Description of the Job
The financial advisors can have a specialization in few products, according to their clients, for e.g. selling the pension schemes of employees to firms or proposing mortgage, investment or pension advice to the private clients. Other general financial advisors may offer advice to the clients in every area, plus insurance and savings plans.
Three kinds of financial advisors include:
• 'Tied advisers', who operate for a single organization, like a building society, insurance company and banks, and trade their goods and services alone.
• 'Multi tied advisers', the ones who are allowed to trade products from different companies.
• 'Independent financial advisers', those who can guide on the products of any company, and statute, must endow the clients with an appropriate advice.
Entry requirements
Although the area of financial advisors can be accessed by any graduate, having knowledge of the ensuing subjects can increase the chances of a person:
• Finance
• Accountancy
• Business studies/management/administration
• Insurance studies
• Financial services
• Risk management
People and personality skills can be far more necessary than credentials. Individual employers lay down their personal entry principles and do not call for a high education criterion.
Confirmation of business awareness achieved through a pertinent vacation, long term placement or relevant prospect is a benefit. A little bit of experience in advisory, customer service or sales work can also be of use. For most of the posts, there is also a necessity of a complete driving license.
Career development
After working as a financial advisor for a considerable time, one can anticipate to:
• Operate in support of the clients with much larger amounts to invest.
• Specialize in a form of economic advice like retirement and pension planning and investment plans for savings.
• Progress within the company and be liable for the job done by the other advisers, for the training and recruitment of new staff and to promote and market the company.
Some financial advisors also initiate acquiescence work that is one of the main features of the sector of financial services. This involves assuring that all the advisors tag along the rules of the company that have been issued by the authoritarian bodies. There are also opportunities to be a partner or director.
Another option is self employment. It is common for the economic sales consultants who have an experience of successful employment to initiate their individual business.
Salary
• The typical preliminary salary of a financial advisor ranges from $31,000 - $49,390.
• The usual salaries of experienced advisors are from $57,622 - $90,548.
• Very flourishing tied advisors can make from $115,244 - $197,561.
Whether a person opts for establishing his own business or is determined to progress working in a company, making a career as a financial advisor will definitely enhance the opportunities for career development.
