Counsel clients on good money management practices.
$48,443 - $80,000
What does a Financial Advisor do?
Financial advisors help people find the best ways to manage their money. Whether a person needs guidance on planning for retirement, eliminating debt, investing money in the stock market, or reaching long-term financial goals, he or she can rely on a financial advisor to set a plan in motion.
Because you deal with people’s livelihoods, it is imperative that your advice be ethical and honest. If you wouldn’t do it with your own money, then you probably shouldn’t tell someone else to do it with theirs. The Golden Rule applies in spades to a job as a financial advisor.
The first thing you need to do is ask a client plenty of questions so that you can analyze their current financial situation in relation to their lifestyle. Sometimes these questions are personal in nature. If you ask them tactfully and explain why you need to know the answers, your client will feel more at ease and give you more information. In turn, you’re able to give them the best advice.
Once you complete your initial assessment, you address problems in their current system and recommend new investments, new ways to save, or new tax incentives that will increase their wealth. It goes without saying that you should have an encyclopedic knowledge of the financial system, and keep up to date on the latest changes that will affect your clients, their money, and their futures.
Financial advisors often run their own businesses. If you choose this path, be prepared to spend a lot of time selling yourself. You can also specialize in areas like estate planning or tax advising to further narrow down your market and reach people seeking an expert in a particular financial sphere.