- Financial Advisor
Who is a Financial Advisor?
A penny saved is a penny earned ~ Benjamin Franklin
In career as financial advisor, individuals are defined as a person qualified in investment and finance, who helps individuals and corporations meet their long-term financial goals. Financial advisors will have to make investment plans for your clients keeping their goals in mind. They work over several factors like budgeting, investments, saving for retirement, tax planning, insurance coverage, and more. After consulting with their clients, they start analysing factors like their goals, risk tolerance, life or corporate stages and identify a suitable class of investments for them. dents can pursue BBA (Bachelor of Business Administration), MBA (Master of Business Administration) to become a financial advisor. Here in this article, we have mentioned the details of financial advisor careers, such as how to become a financial advisor, financial advisor skills, financial advisor salary, duties of a financial adviser, financial advisor duties, financial advisor job description.
Financial Advisor in a Nutshell
A career as a financial advisor is all about assessing one’s financial situation, understanding what one wants to do with his or her money, and helping in creating a plan to reach one’s financial objectives. Individuals who opt for a career as financial advisors help individuals and corporations to reduce spending, pay off their debt, and save and invest for the future. The financial advisor job description includes working closely with both individuals and corporations to help them attain their financial objectives.
Quick Facts for Financial Advisor
Average Salary in India
Individuals can take up a career as financial advisors, it is not gender-specific. Males, women, and others can choose a career as financial advisors. For someone who wants to make a career as a financial advisor, it does not matter to which gender does the person belong to. The work is gender-neutral. Both men and women can choose to become a financial advisor. The profession suits everyone who is responsible enough to handle financial matters, understand the stock market, and curious enough to reach the depth of the solution. Knowledge, logic, and skills must all combine. Anyone with appropriate skills and the zeal to excel in finance can choose to be a financial planner.
Any special needs
Everyone, including those with physical disabilities, is appropriate for individuals who opt for a career as financial advisors. The career as financial advisors is well suited to everyone, even those with special needs. Finance is a field that promotes equality of opportunity for every human race. Anyone with special needs can also become a financial advisor. He or she is required to be skilled mentally, and hence people with physical disabilities can choose to be financial advisors as long as it does not affect the efficiency of work.
Table of Contents for Financial Advisor
What is the role of Financial Advisor?
Personal financial advisors help people in maintaining their finances and projects. Individuals who opt for a career as a financial advisor help in defining financial goals for the clients, for example when the clients will be using their savings and what they’ll be using it for. The duties of a financial adviser are to make a plan in accordance with the client’s financial situation, they are required to know personal as well as professional and financial information about their clients and further use this data to create projections and accomplish their client’s goals. The factors deciding these projections are realistic assumptions about inflation, investment returns, how much one can save, and how much one will earn and spend. Below, we have mentioned how to become a financial advisor, average financial advisor salary, financial advisor skills, careers as a financial advisor, financial advisor duties.
Tax planning can take a number of different forms. Individuals who opt for a career as financial advisors often help individuals and corporations address certain tax issues and find a solution for how to maximise possible tax returns and minimise tax accountability. There are certain advisors who also help clients with preparing their taxes and completing their annual taxes.
Individuals who opt for a career as a financial advisor helps individuals evaluate their insurance requirements. Some financial advisors are also licensed insurance agents and sell people insurance themselves. However, they typically earn a commission in such cases, which can create a conflict of interest.
This is perhaps the foundation of financial planning. Individuals who opt for a career as financial advisors make sure the client is spending the right amount given his or her income and is also required to make sure that they aren’t going into debt.
Though the job of a financial advisor doesn’t include the actual management of one’s assets, individuals who opt for a career as a financial advisor still helps with an individual's investment portfolio by mapping out how much one should be investing in which types of investments.
Types of a Financial Advisor
Here, in this section, we have described various types of financial advisor jobs.
Financial analyst: A financial analyst examines financial data and uses their findings to help companies or clients make business decisions. Often, the analysis is meant to inform the investing decisions of companies. Not all financial analysts analyse the stock or bond markets or help their employers make investments.
Financial examiners: A financial examiner ensures that banks, securities firms and other financial institutions comply with applicable laws and regulations. He or she is often employed by financial and insurance firms, as well as by federal and state government agencies. A financial examiner conducts complex finance examinations.
Accountant: An accountant is a professional who performs accounting functions such as audits or financial statement analysis. He or she can either be employed with an accounting firm or a large company with an internal accounting department, or one can set up an individual practice.
Economist: An economist is an expert who studies the relationship between a society's resources and its production or output. An economist is responsible to study societies ranging from small, local communities to entire nations and even the global economy. An economist is a very important entity for any firm or country to be able to manage their finances and growth.
Financial Planner: Individuals who opt for a career as financial planners can be defined as a person qualified in investment and finance, who helps individuals and corporations meet their long-term financial goals. After consulting with their clients, they start analyzing factors like their goals, risk tolerance, life or corporate stages and identify a suitable class of investments for them.
