In today's volatile economic condition, it becomes quite confusing for the people who want to make investments which guarantee them good returns and security. It is here where the financial consultant comes into the picture. Financial consultant is a trained professional who applies his expert knowledge in finance, researches and analyzes the market trends, and advises the individuals or corporate organizations to make intelligent investment decisions. Financial consultant responsibilities thus play a crucial role is designing the financial goals and objectives for their clients.
Key Responsibilities of a Financial Consultant
Financial consultants are responsible for providing valuable assistance to his client by conducting proper research, assessing the needs of the client, and advising appropriate and suitable investment options for them. To be able to perform these responsibilities, he should possess an in depth knowledge and keep himself abreast with the ever changing market trends combined with knowledge on various legal rules and regulations. He studies the financial condition of the clients and recommends them plans that will ensure financial stability by minimizing the risks and increasing the monetary returns. Here is a detailed description of the key responsibilities that need to be handled by a financial consultant:
In addition to these responsibilities, he is responsible for making sure that the clients abide by their commitments. He ensures that he communicates in a clear and concise manner the benefits and the risks involved in the recommended financial plan. He is responsible for entering the financial information correctly, preparing the reports, and analyzing the financial status that will assist in the financial management. He evaluates the risk tolerance, alleviates the issues, and recommends appropriate resolutions. Thus, he helps in the financial management of the client by suggesting appropriate financial solutions.
Essential Skills
To be a successful financial consultant, you should be able to gain the confidence of the clients, they should find you reliable enough to accept the financial decisions suggested by you. For this, he needs to have excellent interpersonal communication skills. He should have good negotiation and convincing skills. He should be comfortable working in a team environment and be proficient in computers. He should be able to work in target oriented environment, have an ability to identify and solve complex problems, and should have exceptional persuasive ability.
Educational Background
A bachelor's degree from an accredited university in accounting, finance, economics, mathematics, etc., is preferred. An additional training in risk management, investment planning, etc., or a masters degree in business administration will surely prove to be of great help. Additional license or certification would be of beneficial as well.
Work Hours
Financial consultants normally do full time jobs with their work hours lasting for about thirty five to forty hours per week. However, they may need to work overtime in the evenings or at nights, in case, they need to attend any client meetings.
Salary Details
The minimum average salary that is being offered is $36,000. The maximum salary package for the experienced candidates is in the range of $130,000 to $170,000. It varies depending on the type and size of the organization they are working for.
Career Prospects
There are ample number of job opportunities for those aspiring to take up the career of a financial consultant. Those with higher qualifications will surely climb up the ladder of success more easily, especially if you are backed with a relevant work experience.
Thus, before you make an entry in this field, be sure you will be able to shoulder the financial consultant responsibilities efficiently and effectively.