Rohit Dubey

What is the nature of work for a Financial Advisor?


by Rohit Dubey
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RE: What is the nature of work for a Financial Advisor?

Surabhi Dewra
Surabhi Dewra
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When it’s a question of saving our hard earned money, there are basically two types of options to keep it safe. Firstly, put it under your mattress and secondly, keep in your bank and opt for schemes which ensure a good return. Obviously, whenever you meet a financial advisor he will make sure that you should meet your financial goals both short and long term. His advice will definitely discourage you to put money under the mattress. A financial advisor will provide investment, insurance, and retirement plans to clients but before that, it’s essential to have a skilled network.

Responsibilities of a financial advisor: There are some rules that a financial advisor has to follow like a bible.

  • He should recommend investment products and other services that suit the prospects and clients; it’s based on their objectives, time zone, risk profile, resources, and preference. To advise the client on the risk factor of an investment is very essential. He should advise the client to learn how to take a calculated risk.
  • He should execute and negotiate following implementation vehicles include insurance, investment, estate planning, tax planning estate planning, tax management and other tasks that are quoted to the client.
  • He should meet clients in person to discuss their personal financial goals
  • E should explain the various types of financial services that they provide to potential customers.
  • He should educate the clients and answer all questions on investment options and the potential risks involved.
  • He should recommend investment options to clients or might select investments on their behalf.
  • He should help clients to plan their life and advice on additional sources of fund especially after marriage or after having children.
  • He should personally monitor the account of his client
  • He should develop personalized investment solutions to help clients achieve their long term financial goals.
  • He should develop and deepen client relationship.

Traits of a financial advisor: A financial advisor should possess certain traits which will be a benchmark towards success.

  • He should keep a track record of his personal success.
  • He should have relationship building skills and commitment to long-term clients.
  • He should have a strong desire to performance-driven compensation and increasing earning potential.
  • He should be self-motivated, highly driven towards success and possess entrepreneurial characteristics.
  • He should be able to think critically and should sound judgmental while delivering advice to his clients.
  • He should have excellent mathematical skills.
  • He should be having excellent selling skills.
  • He should have excellent analytical skills.

Dealing with one’ money is no joke. It involves risks and rewards also. The task of risk analysis should be explained to clients so that he is transparent of it. But risk should be calculated one. If the clients make profits from the advisor’s advice he will be coming to him again and again. In case it’s a loss, then the client should be convinced that’s it’s the chance factor and should be motivated to spend in other sources.  In case he is working in the same company, he will be promoted to higher positions and bag up responsibilities that demand deeper research and analysis which will build trust and confidence in the clients and some future clients. His motive will be to increase the client base day by day.

Typical tasks of a financial advisor: the tasks of a financial advisor depend on the role but typically involve some facts:

  • He should contact the client and set up meetings either in the office environment, client’s home or any business premise.’
  • He should conduct in-depth review of the client’s financial circumstances, current provision, and future aims.
  • He should analyze information and prepare plans which best suits to his client’s requirements.
  • He should complete risk analyses
  • He should research the market place thereby providing the client information on new and existing products and services.
  • He should design new financial strategies on a regular basis.
  • He should keep an up to date record of financial legislation and products
  • He should produce financial reports.
  • He should always be contacting clients with updated information on new legislation that affects their investment and savings.
  • He should hold regular meetings to discuss costs of service rendered to the clients.

In case if the advisor is working for some companies the employers will be of the category of – banks and building societies, financial planning firms, independent financial advising companies or investment firms. It’s essential to know their clients and develop a personals rapport with them. For, if he decides to be a consultant in future, then this customer base will be his bread and butter. Hence, public relation skills are very important.

The compensation to the job is huge and once a consultant then he can charge on an hourly basis. So, it can be considered as the most demanding profession and the most sought after career.

RE: What is the nature of work for a Financial Advisor?

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