Best Financial Advisors in Philadelphia

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 should you financially prepare if you plan to give birth in Philadelphia?

  If you intend to give birth in Philadelphia, you should first ascertain the types of immediate costs resulting from giving birth and caring for the baby. Setting short-term savings goals to pay for medical expenses or other significant financial obligations that come with starting a family is an excellent place to start. Your budget should be adjusted for the changes in your expenses and lifestyle.

• What steps should you take if you inherit money in Philadelphia?

  You should develop a list of objectives for you and those you love, as well as your savings and debts. Take your time in order to prevent placing yourself in a position where you can make mistakes that end up costing you more later on. It is advisable to speak with multiple financial planners before choosing one if you require assistance with more than simply investing.

• What should you do to manage your finances in Philadelphia after the death of your spouse?

  Gathering important papers that can help you financially after the passing of your spouse should be your first move in Philadelphia. These documents can be a will or trust, insurance policies, end-of-life documents, social security numbers, and death certificates. In this case, it is advisable to take a step back after a loss and refrain from making any major financial adjustments or decisions. You can always put off making changes to your way of life until after things have calmed down or after the completion of the probate process.

• Is hiring a financial advisor in Philadelphia required to administer your 401(k) plan?

  No. The administration of your 401(k) plan does not necessitate that you work with a financial advisor in Philadelphia. However, if you do not hire a professional for specialized counsel, you will be at the mercy of your 401(k) plan's provider's advice. Remember that the majority of 401(k) plan providers are only able to provide general information about what an investor can and cannot participate in within their plan. This is because they are not in a position to assess each investor's needs.

• Why should you seek the assistance of a certified financial planner in Philadelphia?

  It is recommended to work with a certified financial planner in Philadelphia because of the value you can get from their training, job history, reputation for accountability, credentials, and dedication to lifelong learning. By selecting a CFP as your private financial advisor, you may gain a comprehensive understanding of your money that takes into account every component of your life. This way, you can be sure that every element of your financial plan works in unison to get you where you want to be.

• 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.