Should I Become a Financial Planner?

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There is a huge demand for financial planners due to the increase in baby boomers and more need for retirement planning. Most people want to have a resourceful person who is skilled and knowledgeable in investment ideas that work towards the client’s favor, and will insure some type of financial security for the future. Financial planning ranks fifth among 200 professions as one of the best jobs in 2013, according to CareerCast.com.

What the Market Says About Financial Planners

There is a general consensus that financial planners would be professionals with an immaculate background so that trust and confidentiality are maintained in all relationships. No one wants to hand over their financial future to someone who is nonchalant about investment, or who has no intrinsic interest in long-term planning. Winning individuals over with a confident seriousness, showing that you actually care about what happens to their money will be an attribute that any individual would find attractive.

Financial planners most often work for a firm or a group. This often lends more credibility than an individual because there needs to be a check and balance system to oversee the whole process of investment. There is support readily available in a group that is large enough to have regular conference about daily changes in the market and other issues that may be coming through world economics. Insurance companies, banks, and investment firms are the most common offices where these advisors will be found.

Qualities of Excellent Financial Planners

A good financial planner will be a total extrovert; confident and winning in personality. Successful planners are only as good as their ability to know sound investment strategies. They must remain teachable and flexible, willing to take suggestion as well as constructive criticism. A good planner will also know when to get out and when to stay. Once a relationship of trust and confidence is built between the planner and his or her client, most clients stay with their planner for the better part of a lifetime.

Concerning education of the Certified Financial Planner, a bachelor’s degree is required with passing of the certification exam to be completed with five years of graduation. There may be specialization in this area of expertise, but one may not want to limit this aspect too stringently. Helping young, aspiring families can be truly rewarding, but seeing the completion of a good functional plan with persons of retirement age may also be fun to watch unfold. Much of the education for this profession comes when experiencing the end fruition of all the hard work invested. Continuing formal education is also required.

The median salary of the Certified Financial Planner is $89,500 according to CNN Money, or possibly even more if commissions are available. The top earning planners made $171,000. Overall, it’s a growing field with a projected 10-year growth rate of 32.1 percent. There seems to be an intrinsic attraction to this career because of the endless possibilities and total manageability of the concept of financial planning. It is a worthwhile investment in a career, which is becoming more reliable as time goes on.