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Everything You Need To Know About Financial Advisors

Confused about all the types of financial advisors? Read this blog to know exactly what each financial advisor does.
April 18, 2024

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Investors are often confused about the various types & roles of financial advisors. It’s crucial to know whom to approach to help you make the right choices. But the confusion ends here!

We’ve created an article that walks you through the role of various financial advisors so that you can make an informed decision. To begin with, let’s understand who is a financial advisor.   

Who Is A Financial Advisor?

A financial advisor helps you manage your money. This is an umbrella term used to describe wealth advisors, stockbrokers, financial planners, Robo-advisors, and wealth coaches.

Want to know more about Cube's advisors? Watch this video

What Does A Financial Advisor Do?

A financial advisor uses their expertise & financial intelligence to recommend investment options that work for you. Among other things, they also help you save taxes, pick the right insurance schemes, invest in real estate, and plan your estate.

Did you know you could invest in Apple, Amazon, Google, Microsoft from India via Mutual Funds?

6 Types Of Financial Advisors

It’s easy to assume that anybody who gives you financial advice is a financial advisor. But the truth is far from it. A financial advisor has to be professionally certified or build a legacy of delivering capital growth (at times, both). So let’s take a look at the broad types of financial advisors:

1. Investment Advisor

An individual or firm who helps you invest in various assets. Usually charge a fee that is a % of the AUM ( Assets Under Management).

2. Investment Representative

Bank or investment firm employees. (Usually sell organization-specific investment products.)

3. Mutual Fund Representative

Bank or fund house employees authorized to recommend & sell mutual funds. (Usually recommend options specific to a fund house.)

4. Financial Planner

Creates strategies to help you achieve your financial goals. Broad level recommendations that include passive income generation and other such avenues. (May take on other responsibilities depending on your needs.)

5. Personal Banker

Bank employees who open new accounts, sell financial services and resolve customer queries. (Usually recommends products that align with their targets alone.)

6. Insurance Advisor

Consultants or employees from insurance organizations who help you choose the right insurance schemes. (Once again you will be required to take their advice with a pinch of salt)

What’s The Difference Between Financial Planners And Financial Advisors?

A financial advisor aligns your portfolio in line with your goals. A financial planner understands your goals & creates strategies.

A financial advisor can be a:

On the other hand, a financial planner can be a:

  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)

There are many different designations, roles and certifications that a financial advisor or planner can hold. At times, a financial advisor & financial planner may do the same thing interchangeably. More often than not, a financial planner may be a type of financial advisor but the opposite may not be true.

Should You Get A Financial Advisor?

A financial advisor offers the benefits of industry experience & domain-specific knowledge. So if you’re a busy professional who would rather have an expert handle their money, a financial investment platform such as Cube Wealth could be exactly what you need.

But it’s important to understand your current financial health before you decide to go for a financial advisor. We recommend that you consult our wealth coaches before making a decision. You can download the Cube Wealth app to check out what other Cube users have to say about the simplified wealth creation experience.


1. Is it worth having a financial advisor?

Ans. A reliable financial advisor can help you save money and create wealth based on your investment goals. Thus, it is worth having a trustworthy financial advisor like the ones Cube Wealth gives you access to. Cube Wealth's advisory partners include Wealth First, Purnartha, and RIA Rick Holbrook.

2. How do I choose a financial advisor?

Ans. You must first understand if you need a financial advisor based on your goals. Based on your findings, you can choose to invest with the help of a financial advisor who:

  • Is trustworthy & reliable
  • Has a solid track record
  • Understands your goals & listens to you

Cube Wealth's financial advisors check all 3 boxes. You can get top quality investment advice on the Cube Wealth app based on your goals and risk appetite.

Watch this video to know why you need an investment advisor

Priya Bansal
Curious about personal finance and all things money. Can either find me reading a book or dancing to a tune.

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