Financial Planner Career

People looking for a challenging and rewarding job might wish to look at what a financial planner career can offer them. High school students, college undergraduates, and just about anyone else who would like to work as a financial planner will benefit from reading this article because it touches on the various aspects of what the job entails and provides some insight as to whether you may be a suitable candidate.

What is a Financial Planner?

A financial planner is someone who gives sound advice to individuals when planning their financial strategies and goals. Financial planners can be independent contractors or they may belong to firms that offer financial services. In any case, they are the ones who render their services to those with personal financial issues and plans. The extent of their service covers cash flow management, risk management, and estate planning, among others.

Financial Planner Job Duties

There are many things that a financial planner can do to assist his or her clients. Job duties include helping clients in creating budgets, controlling expenditures, and coming up with strategies to increase their wealth. Additionally, a financial planner also works with financial advisors in order to pool their skills and knowledge for their client’s investments. These professionals are also required to update themselves with financial products, the latest wealth management strategies, and even tax laws.

Financial Planner Skills

Individuals who are interested to start a financial planner career should know and acquire the skills needed in order to be effective in this particular job. Among the most essential skills include people skills, communication skills, the ability to synthesize, analytical skills, initiative, math skills, and sales skills. Financial planners should possess the ability to attract clients, be able to make good presentations, and show self-confidence.

Financial Planner Education

Financial planners should have a bachelor’s degree with coursework in accounting, finance, economics, or any relevant field. Take note however that some companies do not require a background in any of the aforementioned fields. Having an MBA will also give a person an edge over others and may even be a requirement for some firms. Aside from these, individuals who have passed the licensure exam for financial planning and have become certified financial planners will have a significant edge over other applicants.

Financial Planner Salary

The average annual salary for entry-level financial planners is around $40,000. However, seasoned financial planners are paid $90,000 and even as high as $130,000 especially if they have been working in this profession for ten years or so. On average though, income is approximately $66,000 annually. Income may vary largely on performance and in the commissions earned. Financial planners who do very well could earn sizeable commissions.

Financial Planner Job Outlook

Individuals who are thinking about building a career as a financial planner would be glad to know that the future is looking very positive for this profession. Employment rate is predicted to grow up to 37% within the next 10 years. Such growth makes this occupation one of the fastest growing careers in this modern day and age.

With the number of baby boomers about to reach retirement age, more and more individuals will need the help of financial planners for their investment plans. With good academic records, impressive work performance, and the right attitude, you could very well keep up with tough competition and excel in a financial planner career.