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:
- Markets services by asking for referrals from current clients; meeting prospects at community functions; responding to inquiries; developing promotions; presenting financial planning seminars.
- Assesses clients' financial situation by gathering information regarding investments, asset allocation, savings, tax planning, retirement planning, and estate planning; evaluating risk tolerance.
- Develops financial strategies by guiding client to establish financial goals; matching goals to situation with appropriate financial plans.
- Obtains clients' commitment by explaining proposed financial plans and options; explaining advantages and risks; providing explanations; alleviating concerns; answering questions.
- Monitors clients' financial situation by tracking changes in wealth and life circumstances; analyzing financial plan results; identifying and evaluating new financial strategies; recommending changes in goals and plans.
- Provides financial management information by preparing financial status analyses and reports.
- Updates job knowledge by tracking financial markets, general economic conditions, and new financial products; participating in educational opportunities; reading professional and technical publications; maintaining personal networks; participating in professional organizations.
- Accomplishes organization goals by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
Financial Consultant Job Description
Financial consultants work with companies or individuals to plan for their financial futures by offering information and guidance on topics that include taxes, investments and insurance decisions. Often called financial advisors, these consultants work closely with clients to offer personalized financial advice. Consultants may also direct the buying and selling of stocks and bonds for their clients. Some consultants work for consulting firms that focus on the financial needs of specific businesses or industries.
Duties of a Financial Consultant
Consultants meet personally with clients to assess their financial situation in order to present a financial plan that includes both short- and long-term financial goals. Consultants help clients with financial planning decisions for retirement, education, day-to-day expenses and investments. They meet regularly with clients to assess how life changes such as marriage, job change or the birth of a child will affect the client's financial plan. In addition, many consultants are licensed to buy and sell financial products such as insurance policies, stocks and bonds.
Consultants spend much of their time reaching out to prospective clients and building a strong customer base. This means consultants often travel or work non-traditional hours to meet with clients in their homes or businesses. Consultants may also offer financial planning classes or seminars to reach out to potential clients.
Requirements
Financial consultants have a bachelor's or graduate degree in finance. Some colleges and universities offer degrees in financial consulting. Others offer more generalized degrees for those wanting to enter this career path. Prospective financial consultants earn degrees in finance, math, business or economics as preparation for the field.
Certifications, such as the Certified Financial Planner (CFP) credential help consultants improve their professional standing and are looked on favorably by employers. The Certified Financial Planner Board of Standards issues the certification, which requires applicants to have three years of relevant experience and a bachelor's degree. In addition, applicants must pass a comprehensive exam that covers key aspects of the financial planning process. Furthermore, candidates for certification must adhere to a code of ethics and complete 30 hours of continuing education every two years in order to remain current in the ever-changing field of financial planning.
Consultants must be licensed and registered with their particular state and the Securities Exchange Commission if they sell securities. The variety of licenses needed by financial consultants depends on the products they wish to offer their clients. Those who sell insurance products must also be licensed by a state board.
Financial Consultant Skills and Qualifications:
Corporate Finance, Financial Diagnosis, Financial Operations, Financial Planning and Strategy, Financial Skills, Financial Software, Selling to Customer Needs, Informing Others, Financial Licenses, Analyzing Information , Business Knowledge
