For those who might be interested in pursuing a career as a financial planner, you may be curious just to what the job actually entails or is involved with the role overall, as well as the benefits to becoming one. Another common question is how much the financial planner salary may earn them, which can vary on several different factors.
Financial planners, who are also commonly-known as financial advisors or consultants, have the general responsibility of helping their clients with the purchasing of stocks and bonds. Once being known more as stock brokers, their main goal is to advise people in meeting their financial requirements when it comes to overall personal financial goals.
The role often encompasses being up-to-date when concerning financial markets, along with keeping track of a clientele investments in their portfolios. The job often entails knowing the latest investment vehicles and strategies when concerning finances, as well as being confident with any decision-making suggested or dealing with clients, especially when being under the gun.
Good communication skills, attention to detail, a confident and out-going personality, and the ability to discuss with clients about what investments may be beneficial to them, are just some of the traits a would-be financial planner should have. Financial planners should also have the ability to deal with any possible failures without losing focus or motivation.
There is generally an good amount of pressure associated with the field, and potential planners should have the ability and ambition to treat their role as if it were truly their own business, as their success and potential earnings can often be the result of their work. Ambition, motivation, staying on top of the game, and drive to constantly keep going are often some of the characteristics in a good financial planner.
A bachelor’s degree is necessary in order to become a financial planner, whether it revolves around economics, finance, mathematics, accounting, law and so forth. Overall, a strong knack for mathematics, interpersonal and analytic skills are also required, although some may go as far as obtaining a master’s degree. Certification of the Series 7 exam, offered by FINRA, is also a requirement with most companies.
Because of the often hectic environment and frequent demands of the role, the financial planner salary range can be quite high, but can also vary on the experience and skill of the financial advisor. Most, however, can earn anywhere from $45,000 per year to $119,000 or more, with the possibility for bonuses for those who are employees, or commission for those who are independent.