Knowing how to manage your money is something everybody should know, however, that’s not always the case. A lot of people do not know how to properly organize their finances. So what can you do if you are one of them?
Possibly the best solution is to turn to a financial advisor. That’s a person who has enough expertise to help you out. Why is this person a good choice? It’s because he or she has to go through rigorous training and education in order to attain various skills and certifications that are crucial for this line of work.
The path to becoming a solid financial advisor is not simple and can include numerous side trips, twists, and turns, still, if you are ambitious and persistent enough you can definitely succeed. In this article, we are about to list the most important steps that will turn you into a pro.
Steps To Become A Great Financial Advisor
Get The Right Degree
If you want to become a financial advisor you must have a bachelor’s degree. Majors in economics, statistics, finance, economics, or any other similar field are totally acceptable. Furthermore, a financial advisor can be a generalist, or he/she can specialize in one of the numerous areas.
These areas normally involve estate planning, retirement, insurance, and risk management. Some of the most reputable corporations usually want their financial advisors to pursue their education at the graduate level.
Some of them choose an MBA program after working in this line of work for many, many years, and yet, they keep on having their full-time employment.
Obtain The Right Certifications And Licenses
When it comes to the financial services industry, there are three channels you can work in. You work for a smaller company, that’s independent, you can collaborate with a broker-dealer, or work for a bank.
Depending on the place you choose to work in or the type of services you provide customers are going to determine which certifications and licenses are required. If you want to be the person who is able to give a piece of excellent financial advice and still be involved in selling investment products, then you will have to pass some exams administered by the FINRA (Financial Industry Regulatory Authority). These normally include:
- Securities Industry Essentials (SIE) exam
- Series 6: Investment Company and Variable Contracts Products Representative Qualification Examination
- Series 7: General Securities Representatives Qualification Examination
- Series 63: Uniform Securities State Law Examination
- Series 65: Uniform Investment Adviser Law Examination
- Series 66: Uniform Combined State Law Examination
What Else Needs To Be Done?
An internship is always a great idea because it can help you eventually find a good job. It’s always recommendable to have some type of work experience before you find something better. Speaking of internships, there are a plethora of companies that are worth considering.
Corporations such as Grant Thornton, Protiviti, Deloitte, Deloitte Consulting, or KPMG are amazing choices. Namely, these firms will allow you to gain new skills and experience by working at specific roles and tasks.
By doing this, you will be able to enhance your skills as a financial advisor. If you turn out to be responsible, reliable, and generally great at what you do, who knows, maybe you will receive a job offer or at least a solid job recommendation.
It doesn’t matter whether you are going to compete for an internship or a job, you should definitely always be prepared. You can accomplish this by learning the general qualifications that you’ll be required to execute.
It is never too early for preparation. You can do it even when you are still in school by making sure your GPA is good enough. More importantly, you should focus on developing essential skills, such as written and verbal communication, customer support and service, leadership, teamwork, etc.
Get Your First Job
The huge broker-dealers are definitely a great place to launch your career as a financial advisor. Why is that? Well, that’s because they are going to teach you a lot about creating a book of business, as well as cold calling.
On the other hand, if you are more interested in the financial planning route, then you should certainly opt for smaller to mid-sized companies that prioritize full-service. In this case, they are the best place to start.
Whatever you choose, at the end of the day, it’s of huge relevance to find an employer who is going to be able to provide you with on-the-job, in-depth training. Additionally, it wouldn’t hurt if you considered having a mentor.
Being a financial advisor can be very interesting and dynamic and according to some reports, very profitable. Therefore, if you have a knack for it, you should definitely pursue it, but first, follow these tips before you do anything else.