Taking care of money matters

What is the scope for a career in personal finance in a post-pandemic world?

The last year and a half has taught us many lessons. One that no one can deny the need to have a better understanding of and handle over our money. What we have witnessed in the last year has also had far-reaching implications on our finances. We’ve seen people in vulnerable situations with the wrong insurance policies or no idea how to access them. Families, whose wealth was being used up for medical bills. And, general uncertainty among working professionals and youngsters, who felt unprepared for this situation.

During the lockdown, people working from home also began to look at saving and investing more. This led to an understanding of the value of paid advice versus free inputs (often not tailored to their needs) on their money. This widened the opportunity for personal financial advisors. So what role does a personal finance advisor play?

“Help me help you”. The famous line from Jerry Maguire pretty much sums up the role of a financial planner or advisor. This individual is qualified to help you manage your money better, understands your income patterns, expenses, liabilities and everything else that has to do with your money. What is your risk tolerance? How will that determine your investing decisions? How will your investments align with your future financial goals? What is the path that you need to take going forward? What is your current asset allocation and what changes are needed? The advisor is an expert on financial products and how they can fit into our life.