Financial consultants work for financial institutions or as self-employed professionals helping clients manage their finances. These professionals usually need a bachelor's degree in order to enter the field.
Financial Consultant Job Responsibilities:
Helps clients accomplish financial objectives by assessing financial situation; developing and presenting financial strategies and plans; monitoring changes in financial status and life circumstances.
Financial Consultant Job Duties:
- Talking to clients to determine their expenses, income, insurance coverage, financial objectives, tax status, risk tolerance, or other information needed to develop a financial plan.
- Answering client questions about financial plans and strategies and giving financial advice.
- Advising strategies for clients in insurance coverage, investment planning, cash management and other areas to help them reach financial objectives.
- Reviewing client accounts and plans on a regular basis to understand if life or economic changes, situational concerns, or financial performance necessitate changes in their plan.
- Analyzing financial data received from clients to develop strategies for meeting clients' financial goals.
- Preparing or interpreting financial document summaries, investment performance reports and income projections for clients.
- Implementing financial plans or referring clients to professionals who can help them.
- Managing and updating client portfolios.
- Contacting clients regularly to discover changes in their financial status.
- Building and maintaining your client base.
Financial Advisor Requirements:
- Bachelor degree in business, finance or related field.
- 1-2 years of sales experience.
- Must have current FINRA Series 7 and 63 Securities Registration (66 or 65 preferred).
- Life and health license.
- Valid driver’s license.
- Knowledge of mutual fund, securities, and insurance industries.
- Proficient in Word, Excel, Outlook, and PowerPoint.
- Comfortable using a computer for various tasks.
- Experience providing quality financial advice.
Work experience
Evidence of commercial awareness acquired through part-time or vacation work or a longer work placement is useful. Experience in sales, advisory or customer service work is also valuable. Talk to a financial adviser for a greater insight into this area of work.
Skills
Successful financial planners quickly build strong relationships with their clients. Establishing connections with others is necessary in both the networking and client retention aspects of the career. Similarly, clients have to trust their financial planner has their best interests in mind.
Financial planners thrive when they have a deep knowledge and passion for personal finance. Several factors play a part in creating and implementing a financial plan, and a financial planner must be well-versed in financial topics. Additionally, financial planners must be able to meaningfully interpret their clients' financial data. The most successful financial planners can analyze and retain a substantial amount of information.
