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What Does a Financial Advisor Do For You?

By: Michael Millington

When you have need of a financial consultant, it’s usually for one of two reasons. Either you have an exorbitant amount of money that you cannot handle on your own or you need help getting your financial feet underneath you after some detrimental situations. In both scenarios, your financial advisor will be there to help you handle your money, whether it’s to amass more wealth or get out of debt. However, the end goal remains the same: bring you back to financial homeostasis.


What Kinds of Financial Advisors Exist

In general, there are two types of financial advisors. There are real financial advisors, people you can see and speak to when you have an issue or an advanced goal to accomplish. The other is an electronic variant, either through a program or application. This is generally better for those who don’t need a lot of personal help and don’t want to get involved in the saving/investing process directly. As with most dichotomies, there are positive aspects to both sides.


Positives About Human Financial Advisors

As mentioned earlier, human financial advisors are able to be spoken to (during office hours) and can be reasoned with. It’s more plausible to achieve multiple goals at the same time. The best thing about human financial advisors is that they can give you real time attention and explain things on a personal level.


Positives About Robotic Financial Advisors

Most programs and applications that incorporate auto financial advisors are a dime a dozen. With so much in the form of technology making leaps and bounds, autonomous advisors are able to handle a wide range of financial situations, eliminating the error that may accompany human involvement.


Negatives About Human Financial Advisors

Humans can and will make mistakes, and mistakes with your money can end up being very costly (literally). Missteps with your funds can result in ending up in a worse position than when you started. Human error can result in permanent loss of money with no assurances that you’ll see it again.

Negatives About Robotic Financial Advisors

Robots will be robots. They only do as much as (one) you tell them to do and (two) as much as they’re programmed to do. Applications and websites have limitations and cannot advise organically. There are many things that must be left to human interaction to get to a positive conclusion.

Make the right decision based on what you know about yourself and your finances. There are many wrong reasons to acquire a financial advisor, whether real or programmed, so make sure you’re doing it for the right reasons.