When it comes to your money and investments, you have to be wise. It is not easy to earn and you have been working day and night to come up to this amount. But if you have no idea how to manage your finances outside your native land, especially if you are making a huge investment, then it is time for you to consider someone who can give you an expat financial advice. If you think that this is what you need, then this article is definitely for you.
A good financial advisor would be able to help you set and achieve your financial goals. This is done in a way that would suit your needs and most importantly, your budget. When it comes to financial advisors, you have a range of options, from online services to human specialists. You can also have both! If you are not sure what kind of ‘advisor’ would you need, take a look at this short overview of the type of advisors that you can choose from.
Online Robo Advisor – What Can They Do?
Robo-Advisor Services are online financial advisors can help pick and maintain an investment portfolio for you using their computers. Some of them offer access to human advisors where you can ask questions. These services are usually cheaper and are the best choice when you want to get started on your financial goals like your retirement but wouldn’t want to pay a lot.
If you need someone who can guide you when you want to invest for your retirement or for other financial goals, a robo-advisor is your lowest cost option. Their computer algorithms would help you set up and manage an investment portfolio specifically for your goals. You might be wondering when would you need a robo-advisor?
Here are some reasons to get one:
- Get started on retirement savings but you are not sure where to start.
- Thinking of benefiting from the stock market but you do not have the time to learn more about it.
- You have a lump sum and you want to invest it for future financial goals.
Getting Financial Assistance From Human Financial Advisors
These advisors have different specializations that focus on helping you reach your financial goals. If say you look for a fee-only certified financial planner this specialist can give you good training without any conflict of interest. However, they are pricier compared to online services. But they are the best choice when you want to start with specialized services like estate planning, retiring, getting married, or if you have a complex situation.
These professionals would be able to provide you with holistic financial planning and assistance that can help you achieve your financial goals. If you hire one, you can delegate some or all of the duties when it comes to managing your finances. If you hire a real person, you can have a conversation about your finances, your goals (whether they are short or long term), if you have any existing investments, as well as your tolerance for investing risks.
Here’s why you should hire a human financial advisor:
- You are planning a huge change in your life like you are getting married or filing for a divorce, you want to have a baby, taking care of your parents, starting a business, or buying a property.
- Some of your investments grew or maybe something changed in your life that a robo-advisor would not be able to handle.
- You need a real person to give you a ‘reality check’ about your financial plans.
Now that you understand the difference between a robo-advisor and a human financial advisor, it is time to decide which of the two would be perfect for your needs and goals. Take note of their duties and responsibilities so that you can choose the right one for you.