Did you know that there are just over 300,000 financial advisors in the United States? If you are considering a career in financial advising, but are not exactly sure about what the career path entails, we are here to clear things up. We have put together this short guide to clear up everything you should know about the financial advisor career path.
Keep reading to learn more about career advancement in the financial advisor world.
What Skills Do You Need?
One of the first things you should be aware of is the skills that you need. Not only do you have to be organized and patient but you also need to have skills when it comes to strategic planning. A financial advisor also has to have the ability to communicate effectively.
Your clients will be a major source of referrals to get more business therefore, you have to also be able to communicate well with all of your customers. We highly recommend getting financial coaching to ensure that your skills are up to par. You will need some investment experience and sales experience as well.
The average pay for a financial advisor was $87,850 in 2019. Keep in mind that the pay will fluctuate based on experience, who you work for, the area you work in, and sometimes your education will also affect your pay. There are also some financial advisors that made over $154,000 in 2019.
Day to Day Tasks
The typical day for a financial advisor is to follow up with clients on their investment portfolios. Also, assist current and new clients with financial tasks such as tax returns, planning budgets, estate management, etc. A financial advisor also has to advise clients on goals and strategies to reach those finance goals.
You can opt to work a full time or a part time schedule depending on how many clients you have. Usually, you will need to be available for meetings throughout the day as well. Most full time financial advisors work between 40-50 hours per week.
Where Do Financial Advisors Work?
You have options when it comes to where you choose to work. Many advisors opt to work for insurance or finance companies. Others choose to work in banks, for securities brokers, financial investment firms, or commodity brokers.
Also, there is the option to be your own boss and become self-employed. If you choose this route you can operate your small investment advisory firm from wherever you choose. Choosing this option will also require the skill of self discipline to get out there and find yourself clients.
Feeling Like a Pro About the Financial Advisor Career Path?
We hope that now that you know the ins and outs of the financial advisor career path you are feeling more knowledgeable and confident that you can make an informed decision whether this is the career path for you or not.
If this blog post came in handy today, feel free to continue browsing our career section for more tips and tricks.
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