Financial Advisors are a growing career in America. Typically, they advise their clientele on all things financial such as insurance, investments, taxes, and any other area where money could be saved or spent wisely.
The typical work involves lots of researching and understanding the marketplace, and then advising how to efficiently move forward, to secure the best opportunities, while saving the most money. There are both private financial advisors as well as financial advisors that work for companies and large corporations.
The Duties of a Financial Advisor
The first job of a financial advisor is to understand their client. This means sitting down with the main minds of a company, or the individual client, and assessing what their goals are. What are their short-term financial goals? What are their long-term goals for the future? Some financial advisors may be brought in to address a certain area such as helping an individual client plan for retirement, or help a company make wise investments.
It is up to each person to decide if they are going to focus their career on a single specialty or if they are going to broaden their approach. Many companies and individuals prefer to work with a specialist when there is a particular problem they want addressed.
This can be a wise career move for the simple fact that you can put all your focus on one area and become most proficient at it. However, larger companies often require an employee that can multitask, balancing several areas of the job at once.
The Work Environment
This will often depend on if you are working with a big business or individual clients. Either way, much of the time of a financial advisor is spent in an office, researching and planning. You do, however, have to be a people person, as you will be meeting with clients, outlining plans, and advising them on the best courses of action.
This can be a demanding job, often with long workweeks. Many financial advisors are paid on commission; when the business sees a profit, so do you. This can be stressful; however, it can also be very rewarding, especially if you are dedicated to the job.
For entry-level jobs, the minimum of a bachelor’s degree is typically required. Degrees in business and finance are the most often sought after, though accounting and economics can also be beneficial. The ambitious lot that has the means should seek a master’s degree, which will open many more advanced opportunities for them. Becoming certified may not be required, but it may help give you that extra edge over the competition.
You may also need to gain licensing if you are planning on selling stock or insurance directly. The licenses required will vary based on the state you will be working in, as well as what you are planning on selling.
The good news for this career is that the outlook will increase over the next several years. With the economy in the state it is in, everyone is looking for ways to save and spend wisely, which makes this a great opportunity for those with a mind for this business.