Financial Advisor Job Description
A financial advisor aids the company in financial investment and asset management. Financial advisors also handle the insurance related issues of the clients and help them in making comprehensive plans in future investments. A financial advisor is sometimes employed in an organization or a firm and sometimes he is self-employed. Self-employed financial advisors may help individuals or some small organizations in making financial decisions while those employed in a firm work only for that firm and their area of work is restricted. To know more about a financial advisor job description you can refer below.
Clients mostly seek help of the financial advisors if they are making big investment plans such as investing in house, shares, business, etc. Some clients also seek help from the financial advisors when they are investing in some insurance plans for future savings.
Duties and Responsibilities of a Financial Advisor:
- Meeting the clients to understand their future investment plans and document them
- They get detailed reports from the clients to determine their income, expenses, risk tolerance, insurance coverage, tax status and their financial objectives
- Research the market and look for good investment opportunities in the market knowing the budget of the clients
- Discussing the investment opportunities and risks related to the particular investment with the clients
- Providing up to date information to the clients regarding the current industry trends and forecast the future market value of the asset in which they are willing to invest
- Keep a track of the reports and reviews collected by the clients which they can use for future reference
- Recommend strategies that the clients can use in achieving their financial goals and objectives
- A financial advisor also sells financial products such as mutual funds, insurance, stocks and bonds to his clients
- Help the clients open accounts for specific trade purpose
- Regularly review the plans of the clients to track changes in their financial status, economic changes to indicate the necessity of making a change in the plan
- Answer all the investment related plans of the clients verbally as well as provide them written documents for future reference
Skills Required in Financial Advisor:
- A financial advisor should have profound communication skills and should have ability to raise appropriate questions to the clients
- He should have ability to gather relevant information from the clients
- Should have ability to forecast the future market trends
- Should have good analyzing skills, money management skills and planning skills
- Profound knowledge of the rules and regulations related to investments made in a particular asset
- Should have ability to think out of the box and provide satisfactory assistance to the clients
- They should be good listeners and should have ability to derive proper conclusions
- Should be enthusiastic and willing to assist clients
Educational Requirements for a Financial Advisor:
A financial advisor should posses a bachelor's degree or master's degree in law, finance, accounting, marketing, etc. People who purse degree in law and finance have better opportunities in this field as compared to others.
Most of the firms also look for a certified financial advisor. Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC) or Chartered Financial Analyst (CFA) are some of the certification courses available for financial advisors. If you are looking for an opportunity with some bigger firms then you should acquire one of these certifications.
The salary of a financial advisor varies depending upon the organization he is associated with and his qualification. If a person is self-employed his earnings depend upon his client tie-ups. Hope the financial advisor job description given above helped you.
Financial Advisor Cover Letter