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Micky Gramlin
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Micky Gramlin   My Press Releases

Estate Planning 3: Bankers

Published on 11/2/2018
For additional information  Click Here

 

Image result for Financial Analyst

 

“When considering if you need to hire an estate planning lawyer, consider this - estate planning is serious business. One wrong word or one missing signature can change the entire intent of a will or trust.

 

I will state my usual here, that I am no financial guru, nor am I liscensed in any of these fields. This is a series that I am putting together for my sons and six granddaughters and sharing the information

 

Bankers

(Personal Banker, Financial Officer, Financial Analyst)

Also known as: Financial Counselor, Financial Planner, Certified Financial Planner, Investment Advisor, Financial Consultant

Your personal banker may or may not be able to advise you in all of these areas outlined, but keeping them in the loop is important to your estate. Most of the time their investments such as a savings account, low interest is paid and low risk on your part and therefore little money can be made. But for banking needs and monitoring your monies and accounts it is good to have one. Also keep in mind, low risk, bank deposit box needs, easy access to monies, transfers etc…

“A financial advisor is someone who gives financial advice to their clients. In determining an investment portfolio for a client, they must be able to take into account a range of information, including economic trends, regulatory changes, and the client’s comfort with risky decisions. A major part of a financial advisor’s job is making clients feel comfortable. They must establish trust with clients and respond well to their questions and concerns.”

What does a Financial Advisor do?

Financial advisors assess the financial needs of individuals and help them with investments (such as stocks and bonds), tax laws, and insurance decisions. They help clients plan for short-term and long-term goals, such as education expenses and retirement. They recommend investments to match the clients' goals. They invest clients' money based on the client's' decisions. Many also provide tax advice or sell insurance.

Personal financial advisors typically do the following:

  • Meet with clients in person to discuss their financial goals
  • Explain the types of financial services they provide
  • Educate clients and answer questions about investment options and potential risks
  • Recommend investments to clients or select investments on their behalf
  • Help clients plan for specific circumstances, such as education expenses or retirement
  • Monitor clients' accounts and determine if changes are needed to improve account performance or accommodate life changes, such as getting married or having children
  • Research investment opportunities

Although most financial advisors offer advice on a wide range of topics, some specialize in areas such as retirement or risk management (evaluating how willing the investor is to take chances and adjusting investments accordingly)

After they have invested funds for a client, they, as well as the client, get regular reports of the investments. They monitor the client's investments and usually meet with each client at least once a year to update him/her on potential investments and to adjust the financial plan because of the client's changed circumstances or because investment options have changed.

Many spend a great deal of time marketing their services, and they meet potential clients by giving seminars or through business and social networking. Many financial advisors are licensed to directly buy and sell financial products, such as stocks, bonds, annuities, and insurance. Depending on the agreement they have with their clients, advisors may have the clients' permission to make decisions about buying and selling stocks and bonds

Private bankers or wealth managers are personal financial advisors who work for people who have a lot of money to invest. These clients are similar to institutional investors (commonly companies or organizations), and they approach investing differently from the general public.

Private bankers manage a collection of investments, called a portfolio, for these clients by using the resources of the bank, including teams of financial analysts, accountants, and other professionals.

What is a Financial Analyst?

Also known as: Entry-Level Financial Analyst, Chartered Financial Analyst, Financial Research Analyst, Equity Research Analyst, Investment Analyst, and Securities Analyst.

A financial analyst is someone who manages various aspects of other people’s money. Some analysts work as investment advisors, either on their own or with a brokerage firm. Depending on the wealth and size of their clients, they may manage portfolios worth millions of dollars.

Other financial analysts work for banks or insurance companies, ensuring that even when a loan defaults or a claim is paid, the company maintains a positive cash flow. Still others specialize in mergers and acquisitions, determining the profitability of two companies combining their forces in a merger or one company buying another company in an acquisition.

What does a Financial Analyst do?

Financial analysts evaluate the financial situation in their area of expertise and generate appropriate reports, both written and oral, regarding their recommendations. They monitor and interpret available data such as industry and economic trends, forecast the current trends into probable future profitability, determine a fair market value for the sale of company stock, and recommend action to their company or investors.

Successful financial analysts are excellent critical thinkers; they can logically determine the best course of action regarding any potential investment. They should be lifelong and active learners in order to remain current regarding market conditions and new technologies, and to be able to predict the long-term results of their investment decisions.

An analyst identifies potential problems within his or her investment options and either seeks a solution to the problem or opts out of the opportunity. Excellent communication skills, combined with the ability to distill large quantities of complex data into clear, concise presentations, allow an analyst to convey his or her investment opportunities in a manner that encourages clients to sign on.

An analyst is willing to take risks in order to generate profit, but he or she is also an expert in risk management and is sensitive to the acceptable risk level for his or her clients. Integrity, dependability, attention to detail, and initiative are hallmarks of a successful analyst.

 

Thank you for stopping by!

Micky Gramlin

Source

sokanu.com

EstatePlanning.com

Picture Source

Google

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Estate Planning 6: Types of Trusts

 

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