Career Profile: Financial Advisor
Why Is Personal Financial Advising a Job of Tomorrow?
As the economy slowly picks up, individuals are learning from the recession and being more financially savvy. Personal financial advisers are being increasingly sought after by people who looking to responsibly save as well as increase their personal wealth. Employment opportunities for personal financial advisers are expected to increase 41 percent by 2016, a much faster rate than the national average, according to the Bureau of Labor Statistics. Personal financial advisers make an average salary of $66,120 annually.
What Does a Personal Financial Adviser Do?
Personal financial advisers work with individuals to help them meet their financial goals. They are well versed in investments, tax laws and insurance policies, which is immensely helpful to people who may not be fluent in those subjects. Often, personal financial advisers work with individuals, a family or a business owner to help them with retirement plans, estate planning, college education funding for offspring, and other long and short-term goals. Most personal financial advisers also offer tax services. Advisers meet with clients to assess their goals and financial standing and then work to develop a plan. These plans may include recommending that the client invest in certain things or take out specific loans. Advisers are also responsible for educating their clients about the risks of investments.
What Kind of Training Do I Need to Become a Personal Financial Adviser?
Personal financial advisers must have a bachelor’s degree in finance, economics, business or law, as well as frequently participate in seminars to keep up with the latest developments in the field. A bachelor’s degree takes four years to complete, and courses include accounting and budgeting. Personal financial advisers need to obtain several licenses to practice, which gives them the authority to give financial advice. Advisers who choose to sell insurance must also seek licensure from the state in which they are practicing.