What to Expect on the Job as a Financial Advisor

Once you have completed your education and are ready to begin work as a financial advisor, you can look forward to in interesting and varied career. You’ll be able to use the knowledge you’ve gained in tax law, investments and insurance to help recommend financial options which will help your clients reach both their long and short term financial goals. Expect your clients to enlist your help with college, retirement and estate planning in addition to more general investment options. While most financial planners cover all these sectors, if you have a particular area of expertise you may decide to specialize.

As a financial advisor, your work will begin with an initial consultation with your client. During this time, you’ll obtain details about the client’s financial situation and his or her goals. You will also need to determine the client’s tolerance for risk, and time frame for expected return on investments. Then you’ll be able to use your knowledge to develop a comprehensive financial plan. This plan will need to identify financial problem spots, offer recommendations for improvement, and present investments which are appropriate for the individual client. The plan may take the form of a formal, written presentation, or it may be only verbal and discussed with the client in a more informal way.

Your job doesn’t end with the first financial plan. Financial advisors generally meet with established clients annually at the very least, to keep them informed about new potential investments. It is also important to determine if your clients have undergone any major life changes. Situations such as career change, marriage, divorce, a child’s upcoming college education, marriage or bar mitzvah, or any illness or disability in the client’s family may dramatically impact his financial situation and investment preferences.

As a financial advisor, you’ll work in safe, comfortable conditions. You should expect to work long hours though, and devote a good deal of time to research. You may do most of your work in an office, but you may also spend some time traveling. While some of your clients will prefer to consult with you at your office, offering the option of meeting in the client’s home will give you a competitive edge. Many of your clients are quite busy with their own careers and will appreciate the convenience of an advisor willing to visit with them when they are free. Your hard work will pay off handsomely. Faster than average growth is expected in the field, and projected earnings for a financial advisor average between $41,860 and $108,280 annually.