Investment Banker: Individuals who opt for a career as investment bankers are professionals who work as a part of a financial institution and is primarily connected to raising capital for corporations, governments, or other entities.
What is the workplace/work environment of Financial Advisor like?
For a person who is pursuing a career as a financial advisor, one is required to have frequent contact with people on various levels of his or her organisations. One typically works thirty-five to forty hours per week. However, individuals who opt for a career as financial advisors might be required to work extra hours during the months before taxes or annual reports are due.
Does Financial Advisor require travelling?
In career as financial advisor, individuals working for the government are required to travel quite often depending upon the project one has been assigned and the requirements he or she has to fulfil. However, complete travel expenses are provided by the government to the financial advisor travelling to different work locations.
Full Time, Work From Home
Individuals who opt for a career as financial advisors generally required to work from 9 am to 5 pm full-time, five days a week. He or she typically works for 35-40 hours per week and is required to work from the organisation’s premises.
In career as financial advisor, individuals work in a single shift and he or she is required to fulfil the work in accordance with the time allotted. However, if a project requires it, he or she may be obliged to work under certain shifts. They work on a permanent as well as on a contractual basis.
Individuals who opt for a career as financial advisors are required to work in office from the organisation’s premises. He or she typically works for 35-45 hours per week. Depending on the targets approaching and projects allotted, he or she may be required to work overtime.
Presence in Geographical Area
Individuals who opt for a career as financial advisors work in or urban or semi-urban areas as the kind of companies or firms that hire a financial advisor are located in either urban or semi-urban geographical locations.
Financial advisor jobs are time-bound, he or she has to constantly work in order to meet the deadlines. A financial works for several clients at the same time therefore, one has to manage the work accordingly.
Depending on the workload and deadlines a financial advisor may have to work extra hours. It happens generally before the tax payments are due.
Weekly Hours of Work
Min 45 Hours
In career as financial advisor, individuals have to work for about eight to nine hours on a daily basis. He or she can either work for a company on a permanent basis or a client can also hire him or her on a contractual basis.
How to become a Financial Advisor?
What are the skills and qualities required to become a/an Financial Advisor?
When it comes to how to become a financial advisor, the first thing that they should know about are the financial advisor skills. Some of the essential financial advisor skills we have mentioned below.
Critical thinking: Critical thinking skills are important to spot trends, examine the pros and cons of a particular course of action, and make changes as per the requirement. In the organisation, critical thinking skills should, therefore, be demonstrated. Critical thinking is important as it makes sure that a financial advisor career can find the best solution to a problem.
Research skills: Research Skills allow people to define an issue, obtain knowledge resources that can solve that problem, assess the quality and value of such resources and find an appropriate solution. Individuals in the financial advisor career must learn how to conduct considerable research into economic theories and best applications.
Communication skills: Communication skills are essential in the profession of a financial advisor. A financial advisor is required to work with a variety of people who have different economic circumstances and stages of knowledge. Individuals in the financial advisor career must be able to present complex information and explain technical slang along with incomprehensible terms.
Problem-solving ability: A financial advisor is required to learn how to analyse potential barriers and prepare solutions. Supporting his or her keen knowledge of economic theories and systems, one must be able to offer advice and solutions to team members and clients to help them make low risk, high benefit financial solutions.
Leadership: Along with corporate skills, a financial advisor must learn the teaching skills necessary to instruct one’s clients or to lead a team of advisors. In career as financial advisor, individuals must become experienced in figuring the best explaining methods for a particular client, instructional plans, and learn how to assess and evaluate progress. Most individuals are trying to equate leadership with such a particular position or job description.
Popular Online Finance Courses and Certifications
Which certifications and internships can be helpful in becoming Financial Advisor?
We have mentioned below a list of certification courses that aspiring individuals may opt to upgrade their skills and knowledge for a career as financial advisor.
There are several advantages of an internship in financial advisor career. A finance internship includes analysing the flow of money in and out of investments. A finance internship offers a magnificent chance to gain real-world experience in the high-stakes financial advisory services. While most internships are unpaid, some business internships do carry a small stipend. Interns in the financial sector can expect a nominal hourly rate. If the student is in college and anticipating to use an internship to get his or her foot in the door of the financial sector, then he or she is not alone. Becoming a successful financial planner is all about having a good internship opportunities before entering the market.
Career Path Progression for Financial Advisor
Associate financial advisor - The associate financial adviser is a junior adviser who provides technical support for all financial advisers at the senior level. The major roles and responsibilities of an associate financial advisor includes data gathering and analysis, development of financial planning recommendations, implementation and portfolio management. This type of financial advisor job description is to participate in client meetings but not in an advice position. Along with this, the position has limited decision-making rights on client matters.
Financial analyst - As a financial analyst, one is required to determine the cost of operations by establishing standard costs, collecting operational data. He or she is also responsible for Identifying financial status by comparing and assessing actual results with plans and forecasts. This type of financial advisor job description is to guides cost analysis solutions by organising and enforcing strategies and processes, providing trends and forecasts, explaining procedures and techniques, recommending actions. A financial analyst also helps in improving financial status by analysing results.
