Here's how a Financial Advisor helps you in Personal Finance Management

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Managing finances is not an easy task. There are multiple factors that are to be taken into consideration before you make any decision. Consulting financial advisors makes the job a bit easier. The term financial adviser refers to a broad category of expert professionals who help investors to manage and organize finances. Financial advisors improvise the quality of financial decisions that are made by an investor. 

If you are looking forward to avail services from a financial advisor you should figure out your expectations from the advisor. Very often financial institutions and investment companies hire sales professionals that advise investors to invest in particular investment tools so as to maximize their sales. Contrary to this financial advisors do not promote any financial plans or product and provide unbiased genuine advice with the objective of improvising the financial well-being of an individual. The first step in hiring a financial advisor begins with understanding the various nuances of personal finance management. 

Before you commit to paying somebody in return to their service you should be aware of different options available in the market, what kind of services they offer, the service charges, etc. This article will shed light on how financial advisors help individuals in personal finance management in the UAE. But before this let’s understand what finance management actually is? 

What is finance management?

Financial management or precisely personal finance management refers to the process of defining financial goals, and the strategy required to accomplish your goals. This includes the amount of capital that you’ll need in the future, the time horizon required to accomplish the goals and various other important factors.

Personal finance management involves several steps and guidelines that are to be followed by the individual in order to accomplish their financial goals. Financial advisors begin by collecting data and important financial information of the client via questionnaire. The data gathered is used to make projections that are a reflection of how fast and efficiently one will be able to accomplish their goals. The projections are based on conventions about market swings, inflation, and unexpected expenses. 

Services offered by Financial Advisors

Financial advisors offer a broad variety of services, here’s a quick rundown on different job responsibilities of a financial advisor.

Financial planning

As mentioned earlier financial advisors play a crucial role in planning finances. Financial advisors asses the current financial situation of the individual followed by their long and short term goals. Once the advisor is done with assessing the financial status and goals of the investors they build a well-structured plan that will help them to accomplish their goals in the UAE.

Insurance planning

Apart from financial planning, financial advisors offer insurance planning services as well. Insurance planning is the process of assessing the requirement of insurance coverage for an individual. Financial advisors analyze the coverage and suggest various insurance plans that should be added to the portfolio of the investor in order to provide financial cushioning in case of any unfortunate event.

Risk Management

Risk management is the process of minimizing the degree of risk associated with an investment tool. Financial advisors help investors with different risk mitigation techniques to reduce the probability of losing capital due to market risks.

Retirement Planning

Very often people find it difficult to plan their retirements. Financial advisors help investors to efficiently plan their retirements so they can spend their twilight years with peace of mind and comfort. Financial advisors suggest different types of pension plans and retirement plans based on the financial portfolio of the investor.

Real estate management

Real estate management is an integral component of the financial advisor’s job. Advisors help investors to choose properties that are better from the financial perspective.

Debt management

Financial advisors offer debt management services that are meant to reduce or clear outstanding debts. Many times investors struggle in making repayments for their outstanding debts which increases the interest rate increases the amount of debt. Financial advisors help investors to manage and gradually get rid of outstanding debts

Personal Finance Management Services

Building a strong financial plan to accomplish your financial goals is probably the most important part of a financial advisor’s job. The financial advisor assesses your current investment/ financial portfolio in order to build a plan. Personal finance management services provided by financial advisors in UAE include investments, generating and accumulating wealth for retirement and shifting money between investments with the objective of adding diversity into one’s investment portfolio. 

Investment advice might vary from one investor to another due to differences in the investment portfolio. Furthermore, investment advice can be a general suggestion or specific recommendation for choosing investment tools and vehicles. The majority of financial advisors these days offer investment advice along with financial management and planning.

If you are a newbie to the world of investment and financial planning you should consult a financial advisor to review your current financial situation and your progress in your financial journey. 


The market today is filled with different types of financial advisors. If you are not willing to go for a conventional financial advisor you can opt for a digital finance management tool. These tools are less expensive and time-consuming. Just enter your details and you’re good to go.

Investors should prefer consulting financial advisors instead of seeking financial advice from friends and peers. Financial advisors help investors to plan their finances and suggest practical methods to generate and accumulate wealth for the future. Investors should thoroughly go through the terms and conditions of availing services and the fee charged by the advisor.

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