Many people think that someone who is good with money would also make a good financial consultant. However, according to Golden State Financial Group, there is a lot more to it than that. Financial consultants, or advisors, are individuals who professionally help people with money management, advising them on how to grow their wealth. They work with businesses or individuals who are facing debt management problems, helping them to create a savings plan, set up long term goals, and make proper investments.
Golden State Financial Group on what a Financial Advisor Does
Financial consultants or advisors can work with a myriad of people or organizations. For instance, they may work with a family who are considering having children. They help them find the best mortgage rate, create savings plans for college funds, and still save up for retirement as well. They offer excellent advice on any issue relating to finance, which means it is about a lot more than simply being good with money.
Commonly, these professionals work with large organizations and businesses that are facing a financial crisis. They help to create a budget that enables them to grow while managing their debt at the same time. They may be called in to develop appropriate benefit and compensation plans for employees, including retirement funds.
How to Become a Financial Advisor
Not everybody can become a financial consultant. Rather, they must have an undergraduate degree in finance or related field, as well as between 10 and 15 years of professional experience. Furthermore, they must have attended various seminars and continuous education sessions so that their knowledge remains relevant and up to date. They are also often certified by a variety of financial organizations, something that may be a legal requirement depending on the nature of their work.
Someone who aims to become a financial advisor usually starts their career working for tax companies, banks, or mortgage lenders. Here, they can get to know specialized financial services, but also other issues as they relate to finance. When they start their consultancy career several years down the line, this experience will prove to be invaluable.
Further down the line, they may obtain an entry-level position with a financial consultancy firm. This means that they are provided with clients and will receive a steady paycheck, rather than having to find their own. Furthermore, this will give them even more important experience, putting their name out there and building their reputation. Some then decide to go at it alone, becoming freelance consultants.
Doing so means being ready for a lot of frustration, although the rewards can be substantial as well. It may be overwhelming to have to do everything alone, it also means being your own boss and setting your own working hours. The financial rewards may also be higher, as they can set their own rates. At the same time, the risk is far greater as well, as they are not guaranteed and income.