How to Make a Career of Offering Financial Advice

To get a job offering financial advice, first you must learn all you can about the industry. By becoming an expert in how financial markets work, you will be in a position to offer advice. To achieve longevity and make a true career out of offering financial advice, you need to learn more advanced sales and financial planning skills, and dedicate yourself to remaining current on developments in the industry.

Instructions

Instructions

1. Educate yourself. While a bachelor's degree is not a strict requirement in the financial services industry, in a competitive marketplace you are more likely to succeed by exceeding the minimum requirements. If you are a star salesperson with a proven track record of success in another industry, your degree will be less important, but if you are just beginning a career in financial services, holding a bachelor's degree is a de facto minimum.

2. Obtain your licenses. Depending on the type of financial advisory career you intend to pursue, you will most likely need at the minimum a Series 7 and a Series 66 license. Other popular industry designations include Certified Financial Planner, Chartered Financial Consultant and Registered Investment Adviser. Most firms will sponsor you for these exams if you are hired as a financial consultant.

3. Use your contacts to build a client base. If you come from a different industry, inform all of your past contacts that you are now a financial consultant and offer them your services. If you are new to the industry, tell everyone you know about your new profession and ask their help in referring friends of their own who may need your services.

4. Solicit centers of influence, such as accountants and business managers. Professionals such as these are trusted in their industries and have access to vast numbers of wealthy individuals, which can prove invaluable as you are trying to develop your own client list.

5. Ask your clients and prospects what they need and find a way to provide more than they ask. If you are trying to build a long-term career, rather than achieve short-term success, you need to retain your customers over time; the surest way to do this is to exceed their expectations.

6. Keep current on regulations and industry trends. In order to sustain your career, you must keep abreast of any regulatory or financial changes and adapt your services accordingly. Financial plans must be constantly monitored and updated to reflect changing industry dynamics.

7. Evaluate your career at least annually. Set new goals for your business and improve strategies that are not contributing to your success.