One of the professions that has grown the most in recent years is that of Financial Advisor. This has occurred due to the expansion of the financial market, which has generated great opportunities for many people. But have you ever stopped to wonder what a Financial Advisor does?
In this article you will learn even more about this profession, how you can become one, and what are the benefits of working in this area. Enjoy your reading!
What does a Financial Advisor do?
The Financial Advisor works mainly in banks and value broker, accompanying and orienting clients. It is responsible for helping clients who are in doubt about how to build their investment portfolio and can indicate the best assets that most fit the person’s profile.
Generally, the advisor is the person who can help you set goals regarding your financial planning and future objectives, assisting you in your decision making. Therefore, it is important that the advisor always maintains a relationship of trust and transparency with the client.
How to become a Financial Advisor?
Before being allowed to provide financial services, financial advisors must pass a series of exams. Their first step is passing the Series 7 Exam, which covers a variety of services and products. Additional exams are required based on the specific types of services and products they want to sell.
In order to become a financial advisor, a future employer needs to sponsor you for your licensing needs. Some employers hire employees with no experience in finance and train them to become financial advisors. However, they typically look for employees with strong sales skills during the interview. If you have experience selling products or services, include that in your resume and during your interview.
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How much does a Financial Advisor make?
The average annual salary of a Financial Advisor in the United States is US$ 74,000, according to Indeed. The average ranges from US$50,000 to R$200,000 depending on the location in which the professional works.
Some skills the Financial Advisor must have
The profession of Financial Advisor generates a lot of controversy, mainly due to the conflict of interests. An advisor can end up indicating a bad investment to a client and still earn on top of this indication. It is an area that requires a series of precautions and recommendations, check out the main ones:
- Transparency: have clarity when presenting the product to the client, showing the costs, real return and risk level;
- Personalized planning: each client has his own personal objectives and this must be considered. It is necessary that the advisor offers appropriate investments according to the goal and profile of each person.
- Follow-up: It is necessary to follow up the client after the application to verify the portfolio’s evolution and answer any questions that may come up.
- Relationship: The advisor must respect and maintain a harmonious relationship with the client.
Frequently Asked Questions (FAQ)
Do you need graduate school to become a Financial Advisor?
Not necessarily. As long as you have the proper certifications, you can practice. But it is recommended that you seek extra knowledge to differentiate yourself from the competition, and a degree in economics or something related can help.
What is the certification to become a Financial Advisor?
Some of them are: Securities Industry Essentials (SIE) exam, Series 6: Investment Company and Variable Contracts Products Representative Qualification Examination (IR), Series 66: Uniform Combined State Law Examination, Series 63: Uniform Securities State Law Examination.
What is the salary for a Financial Advisor?
The average annual salary of a Financial Advisor in the United States is US$ 74,000
Where does the Financial Advisor work?
Most financial advisors work in banks and brokerage, taking care of the clients’ financial management and helping with questions about investments. However, there is also the possibility of offering the service on their own, acting autonomously and attracting their own clients.
