Starting a career as a Financial Advisor can be an excellent choice for somebody who would like to head down a new career path, and this is because this is the type of job where having some experience in life actually helps.
For example, if you needed to save to buy a car or a house, or helping someone with their medical care costs, such as a relative. In terms of your own financial challenges, these are experiences which you will put into practice as a financial advisor, because the key emotion of empathy is a defining factor of this job!
The nature of the role is, in essence, providing clients with advice on how to manage their money. In doing this, general duties may include researching the marketplace and recommending what appropriate products or services are available to your clients, and making sure that they are aware of the products that meet their needs and then securing a sale.
Depending on your own area of expertise, you may sell different types of products, for example, employee pension schemes to businesses, or offering mortgages, or investment advice to individual clients, where other areas are also general in terms of their advice, such as saving plans or recommending insurance policies.
Other duties can include contacting clients, setting up meetings, conducting reviews of clients’ particular financial circumstances in comparison to what they aim to do with their own financial situation, having an analytical approach when it comes to looking at information, making a risk analysis of your client, creating financial strategies, promoting or selling products in order to meet targets, keeping up to date with the financial legislation procedures, producing financial reports, and also meeting the regulatory aspects of the job.
Training as a financial advisor requires a lot of study, and you will have to sit a very challenging exam known as the CPA, but there are many different resources to help you when it comes to preparing for the exam, such as Beat the CPA, which offer different learning materials and resources to suit your specific learning style. Once you have qualified (which is no mean feat!) you can then start on your career.
You could always try an internship or work with a mentor during your studying to get used to the environment, and you can, at least, find out if it is the right career move for you.
If you decide that it is the right move, then you can go on to working as an advisor in large financial institutions such as banks, or you may choose to be an independent financial advisor, which means you would be self-employed and you would generate your own work.
Being a Financial Advisor is a very rewarding career. You are, ultimately, helping people to manage their money to better prepare for their futures. As money is a constant worry for many people, we turn to our financial advisors for reassurance. So, by embarking on this type of career, you can help people sleep soundly at night.