Should I Consider Becoming a Personal Financial Advisor?

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Are you thinking about becoming a personal finance advisor? There are a few questions you ought to ask yourself first. Do you have analytical skills in work and in life? Do you communicate well with other people, even in stressful situations? Do you have sales skills? Are you capable of speaking in front of people with ease? If you have answered yes than you may be a great candidate to become a personal financial advisor, a top paying career in business.

What Do Personal Finance Advisors Do?

They give finance advice to people regarding their investments, taxes, insurance decisions and their overall goals. These are decisions that will affect a household’s life, their retirement, their stocks and bonds and their entire financial future.

These professionals discuss financial goals and explain types of finance services. They educate clients and answer all questions about options available and potential risks. They recommend investments to clients and make investment selections on their behalf. They plan for specific circumstances such as education, expenses and retirement and so on. They monitor clients’ accounts and determine if changes are needed to improve account performance to accommodate life changes such as marriage and children. They will research investment opportunities such as stocks, bonds, tax laws, insurance, short-term, long-term investments and make adjustments as needed. They also present reports on these matters.

Personal finance advisors also market their services by speaking at seminars, and are active with networking and even social networking. Many of these professionals are licensed and certified to directly buy and sell properties or other assets. They may also be involved in collection of investments if necessary. Private bankers and wealth managers are personal finance advisors who will work with wealthy families who have a lot of money to invest.

Education for Personal Financial Advisors

According to the Bureau of Labor and Statistics, the median pay is $68,000 with the highest percent making as much as $187,000. It is also projected there will be a 27% increase in demand between 2012 and 2022.

Curriculum of study would be code of ethics, finance, economics, accounting, business, mathematics; law, investments, taxes, estate planning, and risk management. You may need to be registered with the Securities and Exchange Commission depending on your location. You may also find it advantageous to become certified, holding a position as a Certified Financial Planner (CFP).

A bachelor’s degree is required for a minimum. A master’s degree and certification title will definitely improve your chances for advancement. You can be employed by a large corporation, finance or insurance business, or you can choose to work as a self employed agent and meet with clients. If so, prepare to work evenings and weekends.

When looking into colleges to attend, be sure to look into financial assistance to help with expenses. You can also talk with others that are in the field for special insight you might get from your friends and family members. The more research you do, the better your future will be!