Financial planning manager - A financial planning manager supervises all related budgetary processes in a company. He or she is required to work to expand business models that affect budgets, and company expenditures. These managers are also responsible for analysing and authorising all department budgets. This type of financial advisor job description includes analysis, risk evaluation, managing these risks, forecasting economic trends, enforcing pecuniary policies and guidelines throughout the company, and managing any other related projects.
Financial Advisor Jobs and Salaries
Associate Financial Advisor
- Average Salary 25000
- Junior Level Salary 20000
- Senior Level Salary 35000
The job of an associate financial advisor is an entry-level job. He or she is supposed to work with a senior or a team that handles finances for a company or client. An associate financial advisor must have the ability to work with a group of people.
The salary of an associate financial advisor is provided it is an entry-level position. As and when an individual gains experience the salary also increases.
Financial Planning Manager
- Average Salary 42000
- Junior Level Salary 35000
- Senior Level Salary 100000
Managers of Financial Planning supervise all associated fiscal processes within a company. They work to expand marketing strategies which really directly impact expenditures and payments to companies. These supervisors would also be able to update and implement all budgets within the agencies.
The salaries of the Financial Planning Manager reflects on the competencies and experience in this field. The entry level salary would be up to Rs. four lakhs per year, which could potentially reach more than twelve lakhs annually.
What is the job outlook for Financial Advisor?
Currently, there are only a few certified financial consultant jobs in India is to work for its 1.2 billion-plus population. This diminishes in comparison to the USA which has more than 60,000 certified financial advisors for its 250 million population. Financial education is low in India today but with an increasing number of educated investors getting into the field, a financial advisor will have to have the required academic qualifications. It broadly seeks graduates having commerce, economics, finance, mathematics and management background in education. Graduates get started in financial planning firms. Mutual fund firms also hire fresh and skilled graduates and so do stock brokerage houses.
Indian financial market is one of the oldest markets in the world and with a quick rate of growth it has also set foot into the best markets in emerging economies of the world. The history of the Indian capital industry dates back 200 years when it was under the rule of the East India Company. In the current scenario, it includes the primary industry, FDIs, alternative investment options, banking and insurance and pension sectors, and asset management segment. The financial advisor job is massively growing or we may say the evergreen industry.
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Frequently Asked Questions for Financial Advisor
Que. What is the difference between a financial advisor and a financial planner?Ans.
A financial advisor is a professional who helps companies and individuals create a program to meet long-term financial goals. Financial planner is a broader term for those who help manage your money including investments and other accounts.
Que. What does a financial advisor do?Ans.
A financial advisor is a professional who helps you organise your finances and projects the results of your savings and investments so you can see how well prepared you are for retirement. They also help you make decisions with your money that will help you reach your financial goals as efficiently as possible.
Que. How much does a financial advisor charge in India?Ans.
The fee of a financial advisor can be a percentage of the assets under management (AUM). For example, if you have handed over assets worth Rs 1 crore to a fee-based financial advisor to manage, then he may charge an annual fee of one per cent to two per cent of the assets that he is managing.
Que. Is it worth having a financial advisor?Ans.
If you have funds and can afford a financial advisor's fee without going into debt, a financial advisor might be a good investment. In fact, an advisor’s fee may pay for itself in a few years if he or she helps you make better financial decisions in the meantime.
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Questions related to Financial Advisor
can anyone tell the difference FPI ,FDI,FII with proper explanation ???as this is very much necessary to know in financial industry.
FPI: Foreign Portfolio Investment
FDI: Foreign Direct Investment
FII: Foreign Institutional Investment
FDI involves direct production activities and is usually of medium to long term in nature.
FII is a short term investment mostly for the financial markets.
FPI simply means foreign institutions or investors putting money in our Governments Financial Assets and Stock Market, Etc. FII is mostly synonymous to FPI in financial terms.
where I can make my carrier in finance other than doing MBA and other professional course like cpa and cfa because I cant afford for all this. course and also I m interested in becoming finance analyst , finance advisor. so getting this want can I do to achieve this???
Irrespective of the fact whether you have a MBA, having a Undergraduate or Postgraduate Degree focussed in Engineering, Statistics, Economics and Mathematics along with Financial and Analytics Certifications and Relevant Projects/Internships, qualifies you to sit for Job Interviews for Quant, Market & Financial Analyst, Data Analyst, Business Development and Management Positions. However, many Non Commerce Graduates, nowadays do appear for the CFA Certification Exam, for a successdul career in Finance before finally pursuing MBA in future.
If you are from Commerce Background, having a B.Com, you may pursue a M.Com or prepare for CA. Ypu may even consider yourself for a Job in the Public or Private Sector directly after B.Com or BBA, having relevant Experience.
The Government Sector has numerous Opportunities in the Field of Finance, like being an IRS Officer (UPSC CSE) or appearing for Government Service Exams like SSC CGL, RBI Grade B, IBPS PO, SBI PO, Indian Economics Services and many others.
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