FAQ
Frequently asked questions
Questions about Lawyers, Accountants, Financial & Legal Advisors
How much does a consultant cost?
It very much depends on each consultant, the kind of advice you’re looking for, and the country you live in. As a very generic idea, based on a survey we recently conducted, on average advisors charge 120$ (or the equivalent in other currencies) per hour, and the range is very wide: from as little as 20$ to more than 500$.
Which category of lawyer should I contact?
Lawyers can be categorized in different ways depending on the legal system, area of practice, and other factors. On Savimap the main categories are:
- Corporate lawyers: They work with businesses and corporations, providing legal advice on issues such as company creation, business contracts, intellectual property, etc.
- Criminal lawyers: These lawyers specialize in defending people who are accused of committing crimes, such as murder, robbery, fraud, and drug offenses.
- Family lawyers: They can assist clients with a wide range of issues, such as divorce, child custody, child support, spousal support, adoption, domestic violence, and property division. They may also provide legal advice and representation in matters related to prenuptial and postnuptial agreements, paternity disputes, and legal name changes.
- Employment lawyers: legal professionals who specialize in the area of employment law, which involves the legal relationship between employers and employees. Employment lawyers can provide legal advice and representation to both employees and employers on a wide range of issues, such as workplace discrimination, harassment, wrongful termination, wage and hour disputes, and employment contracts.Β
- Immigration lawyers: These lawyers specialize in helping clients with issues related to immigration and citizenship, such as visa applications, deportation, and asylum.
- Tax lawyers: These lawyers specialize in tax law and provide advice to individuals and businesses on tax planning, compliance, and disputes with tax authorities.
- Personal injury lawyers: They specialize in representing clients who have suffered physical or psychological injuries as a result of the negligence or intentional actions of another party. Personal injury lawyers can assist clients with a wide range of cases, such as car accidents, medical malpractice, slip and falls, product liability, and workplace injuries. Their goal is to help their clients receive compensation for their injuries, which may include damages for medical expenses, lost wages, pain and suffering, and other losses.
Estate lawyers who specialize in advising and representing clients on matters related to estate planning, administration, and litigation. Estate lawyers can assist clients in drafting and reviewing legal documents such as wills, trusts, and powers of attorney, as well as handling probate and estate administration after the death of a loved one. They may also represent clients in disputes related to the distribution of assets or the validity of a will.
These are just a few examples of the main categories for lawyers. There are many other specializations within the legal profession, and lawyers may practice in more than one area of law
Are lawyers and attorneys the same thing?
In general, the terms “lawyer” and “attorney” are used interchangeably to refer to a legal professional who is licensed to practice law and provide legal advice and representation to clients. However, there are some subtle differences in how the terms are used in certain contexts.
In some jurisdictions, such as the United States, the term “attorney” is often used specifically to refer to a lawyer who is authorized to represent clients in court. In this sense, an attorney is a subset of the larger category of lawyers.
In other jurisdictions, such as the United Kingdom, the term “lawyer” is more commonly used, and the term “attorney” may refer to a specific type of lawyer who is authorized to act on behalf of another person in legal matters.
Overall, the terms “lawyer” and “attorney” are largely interchangeable and can be used to refer to any legal professional who is authorized to practice law in their jurisdiction.
Which category of accountants should I contact?
Financial accounting is a broad field that encompasses several different categories of accounting professionals. On Savimap the main categories are:
- Bookkeeping accountants: They are responsible for maintaining accurate financial records for a company or organization. Bookkeeping accountants are typically responsible for recording financial transactions such as purchases, sales, receipts, and payments, and maintaining detailed records of accounts payable and accounts receivable. They also reconcile bank statements, prepare financial reports, and ensure that all financial records comply with accounting standards and regulations.
- Tax accountants: They specialize in tax planning, preparation, and compliance. Tax accountants work with individuals, businesses, and organizations to ensure that they comply with tax laws and regulations, and to minimize their tax liability by identifying deductions, credits, and other tax-saving strategies. They prepare tax returns, advise clients on tax issues, and help clients understand and comply with tax laws and regulations.
- Audit accountants: They specialize in performing audits of financial statements to ensure that they accurately reflect a company’s financial position. Audit accountants work for public accounting firms and are responsible for conducting independent and objective evaluations of financial records and internal controls to identify any discrepancies, errors, or fraudulent activities. They also provide recommendations for improvements in accounting practices and internal controls to help companies maintain compliance with regulations and prevent financial irregularities.Β
- Payroll accountants: They are responsible for managing a company’s payroll system. Payroll accountants ensure that employees are paid accurately and on time, and that all payroll-related taxes and deductions are properly calculated and withheld. They also maintain accurate records of employee earnings and deductions, prepare payroll reports, and ensure compliance with federal, state, and local payroll tax laws and regulations.
