If you ever find yourself wondering whether this career is a career of the future, you can guarantee it will always be in high demand. With the rise in living costs, more individuals and families are searching for professionals to manage their finances.
With plenty to offer if finding a job as a personal financial advisor, this is undoubtedly an exciting career for anyone who is interested in mathematics and accounting.
What Do Personal Financial Advisors Do?
Much like the job title suggests, personal financial advisors provide advice about an individual’s finances. They don’t solely focus on income, though. They have a wide array of knowledge pertaining to all areas of finance.
From saving for college to acquiring a mortgage, it’s likely you have spoken to a financial advisor before. Some may have a specific specialty whereas others might specialize in all areas of finance. Depending on what the client needs, the financial advisor will give them the most reliable and current recommendations.
When a client approaches you, for assistance, there are several tasks that you’ll be required to complete. First, you will need to ask what their future goals are. Is the client interested in investing, or perhaps they want to buy their very first home but are unaware of how to save for it?
The next step is to create a financial plan. This is a comprehensive evaluation of their current finances as well as what the future outlook is based on their current spending practices. You will have to consider their income, net worth, age, financial experience, and their interest in risks and rewards.
It’s important to note that each client will require their own evaluation. This is because no two people are exactly the same. You will be expected to develop a customized plan based on their personal criteria in order to determine what is best suited for their lifestyle. This methodology helps to build trust and rapport with your clients, thus boosting your income.
Where Is a Personal Financial Advisor’s Place of Work?
When it comes to choosing a place to work, financial advisors will find it quite easy to find the perfect environment. This is because there are multiple establishments that you can turn to. However, you will spend the majority of your time in an office environment.
Compared to other office-based careers, as a personal financial advisor, you will have a nice mixture of independent and group activities. For example, developing the client’s financial plan is work you would do on your own. You will also need to host meetings to discuss your client’s needs.
As a beginner in the industry, it’s likely that you will spend most of your time in a bank. This is the recommended stepping stone for professionals interested in working with more renowned wealth management firms. You could also consider securities companies, insurance carriers, credit intermediation companies, and investment firms.
An alternative is to operate your own wealth management firm. If you are someone who has always loved the idea of working for yourself, this is the best option. Much like any other entrepreneurial venture, there is a lot of dedication, money, and work required to start your own firm.
What Are the Recommended Skills for Personal Financial Advisors?
Apart from the obvious, such as understanding mathematics and accounting, there are plenty of skills you should have as a financial advisor, including:
What Is the Expected Job Growth for Personal Financial Advisors?
In 2018, the demand for personal financial advisors grew by 4.31%, and over 10 years, this industry is only going to continue growing.
It is important to remember that families are always going to need mortgages, credit management, retirement plans, asset allocation, tax liabilities, just to name a few, which is why the need for a personal financial advisor would always be present.
The Top Employers for Personal Financial Advisors
Once you have completed your schooling and are considering your future career placement, you’ll want to find the best companies to review your qualifications. The top three employers for personal financial advisors include:
Final Thoughts
As a personal financial advisor, you will need to give professional and sound advice to individuals and families at all stages of their life. With a strong understanding of mortgages, investments, and industry trends, it’s a fast-moving industry that will surely keep you on your toes.
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