Financial Advisor – Career and Job Description
When it comes to saving our money, we have choices. We can put it under the mattress, in the bank or we can invest it. The experts usually suggest a combination of the latter two (most will discourage the first option). Who are these experts? They are financial advisors whose job is to help their clients plan for their short and long term financial goals. These goals may include their own retirement and their children’s education expenses. He or she may provide investment, tax and insurance advice. While the primary part of one’s job involves advising clients, a great deal of one’s time is spent getting more clients. In order to do this, financial advisors must be skilled networkers.
What Financial Advisor Do
- – marketing his or her services to potential clients by giving seminars or networking
- – meeting with clients to assess their financial needs and goals
- – updating clients on potential investments
- – adjusting clients’ financial plans to accomodate life changes such as marriage, divorce, disability or death of a spouse
Employment Facts – Financial Advisor
There were almost 207,000 financial advisors employed in the US in 2011. Most worked in offices, but also spent time outside the office attending conferences and teaching classes with the goal of attracting business. About a quarter of financial advisors were self-employed. Long hours are a reality of this career. Most financial advisors work full time and about a quarter work more than 50 hours a week. Expect to work evenings and weekends as well.
To work as a financial advisor one must have at least a bachelor’s degree. Many people who work in this field have an MBA (Master’s of Business Administration) or a master’s degree in finance.
Other Requirements as a Financial Advisor
A financial advisor who sells financial products including stocks, bonds and insurance policies, needs licenses to do so. See the Directory Of Securities Laws & Regulations on the North American Securities Administors Association (NASAA) Web Site for licensing information. Many financial advisors earn the credential, Certified Financial Planner, which is issued by theCertified Financial Planner Board of Standards. To do this one must pass an exam and have a bachelor’s degree and three years of experience in financial planning.
With experience, a financial advisor can move up to a managerial position. Alternatively, one may open his or her own branch office of a security firm.
The job outlook for financial advisors is excellent. This occupation is projected to experience much faster job growth, through 2020, than the average for all occupations. On a list of occupations that require a bachelor’s degree it is listed among the top 10.
Financial advisors earned a median annual salary of $66,580 in 2011 (US). Those who were paid hourly, earned a median hourly wage of $32.01.
Watch newspaper advertisements for job opportunities or Contact nearest Job Directory for Career Guidance, planning and support that will help you make informed decisions about the best career direction for you.[Source: Financial Advisor]