WHAT DO FINANCIAL ADVISORS DO?
Financial advisors, or personal financial advisors, help people get the most out of their money. They do this by giving advice on how to invest and save their money, as well as help them make smart tax and insurance choices.
Financial planners work with their clients to make sure that people are making their money work for them. They meet with clients, set financial goals, talk to them about different options for investments, move money into those investments, and keep an eye on their finances. Financial planners understand the stock market, and look toward the future for their clients who are interested in retirement. They are good researchers and critical thinkers.
HOW MUCH DO FINANCIAL ADVISORS MAKE?
According to the Bureau of Labor Statistics (BLS) the median income for personal financial advisors in 2010 was $31.13 per hour, or $64,750 annually.
WHAT ARE THE EDUCATION REQUIREMENTS?
Usually, financial planners have a bachelor's degree. Usually, a degree in finance, math, accounting, economics or similar is best, but not required. To buy or sell stocks, bonds, insurance, etc., you will need a license from the state. Certification is also available.
JOB SKILLS AND REQUIREMENTS
- Analytical Skills: You will need to understand how a client wants to invest their money, as well as understand the complexities of the stock market, insurance types and bonds.
- Interpersonal Skills: You will be working directly with clients and must understand their needs, and address their concerns, as well as recommend plans to them in a way that makes them feel comfortable.
- Math Skills: Financial advisors work with numbers, and good math skills are necessary.
- Selling Skills: Financial planners need clients, and a successful advisor will be able to sell his skills to people.
CAREER PATHS FOR FINANCIAL ADVISORS
With a master's degree, financial planners can move to a managerial role.
THE FUTURE OF FINANCIAL ADVISORS
According to the BLS, financial advisor jobs will outpace the average for all jobs between now and 2020, growing at 32%.