Best Financial Advisors in Victoria

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.
  

• In Victoria, what do you need to do as a newly married couple in terms of financial matters?

  As a newly married couple in Victoria, you and your spouse are advised to merge your finances. You need to establish first a joint budget to make sure that you and your partner are on the same financial page. You also need to review and update your employment benefits, as well as your wills, insurance, and other accounts.

• How can you safeguard a small business in Victoria in case of the owner's death?

  In Victoria, creating a buy-and-sell agreement is the way to safeguard a small business in case of the owner's death. It is a contract involving different entities within a corporation. Investors are requested to buy the interests of the deceased owner to protect the enterprise from loss of revenue.

• Do you need to see a financial advisor in Victoria when you are near retirement?

  Yes. You are encouraged to see and talk to a financial advisor when you are near retirement in Victoria. You can ask questions and get advice regarding your concerns with your finances. Your advisor will also help you determine your short-term and long-term goals, as well as calculate your income and expenses to know if it fits the life you want when you retire.

• What should you look for in an extended-care policy in Victoria?

  In Victoria, you should know the costs and benefits of an extended-care policy. You should be aware of the covered facilities like assisted living institutions, home health and hospice care, and adult daycare centers. You also need to determine whether the policy is tax-qualified, the elimination period, the maximum benefit amount, and how much its daily, weekly, and monthly payments are.

• When can you start establishing a 529 education savings plan in Victoria?

  There is no definite time and date for establishing a 529 education savings plan in Victoria, but it is advised that you start as soon as you can. If you are a parent or guardian, you have to keep in mind that the earlier you start saving, the more time your investments will grow. Funds from the 529 plan can be used for qualified education expenses of your beneficiary.

• 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.