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Professional Advisory
The term advisory management refers to the provision of professional, personalized investment guidance. Advisory management professionals have expertise in one or more investment areas and provide guidance that is tailored to an individual’s specific situation.
An independent advisory firm (sometimes less accurately called an advisory boutique) is an investment bank that provides strategic and financial advice to clients primarily including corporations, financial sponsors, and governments.
While some experts say a good rule of thumb is to hire an advisor when you can save 20% of your annual income, others recommend obtaining one when your financial situation becomes more complicated, such as when you receive an inheritance from a parent or you want to increase your retirement funds.
While it’s not quite that easy when it comes to managing your finances or becoming your own financial advisor, it can still be done. As long as you have the time and willingness to learn, you certainly can go at it yourself. Many people handle their personal finances themselves and do a great job.