BBB Tip: Which financial wellness expert do you need?

Let’s face it: when it comes to finances, the terminology and acronyms alone can be confusing. Which professional can do your taxes? Who do you see if you need to draw up a will or a power of attorney? What’s a fiduciary? Let BBB help you navigate the waters and lead you to the professional who will help you achieve financial wellness. 

Accountants can manage financial records for individuals and businesses. They can help you comply with financial laws and can also help you with your tax returns, among many other tasks. Find an accountant near you. 

Banks and credit unions are similar, but banks are for-profit companies, while credit unions are non-profit membership associations. Both offer a wide variety of accounts and services for managing your money, from checking accounts to loans. Learn more about the options and find a bank or credit union near you.

Debt consolidation is one method of managing your debt. There are apps, websites, and storefronts offering these services, which often involve taking out a loan or opening a low-interest credit card. Be careful when selecting a debt consolidation service because while there are trustworthy BBB Accredited businesses in this category, you have to be alert for scams as well.

Estate planning involves creating wills, trusts, and other documents surrounding what happens to your money after you die. An estate planning professional can also set up a living will and power of attorney and give advice regarding all aspects of your estate. Find a will attorney (or estate planning attorney) near you.

A fiduciary can manage money or property for another person. They can act on your behalf and are legally required to act in your best interest. Investopedia offers more information on fiduciaries. Examples could be a money manager, financial advisor, or trustee. Find a fiduciary near you.

Financial consultants (also called financial planners and financial advisors) can help you create a plan to pursue and fulfill your financial goals, including investing, planning for college, and retirement planning. They can also review your financial portfolio, and help you strategize to make it stronger. As Merrill Lynch notes, “a relationship with an advisor is based on trust,” so be sure you hire a trustworthy one.

Investment bankers are financial advisors to companies, and they help their clients raise money to help them expand. They can manage investments, issue bonds and negotiate the financing of mergers. An investment manager or wealth manager can help an individual with managing investments and raising funds.

Loan brokers or mortgage brokers stand in between the lender and the borrower. You might use one of these professionals if you want help in determining which lender you want to use. Loan brokers can help individuals and businesses be more efficient and can help negotiate a good rate. Find a loan broker or mortgage broker near you.

Real estate investment specialists help you find and purchase property for commercial or residential use. Real estate agents negotiate deals and can work to represent the buyer, the seller, or both in home and property sales. Homes and land are often the largest assets owned by individuals, so you want to be sure you hire someone you can trust. 

Retirement planning is top of mind for young and old alike; everyone wants to be sure to have enough money for a comfortable retirement when the time comes. Retirement planning services can help navigate investment programs, 401Ks, banking, social security and other issues.

When it comes to questions about your taxes, you want to rely on the experts. Whether you're an individual, a small business, or a larger company, you may need help preparing your taxes and filing your tax return

Visit BBB.org to search for someone who can meet your needs.