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Welcome to Debt & Financial Advice |
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Career in Financial Planning – Debt and Financial Advice |
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Your Career in Financial Planning |
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There are probably many people who think because they spent some time in college learning how to plan for their future that they have the expertise to embark upon a career in financial planning. Be assured nothing is farther from the truth. In fact, learning how to be a financial planner takes a great deal of education and experience. The field of financial planning is not something one can learn by simply taking a few business courses and studying the securities market. As anyone in the field can tell you, financial planning involves much more than just investing in the future; it involves investing in the present as well.
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That's a difficult statement, and you may indeed ask yourself how you invest in the present. What does it mean to invest in the present? Simply put it means to learn how to live beyond the next paycheck, something very few of us has learned to do. Before one can pursue a career in financial planning, he or she has to learn how to control his or her own personal finances. You lose credibility with a client if they know you are not financially stable, and even if you think you can put up a good front, at some point you will say or do something that reveals the truth about your personal life. It may be something as subtle as the clothes you wear or as obvious as the kind of car you drive. That doesn't mean you have to drive a Mercedes or a Cadillac, but if you drive a car that looks like it's ready for the scrap yard, you lose credibility with your clients. Live within your means but do it so that you show your clients it's possible to live beyond the next paycheck.
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As a financial planner, your first job is to teach your clients how they can meet all their monthly obligations and still save money for the future. You don't have to throw it all at them at once, but take the time to teach them to save a little bit at a time. If they have a 401K or IRA, show them how they can increase payments into those accounts without taking away from daily necessities. For those clients who don't already have retirement accounts, show them how important it is to put contributions into a 401K or IRA, not only for the future but also for the tax savings. Stocks, bonds, and mutual funds are other areas where a financial planner can assist his clients, but keep in mind that some clients are not financially ready for the risks associated with securities, so you want to guide those people toward low-risk mutual funds where they can change their investments as necessary. Real estate is always a good investment for personal use, so if your client is a renter, encourage him to buy a home for the tax savings as well as the future income he can utilize from the equity.
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As you can see, your job as a financial planner takes in many different aspects, and to know everything that is necessary to perform those duties, requires an education that is finance based—a degree in Finance, or at least in Business Administration with a minor in Finance. In addition, you will need some on the job experience in the financial field before you are ready to become a financial planner.
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Thank you to Brenda Coxe for this “Career in Financial Planning’ article. |
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