Being
a financial advisor is a great job
for anyone who is willing to develop their skills in giving advice and solving
financial problems of other people. The first step in becoming an investment
professional is to complete a successful state registration and post-secondary
degree program. In order to become a financial planner, you have to commit in
giving your honest financial advice and services to your clients.
If
you want to become an investment professional, you have to undergo formal
education and training for many years. Financial planners help their clients to
manage their money by giving advice on different financial issues such as
insurance options, taxes and investments. Some financial planners are limited as
to their services and they focus only in one particular field such as tax law
or retirement while others have a wide range of experience and skills.
History
of Financial Advisors in the U.S
In
1969, Loren Dunton started a society called the Financial Counselling Ethics
which later became a financial planning practice.
In
1973, the first graduating class of financial planners was held in the College
of Financial Planning. During the 1970’s, economic and political pressures
deeply affected the markets.
In
1986, many people who did tax planning were dismayed when tax deductions for
businesses became illegal because of the new tax reform act of 1986. In that
same year, more people started to realize that they require the help of investment
professionals to solve their financial problems.
To
become a successful financial advisor,
you need to have a bachelor’s degree and the right credentials. This type of
job requires that you have the skills to do complex financial analyses such as
trend analysis, budgeting, financial modelling and forecasting. Moreover, you
should also have the skills required to develop investment strategies that meet
the needs of clients such as advising clients on services and financial
products, business analysis, portfolio management, valuation, and client
assessment for risk tolerance.
Get
a Bachelor’s Degree in Finance-related Subjects
A financial advisor should have a
bachelor’s degree in order to get professional certifications. Students who are
interested in becoming a financial planner should first complete a college
degree in finance, economics, business, mathematics, accounting and computer
science.
Most
financial planners are required to take MBA programs to meet the needs of
high-end clients or major firms. MBA programs are being offered in many
reputable colleges and universities in the United States.
Get
the Right Credentials
There
are many professional credentials given to financial planners. These
credentials are given by different business organizations and professional
associations. In order to acquire a credential, you must first have to undergo
training and examination. The most highly-respected credentials include
Certified Financial Planner or CFP, Chartered Financial Analyst or CFA and
Chartered Financial Consultant or ChFC.
The
credentials given to an investment professional may vary depending on their
area of specialization. For instance, a financial planner who specializes in
estate management will probably choose to earn the Certified Financial Planner
Certification.
Investment professionals have many duties but the most important factor in determining your success is how you engage with your clients. You must establish a growing network of clients and it often requires you to attend networking events and industry related conferences. You can also gain exposure by teaching finance courses at college universities. Most financial planners work for investment firms or insurance companies but some of them are self-employed.
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