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What Do Personal Financial Advisors Do?

Job Descriptions September 24, 2013

Personal financial advisors are the ones responsible for guiding wealthy individuals to maintain and increase their wealth. They focus on individual clients rather than large corporations. They may help in many ways, from devising financial plans, to giving consulting advice, to offering suggestions on investment and money management.

What Personal Financial Advisors Do for Their Clients

Of course, a financial advisor is typically called when there is some problem or perhaps even a crisis. The advisor must evaluate the client’s assets as well as the fiscal status of this individual. You will likely spend time evaluating spending habits and developing a more sustainable budget that can still meet with all monthly obligations. You will help clients to see where expenses can be cut and how to increase wealth over the long-term, such as through stocks, bonds and property investment.

Diversifying holdings is another crucial factor, not to mention explaining tax laws that have a direct bearing on the individual’s finances. You must be aware of the client’s goals, but still give advice based on your perception of finance, learned through extensive experience in the world economy.

You may work by the hour or perhaps puts on retainer if your services are required on an ongoing basis. In many cases, clients will request unlimited financial counsel for a monthly fee. You may receive a set salary or be placed on commission. You can also work alone or work with a firm of personal financial advisors.

In order to excel in this career, an advisor should possess fine communication abilities, since he or she will have to impart information to clients, as well as convince them to take necessary—and sometimes pertinent—action.

How Financial Advisors Get Noticed

It is a competitive field for sure, which is why certification is usually a newcomer’s career goal. This can enhance your standing and give your clients confidence in your decisions. The certification to look for is the Certified Financial Planning credit, though three years of experience will be required to earn the title.

Students usually come from a background in finance, though experience in insurance, risk management, taxes and estate planning comes in handy. A bachelor’s degree will help you prepare for the career path and will teach you some of the essentials of financial planning and debt management. You will also learn about statistical modeling, liability, and theories in setting up emergency funds.

Once you learn the basics you can decide if you want to pursue management or become independent, opening your own branch offices. What’s promising to report is that the profession is growing at a rate of 30 percent over the next few years, which is higher than average. This is likely because many baby boomer aged personal financial advisors are retiring from the profession, opening the way for younger workers to get their start.

Education is paramount if you want to be taken seriously. You can start taking classes for finance by enrolling in UMD or another college suited to your location and interest. The field is growing and is waiting for you!

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  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
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  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
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