Financial advising is a rewarding career that has grown rapidly as baby boomers near retirement. According to Money magazine, financial adviser ranks #3 in its “Best Jobs in America” report. With an average salary hovering above $120,000, there is no question why financial adviser is one of the best jobs in America. Financial advisers provide advice relating to investment strategies, mutual funds, bonds, and stocks.
Using this knowledge to provide retirement advice and estate planning is crucial to client success. Clients will often discuss the need to change investment strategies based on major events such as marriage, having kids, and retirement. A financial advisor’s recommendations will help make these transitions easier
Look for financial companies offering complete training programs. It may help to have some previous experience working with clients because financial advising is all about developing relationships. But you may be able to get your foot in the door if you show that you're motivated.
Look for financial companies that offer starting financial advisers help by supplementing fees and commissions with a higher starting salary. Usually, your fees and commissions will be low at first as you build your clientele. Over time, your fees and commissions will grow as your client list grows and the remaining salary will be a small portion of your income.
The grades needed to become a financial adviser are very high. Even after a university degree you still need to show that you have a 3.2 or higher. All companies tend to support their new employees in further training, a university degree alone does not provide this training whether it is in finance or accounting or math. Some degrees do offer exemptions towards the professional exams needed. After you complete your professional exams it will still be necessary to do exams every year to ensure that you are up-to-date with modern finances as they develop.
Look for jobs with banks when starting out. It is often easier to become a tied adviser to begin your financial career. This gives experience dealing with clients, and often many benefits (company car, health care, etc.), and a higher salary than some independent financial advisers. Banks generally will support you fully when you are doing your professional exams too, although during this time both your job and your exams are your main focus and the hours of work during this time will increase greatly.
Go out an get your Series 7 and 66 licenses. Generally an "RIA" Registered Investment Adviser can sponsor you to get your licenses. But, you may be able to get state sponsorship as well.
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