Learn Why Being a Financial Planner May
Mean Financial Success for YOU ...

That’s a great rate for a great job that has the goal of helping businesses and individuals succeed financially. This just might be the perfect career for you if you meet certain qualifications.

Financial Planners Help People and Businesses Financially Succeed

You have to admit that helping others plan and manage their investments can be a very rewarding business to choose. Unlike some occupations, this career has a focus of helping people and businesses manage one of their most valuable assets: money! You can enjoy enormous satisfaction when you see your analyzing results and advice lead to greater financial rewards for you and your clients.

What does it take to be financial planner? You should possess certain qualities.

• Enjoy working with people and explaining complex concepts
• Able to clearly explain complicated investment issues so others can understand them
• Is good at working with numbers and details
• Can develop an excellent and broad understanding of financial concepts from accounting to finance
• Have sales ability in order to develop a private clientele if self-employed

The benefits of becoming a financial planner include the opportunity to earn an excellent salary. The U.S. Department of Labor reports that the average annual wage for financial advisors is $69,050. But even the lowest 10 percent earn $34,390 and those are primarily people just starting their new jobs. The 15 percent near the top of the scale earn an average of $119,290.

Doing Your Duty As A Financial Planner…

So…what are the duties of a financial planner? There are two major categories of financial planners and their job duties have the same underlying and overriding purpose…to analyze financial information and make recommendations for financial planning. There are planners who work for businesses, planners who help individuals, and planners who are self-employed and may assist both types of customers.

Financial analysts that work for businesses help companies manage their money through investing. Following are some of the many kinds of duties you might find in this occupation.

• Evaluate financial statements and project earnings
• Manage investment funds such as hedge funds or mutual funds
• Search for ways to better manage cash flows to increase funds available for investment portfolios
• Buy and sell securities
• Complete investment research including trend analysis
• Monitor competition from its impact on company value
• Monitor and implement government tax and regulation rule changes including evaluating impact on company financial status
• Manage a team of financial planners or analysts
• Complete risk analysis
• Work as a ratings analyst and assign risk ratings to other companies
• Complete credit analysis

Financial planners that work with individuals often have one or more of the following job duties.

• Assess financial condition and needs of clientele
• Identity retirement financial goals and develop strategy to meet those goals
• Assist with estate planning
• Preparing plan to meet future financial needs
• Offer financial workshops
• Sell life insurance
• Offer tax advice in relation to financial planning
• Manage financial portfolios for customers
• Buy and sell securities
• Manage large portfolios for purpose of generating income

One of the many benefits of becoming a financial planner is that working conditions are almost always pleasant. You will work in an office at home or at a company.  It is necessary to work some long hours at times though when self-employed or working for organizations with complex financial needs. Since financial managers are often meeting with clients, you may have to schedule meetings outside normal working hours.

As you can see the job description of a financial planner can vary quite a bit depending on who you work for.

Education is a Must for a Financial Planner!

There are no ifs, ands, or buts about it…you need at least a bachelor’s degree if you want to get the best job at the best pay possible if you plan on becoming a financial planner.  Almost all financial planner jobs have a minimum requirement of a bachelor’s degree in accounting, economics, finance, or financial planning.

In addition, certifications are not an industry requirement but they can make you stand out from the crowd of applicants. Some certifications, such as the Chartered Financial Analyst designation, require work experience before you are even allowed to take the test. But there are licenses that can be obtained right out of college. Then while working for an organization, you can make it clear you are on the track to certification. 

Your financial planning career path will follow one of taking on increasingly important job duties. You may begin as the equivalent of an apprentice financial planner or an assistant financial manager.  Over time and after earning your certification as a Chartered Financial Analyst or Certified Financial Planner, you may be promoted to a team leader managerial position. This can lead to high level promotions such as to funds manager.

Financial planners who work for themselves advance by developing a clientele, becoming a company independent registered representative, and accepting larger and more complex financial management functions for clients.

As your expertise grows, so will your success as a financial planner! People who choose careers in financial planning enjoy the excitement that always comes with jobs that focus on helping others succeed financially.

Related Financial Planning Articles:

• How Much Does a Financial Planner Make
• How Do I Become a Certified Financial Planner