Financial Advisor: Career Advice for Recent Graduates
As a recent graduate, starting your career journey can be exciting but also challenging. Especially if you’re considering the financial industry – it can be difficult to know where to start. This article gives an introduction to the career, highlights career values, traits, and skills, outlines career paths, and provides tips for success as a financial advisor.
Introduction to Financial Advisor Career
Financial advisors work with individuals, families, and businesses to help them manage their finances. Their work includes assessing clients’ financial goals and objectives, providing investment advice, and guiding clients through financial and investment decisions. They may also assist with estate planning, tax planning, and retirement planning.
Career Values, Traits, and Skills
To be successful as a financial advisor, you need to have a passion for helping people manage their finances. You should also possess strong communication skills, analytical skills, and the ability to build relationships with clients. Financial advisors should be detail-oriented, organized, and able to work independently. Strong sales skills are also important, as much of the revenue generated by a financial advisor comes from commissions on financial products that are sold to clients.
Career Path
A bachelor’s degree in finance, business, accounting, or economics is often required to become a financial advisor. The next step is to gain experience in the financial industry, usually in a support role such as a financial analyst or banker. Many financial advisors start their careers by working at a financial services firm or a bank.
Once you’ve gained experience, obtaining a certification such as the Certified Financial Planner (CFP) designation can be beneficial to your career. This certification requires passing an exam and meeting certain education and experience requirements. Many clients look for the CFP designation when selecting a financial advisor.
Salary Range
According to the U.S. Bureau of Labor Statistics, the median annual wage for financial advisors was $89,160 as of May 2020. However, financial advisors can earn significantly more depending on their experience, client base, and the financial products they sell.
Tips for Success
Build strong relationships with clients. Clients will choose a financial advisor who they trust and who takes the time to understand their needs.
Keep up with industry changes. The financial industry is constantly evolving, so it’s essential to stay informed on new regulations, products, and technology.
Develop your sales skills. While not everyone is naturally gifted in sales, learning how to "sell" is a critical aspect of being a financial advisor. Developing these skills through training or mentorship can do wonders for success.
Network within the industry. Building connections through industry events, mentorship, and social media can help increase opportunities.
References
Career outlook for financial advisors. (n.d.). U.S. Bureau of Labor Statistics. Retrieved September 27, 2021, from https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm
How to become a financial advisor. (n.d.). Investopedia. Retrieved September 27, 2021, from https://www.investopedia.com/articles/professionals/110515/how-become-financial-advisor.asp
McIntyre, D. A. (2021, September 23). How much do financial advisors really make? Forbes Advisor. Retrieved September 27, 2021, from https://www.forbes.com/advisor/investing/how-much-do-financial-advisors-really-make/