What is a financial advisor?
A financial advisor is a certified professional who helps individuals and organizations with their financial goals. They provide advice on a variety of topics, including investments, retirement, tax, and real estate. Financial advisors may specialize in specific areas, or they may provide comprehensive financial planning services.
How much does a financial advisor cost?
The cost mostly depends on each financial advisor (according to their experience and credentials), the kind of advice you’re looking for, and the country you live in. As a very generic idea, based on a survey we recently conducted, on average investment advisors charge 200$ (or the equivalent in other currencies), and the range is very wide: from as little as 20$ to more than 700$. Don’t hesitate to compare!
Here are the most common ways that investment advisors charge for their services:
Percentage-based fees: Numerous investment advisors charge fees based on a percentage of the assets under management (AUM), typically ranging from 0.5% (low) to 2% (high). For example, if an advisor manages a portfolio of a customer worth $1 million and charges a fee of 1%, the client would pay $10,000 per year for the investment advisor.
Hourly fees: Some advisors charge by the hour for their services, with rates typically ranging from $100 (low) to $500 (high) per hour, or the equivalent in other currencies. This fee structure may be more appropriate for clients who need specific advice or guidance on a particular issue, rather than ongoing portfolio management.
Fixed fees: Some advisors may charge a fixed fee for a specific service, such as creating a financial plan or providing investment advice for a set period of time.
Commission-based fees: Some advisors may earn commissions on certain products or services they recommend, such as mutual funds or insurance products. This fee structure has become less common in recent years due to concerns about potential conflicts of interest.
Please note that the fees charged by investment advisors are typically negotiable, and may vary depending on the size of the portfolio and the specific services provided. It’s a good idea to discuss fees and fee structures with potential advisors upfront, so you have a clear understanding of the costs involved.
Will a financial advisor access my capital?
No, it is up to you to decide, you can delegate financial advisors to directly manage your capital, but it is generally advised not to do so. Most of the time, the best idea is to have your financial advisors give you only guidance. Then you are in charge of actually investing your money. This way, the financial advisor will suggest to you the best actions, but you will keep control of the final decisions, and you prevent most fraud risks.
Should I always consult independent financial advisors?
Once again, it is always up to you, but it is indeed considered a good idea to be advised by an independent financial planner. The fee you pay will be more transparent, and they will be much more inclined to suggest to you the best products, and not the products they make them gain more commissions. However, financial advisors linked to specific financial institutions may be a good choice if you want or need to access a specific product or investment solution.
Why Working with a Financial Advisor?
There are many reasons to work with a financial advisor. Here are only a few:
Expertise: Financial advisors are particularly helpful for individuals who donβt have the time or knowledge to manage their finances on their own.
Objectivity: Financial advisors can provide objective advice, which can be particularly beneficial for individuals who may be emotionally invested in their financial decisions. As you need investing is very stressful, and being supported by a professional is indeed a great asset.
Customization: Financial advisors can work with clients to create a tailor-made financial plan that takes into account their unique economic situation, goals, and risk tolerance.
Accountability: Like a coach, financial advisors can help keep clients accountable for their financial goals and ensure that they stay on track over time.
What to look for in a Financial Advisor?
The financial advisor should fit your needs, both in terms of knowledge, and in terms of educational skills, as you have to work in tandem, to take the best decisions. Of course, it has to be a certified professional. So, here is what to look for:
Qualifications: the right credentials, such as a Certified Financial Planner (CFP) designation.
Experience: Look for a financial advisor who has experience working with clients in situations similar to yours. If they are not used to your particular situation, you may want to consider somebody else.
Compensation: Understand how your financial advisor is remunerated. Some financial advisors charge fees based on a percentage of assets under management, while others may receive commissions for selling specific products which are someway tricky, as they may be inclined to propose to you the product that makes them gain the highest commissions, and not the best product for you. In general, prefer independent financial advisors.
Mindset: Look for a financial advisor whose investment mindset aligns with your own.
Availability: They can be the best advisors, but if they are not available, are they really worth it ? Make sure your financial advisor is available to answer your questions and provide ongoing support.
How to best work with a Financial Advisor?
In order to take the best out of your relationship with a financial advisor, here are some tips to keep in mind:
Communication: Be sure to communicate your financial goals, concerns, and questions with your financial advisor. Be honest and transparent.Β Regular communication is key to a prosperous partnership.
Patience: Financial planning is usually a long-term process, something you do for your life, so itβs important to be patient and stick to your plan over time.
Trust: Trust is essential in any financial advisor-client relationship. If you donβt trust your financial advisor, it may be time to look for a new one. And having a second opinion is always a good idea, especially for very important decisions.
