Financial advising being a comparatively new field in India, the demand -supply curve is not appropriate. Supply is being lesser than demand. Forecast says that there will be a huge requirement of professionals in the near future. Unlike any other profession like medical or engineering, a certified financial planner is supposed to have a concrete knowledge in both personal and corporate financial aspects. Aspirants from various fields might be recognized as financial advisors like- chartered accountants, MBA (finance), fund managers and company secretaries. Suggesting on tax savings and other forced savings is a great role of financial advisors.

Career Prospects For A Financial Advisor

It’s often seen that the pioneering time taken by a professional is a bit long. This might arise some frustration since no person would like to take the risk of entrusting on an inexperienced advisor. It’s better to be employed in some organization for some time and then go for crème clients.   The main job of a financial advisor is sketching out financial goals.  Let’s have a look at the various positions financial advisors could be absorbed in.

• Fund managers in financial service companies: Various financial companies would like to keep a dedicated fund manager who is expected to handle specific clients. This boost experience while the person gathers some practical knowledge handling medium and small sized clients apart from the big ones.
• Investment advisors in banks: Banks require investment advisors which are applicable for corporate as well as personal affairs. Before disbursement of loans, financial advisors need to be consulted to get a concrete on a business and its outcome.
• Corporate tax advisors: Tax advising for corporate is a huge scope for freshers. It’s essential to know all the pros and cons of tax, dealing with government agencies and then building a long term relation with the clients.
• Real estate consultants: Financial advising is very much required for real estates. Investors for real estate’s need to know the outcomes of a big investment. Although the market for real estate is very much volatile, still a good financial planner can make the task easier.
• Consultants: An experienced person who shares a good rapport with the client can be a financial consultant to succeed in the long run. Apart from salary, profited sharing has been a common trend for financial consultants.

Apart from a regular job, there are some ‘out of the box’ career scopes for financial consultants.

• Columnist: Newspapers, websites, magazines and other media are in constant need of experts who could analyze a situation and write in columns. They are meant to attract some good investors and write articles in an engaging style.
• Specialists: There arise special requirements when individuals focus on retirement plans and HNI (high net worth individuals). This is a great scope.
• Books: Some publisher requires experts who can pen down books on specific tasks like income tax and corporate tax or might be others. Financial advisors are highly recommended for this purpose.
• Teaching and training: There are companies who are conducting corporate training for newly appointed employees. Experts having a good grip of knowledge on a specific subject are very much required for this purpose although the supply of efficient trainers is always short.

Being a certified financial planner has a lot of advantages

1. It leads to better employment opportunities with financial companies
2. Being a  financial planner is like attaining the highest global benchmark in global standard
3. Your expertise and credibility are instantly circulated among professionals who lead to a great chance of serving as a consultant.
4. You have an opportunity to earn more by selling financial products to clients you know.
5. You have an opportunity to be a speaker in a seminar when you gain experience.

A financial planner of any level needs to have the following traits

• Strong public relation skill
• Communication skill
• Analytic values
• Problem-solving ability
• Ability to synthesize information
• Ability to demonstrate creativity
• Ability to be a self-starter.

It’s vital to know candidates of which profession specialize in specific fields

1. Chartered Accounting specialize in accounting, taxation, and auditing
2. Company secretary specializes in company law
3. Cost accountant specializes in auditing
4. Certified financial planner helps make strategic financial plans in insurance, retirement, investment and taxation
5. Chartered financial analyst analyzes portfolio management and investment analysis
6. Certified public accountant specializes in accountancy and taxation.

Financial advisors have the most promising future. There are ample scopes with companies as well as individuals.  There is no single individual who does not want to know about tax savings and good investment plans. In fact, this is the profession which has no retirement or an establishment cost.