisor or investment firm.

• How can newlyweds in Van Nuys start to make a joint budget?

  To keep track of their finances, newlyweds in Van Nuys can use an online app, Excel spreadsheet, or paper planner. They must keep track of their income and compare it to their expenses, which include monthly bills, debt payments, and regular expenses. If their finances are cash positive, it means they have money to invest, save, or pay down debts. If the results are negative, it means they are having financial difficulties and should cut costs and increase income.

• Can money mindset coaching be beneficial to persons in Van Nuys?

  A money mindset coach can assist Van Nuys residents in changing their attitudes toward money, overall finances, and prosperity. They can teach clients about money mindsets and provide tactical advice to help them achieve their goals and overcome obstacles to success. They can also offer exercises and strategies to promote positive behavior, such as gratitude practice, visualization, consistent affirmation, and journaling.

• 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.