The position of financial advisor is a relatively new one. Thus, the field is a relatively robust one with numerous opportunities. Services that used to be performed by individual stockbrokers, bankers and insurance sales persons can now be combined and taken on by multi-service professionals or advisors. These professionals can be found in a number of settings, from large firms to independent financial practices, according to Investopedia. They are, essentially, what the name implies and advise people on their finances. Let’s take a bit of a closer look at the duties of a wealth management professional.
About Financial Advisors
Financial advisors handle a number of consulting duties for their clients. They may provide insight on investing, advice on retirement or even simple budgetary management strategies. They may also take on the actual investment duties on behalf of clients and offer updates on how the stocks are performing on a regular basis. Advisors can obtain licensure or specialty knowledge in various areas of financial planning in order to make themselves more appealing to clients. One such specialty offering a consultant take on is that of insurance sales.
Financial planners also are there to provide consultation and advice at pivotal times in the live of their clients when circumstances may change that require additional funds or ways of managing money. Such instances may include the care of an aging parent, marriage of adult child or even a divorce of their own. A financial advisor can help these folks to make a plan for dealing with each, individual circumstance.
Training and Education
In order to become this sort of multi-tasking financial professional, you’ll typically need at least a bachelor’s level degree. Finance or business are good choices. Economics is another. You’ll also need an aptitude and interest in finace, as well as the ability to interact easily with others and a desire to help people. In fact, there is so much interpersonal interaction in this position that many employers actually look for candidates who have a background in psychology. It’s important to be able to understand the motivations and desires of people and to be able to communicate in a way that gains the trust of clients.
Another advantage to getting hired may be to complete the Certified Financial Planner exam. Doing so will set you apart from the crowd as an expert. Acquiring a financial specialty is another way to make yourself stand out and to increase your hiring potential. There are license and certification exam for those who wish to specialize in insurance sales, retirement planning and more.
Additional Information
Because financial planning has become such a growing and diverse field, it’s important that you do your research and decide on a direction for which to pursue your goals regarding this career field. Take some time to enroll in various finance and economics courses to get a feel for what interests you most and make a plan for the kind of financial advising you’d like to pursue. Gaining this kind of clarity will help you to position yourself competitively in the job market and will increase your odds of finding career satisfaction.
Related Resource: Finance Systems Manager
Financial advising has become a dynamic industry in recent years. There are a number of paths you can take as a financial advisor to assist others and to find a job that suits your personality.
