A career as a successful Financial Planner requires you to be good at sales, have excellent communication, computer, analytical, problem solving, and presentation skills, be self-confident, and enjoy the finance and investment business.
Financial planners assist and work with individuals to develop financial plans that will allow them to achieve their financial goals such as buying a home, sending kids to college and having a comfortable retirement. As a financial planner, you are required to work closely with the client and you must have a high degree of ethics and maintain strict confidentiality of your client’s monetary profile.
Many financial planners start out in a related line of work, such as insurance, investing, or other finance positions. To get started in the financial planning business, financial planners may buy and sell financial products, such as securities and life insurance. Fees and commissions from these securities and life insurance plans are one of the major sources of income for beginning financial planners. Much of the time of an inexperienced financial planner may be spent marketing their services; however, some planners start as employees of large firms and advance through the corporate structure.
Educational requirements for financial planners vary from job to job and state to state. Financial planning degrees are offered at many colleges, and anyone that desires to get the most from a career as a financial planner should be encouraged to acquire such a degree. Although formal education is not mandatory, a degree in accounting, economics, finance, or law is an advantage to breaking into the field.
Financial planners are not required to be licensed; however, certification from the Certified Financial Planner Board of Standards, Inc. adds credibility and monetary value to the position. In order to be certified, one must meet the educational requirements, which are based on the knowledge of financial planning topics, pass the certification exam, have three years full-time experience in the financial planning field, and agree to adhere to the CFP Board’s code of ethics. The certification must be renewed every two years by completing approved continuing education programs and paying a mandatory fee.
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