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Financial Planner Guide

Anyone who plans to pursue a career as a financial planner, obviously, should know a financial planner’s job profile.

In an organizational context, financial planners help in determining the financial resources required to meet the company’s operating program. They also help in forecasting the extent to which these requirements will be met by the internal generation of funds, and the extent to which they will be met from external sources. It’s the job of financial planners to develop the best plans to obtain the required external funds. They also help in establishing and maintaining a system of financial control governing the allocation and use of funds.

In an individual context, financial planners help individuals plan their financial futures. How are you going to cover your retirement needs? What do you have to do today to put your children through college? A financial planner will provide effective answers to these kinds of questions for you.

Working as a financial planner can be personally and financially rewarding and requires excellent interpersonal skills. A good financial planner understands investments, taxes, estate planning issues and knows how to listen. Work as a financial planner can be done as mentioned above, within a company or by yourself, as a sole proprietorship. Most planners go solo or work within smaller practices. If you choose this path, it is essential then that you have a certain amount of entrepreneurship given that you will be running your own business. The work pays well and is rewarding if you like to help people. Increasingly, it pays to obtain the Certified Financial Planner (CFP) designation.

As a financial planner you need to comprise of certain skills, talents and properties which will keep you in a concrete location as a financial planner with example and credibility.

Key Skill Area Requirement
People skills: High
Sales skills: Medium
Communication skills: High
Analytical skills: Medium
Ability to synthesize: High
Creative ability: Medium
Initiative: Medium
Work hours: 25-65/week

Obviously, you will need a lot of knowledge into areas of investment such as stocks, mutual funds, bonds, etc, vehicles to help your clients achieve their financial goals. And Of course, the most important thing you need in financial planning careers, besides all this, is credibility. Your words of wisdom aimed at your clients should have solid action backed results of your own.

For instance, if you are going to advise a client to invest in a stock that you would never ever invest yourself, your credibility and example is not worth mentioning. Therefore, before advising any client on their financial aspirations, you as a financial planner should have a concrete financial base yourself.

So it is natural for any person not to take advice from a financial planner whose finances are a mess themselves. Many of the more knowledgeable clients will often times ask you what stocks you are currently investing in, or what kind of shape you are currently in financially to validate that you are the right person for the job. If you on shaky financially ground yourself, they will simply look elsewhere.

Finally, it comes down to one thing. As a financial planner, you have to care about your clients and want to see them realize their financial goals. If you aren’t good at working with others, then this definitely isn’t the career for you.

With regard to salaries of this job, according to a recent survey, the median salary range for a financial planner is around $55,000. Importantly, the salary distribution of this business ranges throughout the distribution, where the 90 th percentile will receive in excess of $150,000. As you can see, due to the lucrative nature of the job, U. S. News and World Report listed the position of financial planner as one of the twenty hottest professions for the future. They note that the entry of baby-boomers into middle age with a bewildering array of investment choices will make financially planning a really hot profession in the future.

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