Types of Professionals
The financial landscape provides a wide array of professionals to help you reach
your goals. And each one can help you obtain the different tools you need to get
there. The government does not regulate financial professionals by title; instead,
it regulates the services they provide. Insurance Agents
can provide insurance products and annuities, while financial advisors such as
financial planners and
stockbrokers specialize in guidance on investments or your
overall financial situation. While each one is different and provides different services
for different aspects of your financial picture, each of these financial professionals is an
extremely helpful partner in one way or another. And each can direct you to an
Old Mutual product that fits your exact needs.
Insurance Agent
Insurance agents are licensed by each state to sell life, health, property and casualty,
or other insurance products, such as annuities. Only licensed insurance agents can sell
insurance products, although a financial planner or accountant may recommend insurance
products as part of a balanced financial plan. Find out
what to
look for in an insurance agent.
Financial Planner
The financial planner sees the overall implications of your finances and can advise and plan
accordingly. This could include budgeting and saving, taxes, investments, insurance, and
retirement planning. It's important to
find the
right financial planner for you.
Registered Investment Advisor (RIA)
An advisor who is paid to provide securities advice must register as an investment
advisor. Because financial planners often advise on securities-based investments,
many are registered as investment advisors. But an investment advisor cannot sell
securities products without a securities license. Find out
what
to look for in an investment advisor.
Stockbroker or Registered Representative
Only a licensed securities representative such as a stockbroker can sell securities.
Stockbrokers or Registered Reps are licensed by each state to buy and sell securities
products such a stocks, bonds, and mutual funds. Learn more about how to
find
a stockbroker that will fit your needs.
Estate Planner
Estate planners provide advice and planning on estate taxes or other estate planning
issues and develop a strategy to manage your assets at the time of your death.
Attorneys, accountants, financial planners, insurance agents, or trust bankers all
may provide estate-planning services. Find out
what
to look for in an estate planner.
Accountant or CPA
All accountants who practice as Certified Public Accountants (CPAs) must be licensed by
the state. An accountant can provide guidance on tax matters and help you prepare and
submit tax returns. Accountants cannot sell products directly, but often recommend other
professionals to assist in executing their recommendations. Learn more about how to
find
the accountant that's right for you.
Your Bank
Many banks also offer financial planning services and investment products. Often, a bank
may be a good resource for some investment products, like an IRA or mortgage insurance,
though typically a bank's range of products and services is somewhat limited. You should
use the same discerning criteria for a bank as you would for any other provider of financial
advice or services.
