Becoming a financial advisor is no sprint; it is a marathon. Not only must the drive be high, but there is also zeal and the enthusiasm to get the work done. Financial advisors typically help people with their investments, retirements, and tax planning and sell financial products, such as life insurance and annuities. But since one measure of your success is the number of clients you have, your biggest asset as a financial advisor is going to be your people skills.
Financial advising skills are highly in demand as the industry is experiencing substantial growth due to the increasing number of people approaching retirement age early in the 21st century. As a result, you have many training options to choose from.
As a financial advisor who wants to reach the career peak, elementary training is just the tip of the iceberg.
Becoming a financial advisor
If you want to earn an undergraduate or a graduate degree while also getting training to be a financial advisor, enrolling at a traditional college or university can satisfy both needs. At the undergraduate level, this can be done by selecting a business or finance major and taking as many financial planning-related courses as you can. But if you already completed a bachelor’s degree, you may want to consider a focused graduate degree, such as a master’s program in financial planning.
You can also consider getting the Certified Financial Planner, or CFP, designation since it is highly regarded in the field. In order to sit for the CFP, however, you will need to have earned a bachelor’s degree. The degree can be in any academic area, but you must also complete courses covering topics such as income tax planning, interpersonal communication, and professional conduct. If you lack the required coursework, you can always take the classes at a school that offers a CFP Board-Registered Program.
Becoming a financial advisor requires passing the Series 7 exam offered by the Financial Industry Regulatory Authority and meeting continuing education requirements. It would help if you were sponsored by a FINRA member firm (that is, your employer) to sit for the Series 7 exam. For senior financial advisor positions in some firms and in some states, one or more additional credentials may be required. This is where the in-house training comes in.
As a financial advisor, the drive is a necessity. Not only are you responsible for others’ finances, but you are also responsible for your finance as well. The business is highly competitive, and it requires focus, organization, and unparalleled discipline.
A lot of people have the requisite degree; does that automatically transform them into becoming financial advisors? Of course not. Beyond the basic degree, a lot of financial advisors take the form of in-house training. Corporations and multinational financial houses usually offer this in-house training to groom the next generation of financial advisors.
Moreover, becoming a financial advisor today often requires intensive networking to find an established individual practitioner or a team willing to take on an apprentice to help serve and expand their book of business.
Cultivating an influential workplace sponsor with influence and connections in the right places can be a ticket to entering the financial advisory field from other positions in financial services.
Coaching is more than just training; it is much more focused on holding your hands and guiding you to getting the best out of your financial advisory career. Not to mention, it is an essential part of building the profile of a successful Financial Advisor.
Experience is such a deal-breaker in the world of Financial Advising; newbies run a risk of getting washed out and losing clients. That is why mentorship and coaching are essential parts of the synergy.
The best way to accomplish any task is to watch and learn from someone doing the same thing you want to do and is doing it successfully. Training financial advisors and coaching them ensures that the economic advisory space is sane.
The program that can change your path
Signing up for a financial advisor training program is a path to potentially upping your game and putting you on the fast lane to getting more done for your client.