Reevaluation: Your financial situation may change over time, so itβs important to reevaluate your financial plan periodically and make adjustments as needed.
A financial advisor can be an invaluable resource for individuals and organizations who need support with their financial planning needs. By understanding what to look for in a financial advisor and working closely with them over time, individuals can create a successful financial plan that helps them achieve their financial goals.
What is the difference between a financial advisor and a financial planner?
While financial advisors focus primarily on investment advice, financial planners provide a more comprehensive range of services to help clients achieve their financial goals.
The terms “financial advisor” and “financial planner” are often used interchangeably, but they refer to different types of professionals who provide different services.Β
Financial advisors generally provide more specific investment advice and guidance, while financial planners offer a more comprehensive range of services, including investment advice, financial planning, retirement planning, tax planning, estate planning, and risk management.
Many investment advisors are also financial planners.
Financial advisors who provide investment advice are generally regulated by more strict state securities regulators, while financial planners may be subject to oversight by a variety of organizations, depending on the specific services they provide.
What is the difference between a wealth manager and an investment advisor?
Wealth managers and investment advisors both provide financial advice and investment management services, but there are some fundamental differences between the two professions.
The key difference between wealth managers and investment advisors is the scope of their services. Wealth managers provide a wide range of financial planning and investment management services, while investment advisors focus primarily on managing investments. Wealth managers work closely with their customers to create customized solutions that take into account all aspects of their financial lives, while investment advisors focus mainly on managing their clients’ investments.
Another important difference between wealth managers and investment advisors is the type of customers they usually serve. Wealth managers typically work with high-net-worth individuals and families who have complex financial situations and require a high level of personalized attention. Investment advisors may work with a broader range of clients, including individuals, families, and institutions.
In summary, while both wealth managers and investment advisors provide financial advice and investment management services, wealth managers offer a more comprehensive range of services and work exclusively with high-net-worth clients. Investment advisors focus primarily on managing investments and may work with a wider range of customers.
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What is the best time to consult a retirement advisor?
The ideal time to consult a retirement advisor depends on your individual situation and goals, but generally, the earlier you start planning for retirement, the better.Β
Then, during your life, there are some essential moments, in which consulting a retirement advisor is even more important:
- When you’re within a few years of retirement age, it’s important to consult a retirement advisor to help secure that you’re prepared for retirement. An advisor can help you estimate how much you’ll need to save, create a retirement income plan, and navigate the various retirement accounts and options available to you. They can also help you make decisions about when to retire, how to maximize your Social Security benefits, and how to manage your retirement accounts in a tax-efficient way.
- When you experience a major life change such as marriage, divorce, the birth of a child, or the death of a spouse. It’s important to consult a retirement advisor during these times to ensure that your retirement plan is still on track and to make any necessary adjustments. For example, if you get married or divorced, you may need to update your beneficiary designations on your retirement accounts, revise your retirement income plan, or adjust your savings goals.
- When you receive an inheritance or windfall: If you receive a significant amount of money, such as an inheritance or a settlement, it’s important to consult a retirement advisor to determine how to best allocate those funds toward your retirement goals. An advisor can help you decide whether to pay down debt, invest in tax-advantaged retirement accounts, or create a diversified investment portfolio to help grow your wealth over time.
- When you’re just starting to save for retirement: The earlier you start saving for retirement, the better off you’ll be in the long run. If you’re just starting to save, a retirement advisor can help you create a plan to maximize your savings and take advantage of any employer-sponsored retirement plans or tax-advantaged accounts. An advisor can also help you create a diversified investment portfolio based on your risk tolerance and retirement goals.
In general, it’s a good idea to consult with a retirement advisor periodically throughout your working years to ensure that you’re on track to achieve your retirement goals.
Retirement planning can be difficult, and a competent advisor can help you navigate the various options available to you and make informed decisions about your retirement savings and investments. Your retirement will be more financially sound, and you will have more “piece of mind” during your active years.
Savimap Excellence Score 
Not only we select and compare financial planners for you. We also deeply and carefully review them.
Our editors and mystery customers periodically assess the financial planners you can find on Savimap. If and only they are excellent, they are given a Savimap Excellence Score which ranges from 1 to 3 green dots. Our evaluations are based on 6 criteria: quality of technical advice, clearness, range of expertise, availability, human touch and fees.
Can financial advisors with no green dots still be good? Yes, maybe they are new and we havenβt reviewed them yet, or perhaps they are just OK.
Are financial advisors with 3 green dots too expensive? No, the opposite is usually true! It is a quality evaluation for which low fees are considered a positive factor, so most 3 green dots are not only great in providing advice, they also have attractive fees.
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