The Difference Between Financial Consultants and Financial Advisors
Whether it’s in your personal or professional life, or within the structures of your own small- to medium-sized business, should you have been advised to employ the aid of financial consultants to assist you with a financial concern, you might have come across the titles ‘financial consultants’ and ‘financial advisors’. After all, they would both boast similar, if not identical qualifications, come from similar finance backgrounds and would both carry the relevant certifications of practice.
This conundrum is understandable. In the industry itself, these roles would often be referred to interchangeably – an industry habit, in this instance. This creates some muddying-of-the-waters for laypersons but, in reality, each of these titles has its own specific roles and specialised functions within the finance industry. So, where do financial consultants fit in?
Solving that Niggling Itch
If you play a sport, for example, tennis, and you are an accomplished player but have a niggling itch with your first serve, you will need to rectify that all-important first serve-ace power stroke to perfect your game. For that, you would employ a serving coach who would break down your serve and carefully rebuild it, and through keen observation, consistent learning, and practice, begin fixing that specific issue in your otherwise flawless game. Once this has been accomplished, the serving coach’s job is done. They have fixed that niggling itch and they move on to the next faulting server.
This is what financial consultants specialise in. They are the serving coaches for short-term and immediate financial itches. For example, you need immediate guidance to study towards a degree; or perhaps you found out that a baby will be joining the family and you need additional healthcare; or you’re thinking of changing professions or opening your own business; or you have an existing business that needs assistance with short-term solutions, like employee benefits or cash management guidance.
In these instances, a financial advisor would advise you to consult with a team of specialised, short-term financial consultants. These professionals would then come in, analyse the specific areas of your life or business that need individual attention, offer advice on potential solutions and allow you to implement them. They would then coach and monitor the advised solutions’ progress and, once the solution is adopted and is up and running, the itch is relieved, and they would move on.
Enlist Financial Consultants that Work for You
Efficient Wealth is a company with many offerings, one of which is identifying immediate financial problems and offering genuine solutions that would best suit your needs. Since 2003, Efficient Wealth has been bringing our brand promise to life with intelligence, insight, foresight and innovation. We work to ensure your efficient wealth.
Our carefully selected team includes financial consultants that are flexible, human, and approachable. We are personally invested in the welfare of our clients. If you need a team of specialised financial consultants, click here. We will get rid of that niggling itch. It’s what we do.