If you have good communication skills, and are excellent at written and spoken English, then a financial planner career is right for you. With more and more people investing in the stock market, the demand for financial planners is increasing by the day. There is a lot of competition for financial planner jobs, with security brokers and dealers paying top dollar, for skilled financial planners.
Financial planners should also be able to work with numbers, because they need to use math to analyze data. Financial planners make recommendations and give guidance to individual investors regarding financial planning. Financial planners have knowledge of tax laws and use it to provide tax advice.
Financial planners also help in estate planning. They use marketing strategy and sales techniques to get more customers. A financial planner can get clients at events such as seminars, lectures or conferences.
A financial planner has to advise many clients in order to be considered successful. There is a difference between financial planners and financial analysts. Financial planners work with personal investors while financial analysts work with organizations.
If you want to know how to save money for a college education, you will need the services of a financial planner. If you want to write a will, you will need a financial planner. If you want to plan for a secure and comfortable retirement, you will need a financial planner.
Financial Planner Job Description
How does a financial planner work? First, they have a face-to-face meeting with their client. Then they give verbal advice to their client. They help the clients meet their short-term and long-term goals. If their clients are going through life-changing events such as marriage of disability, financial planners have to take that into account.
If their clients change jobs or get fired, financial planners help with that. Financial planner also sell life insurance to their customers. Private bankers are financial planners who help rich people manage their money. They manage their portfolios of these wealthy people.
How to Become a Financial Planner
To become a financial planner, you have to get a degree in economics, business or mathematics fields. It is even better if you have a Masters degree in Business Administration (MBA). You can also take courses in taxes, estate planning or risk management. There are certain colleges and universities too, which offering degrees in financial planning.
Before working as a financial planner, he or she may work as an accountant, auditor or even a lawyer. There are also certifications available such as Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Chartered Financial Consultant (ChFC). The job outlook for financial planners is great, as their demand is projected to increase by 41%, according to the United States Department of Labor.
You can also get a license by taking the Series 6 exam, to become an Investment Company Products/Variable Contracts Limited Representative. You can take the Series 7 exam, to become a General Securities Representative. Or you can take the Series 63 exam, which is the Uniform Securities Agent State Law Examination.
All three of these exams have been developed by the Financial Industry Regulatory Authority (FINRA), which was previously known as National Association Of Securities Dealers (NASD).
Financial planners, who are also called personal financial advisors, work in the banking, finance and insurance industry. A financial planner can also be self employed, offering their services on their own, rather than working for other companies. These financial planners can also work from their own homes.
The demand for financial planners, as already mentioned, is supposed to increase a lot. Now that you know about the financial planner career, you can start studying to become one.
By Mukul Deshpande
