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If you would like to pursue a career in finance where you will work directly with the public in an effort to help them accrue savings, you may be interested in becoming a financial planner. Financial planners are qualified investment professionals who specialize in risk management, tax planning, and estate planning in an effort to help their clients set financial goals and then achieve them.
Financial planners can go by a number of names which might include: financial advisor, financial consultant, personal investment planner and more. While all of the names can be confusing, all of these professionals earn their living helping their clients choose the best financial products, insurance plans, and even investment vehicles by sifting through the options and assessing goals. Read on and find out more about your role as a planner and how to become one.
What is the Role of a Financial Planning Specialist?
If you were to land a job as a qualified financial planning specialist, your role would depend upon your level of training and also the area that you specialize in, according to US News and World Report. Typically, well-trained planners perform a long list of different roles regardless of the size of the firm that they work for. In a very general sense, an advisor will sit with their clients and council them on their finances. They might review earnings, create monthly budgets, establish retirement plans, and even give investment advice in a single meeting.
If the planner is licensed to sell insurance in addition to giving advice, they can sell insurance products that will help the client achieve their long-term financial or estate planning goals. If the adviser is licensed to sell other stocks and bonds, it is common for the planner to have regular meetings with their client to discuss their investments and whether or not they are making money. The best planners will not just plan, they will educate their clients.
Where Do Financial Planners Work?
If you would like to work in financial and wealth planning, you can work in a variety of settings. While most planners work for firms that take on clients and assign planners to specific accounts, some planners work independently and market to their own client base. Working independently offers you a higher earning potential, but there is much more risk involved when you are not backed by the name of a big firm.
How to Become a Qualified Financial Planner
To be considered for a position with any of the respected firms you will need at least a Bachelor’s degree. Studying for a degree in finance, accounting, economics, business or even mathematics will qualify you for employment. When you are hired, you will typically be put in a training class so that you can earn your Series 6, 7, and 63 licenses, according to Investopedia. These licenses are not required to provide planning services, but they are required to sell financial products. Becoming a Certified Financial Planner or a Chartered Financial Analyst is also advisable if you would like to become more marketable.
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The Bureau of Labor Statistics projects that the field will grow by 27% or more in the upcoming years. Since growth is much faster than average, this is a great field to get into as the need for planning services grows. Make sure you decide if you are a good fit to work as a financial planner, and then start planning your future.