We all face financial issues in life. We learn to deal with them as we grow up. For instance, people find ways to save money to buy a new house or to get a college degree.
Anything that you do in life includes some amount of planning when it comes to the financial side. This is what makes the role of a financial advisor so lucrative. Unlike other regular jobs, you undertake experience for this role as you grow up. There are no college degrees that can help, but what you learn at each step of your life is what really counts.
So, if you’re planning to start a new career as a financial advisor, you need to know a few things before you can start off. Take a look at the things you have to keep in mind to become a successful financial advisor:
#1. The Decision
Financial advising is a limited niche as the first thing you should do is to retrospect if you really want to go down that line. While it is an extremely rewarding career, it demands certain skills along with spending long hours at work. Also, you most probably have to start as an unpaid intern. So, decide if you’re okay with not being paid handsomely at the start of your career.
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#2. Get A Degree
Now that you’ve decided that you want to be a financial advisor, get up and get a college degree. While a college won’t teach you a lot of stuff related to your field of work, there are always some bare minimums you need to have when applying for any job and a college degree is one of them. Besides, a good education is always going to help your cause, no matter what.
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#3. Work Experience
Gaining experience and getting your hands dirty on the field are the things that are going to groom you at the nascent stage of your career. Experience is the biggest advantage a professional can have, and it often trumps skills as well. Besides, as you gain experience, it makes you better at problem-solving and in turn, makes you a better professional.
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#4. Train Yourself
Training yourself in a course specific to your industry is crucial. A training course, which is often conducted by consulting firms, not only brings the best out of you, but also allows you to connect with some of the hotshots of your industry.
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#5. Start Small
Now that you’ve trained properly, it is finally time to start off. Try to join smaller firms at the start of your career. Smaller firms don’t enjoy the riches of large companies, and hence, have limited man power. So, you have a better chance of getting your hands on to a few projects early on. This is crucial as it prunes you to be a better professional. At a large company, you’ll be way low on their priorities, and this would eliminate the chances of being recognized.
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#6. Get Licensed
Having a professional license is absolutely mandatory. Anyone without a registered license is never favored over someone who has a license. Besides, professionals who are not licensed with FINRA can’t help the client truly.
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#7. Work Hard
This is true regardless of your industry. To be successful in life, you have to work hard. In fact, very hard. Be ready to sacrifice your weekends or your after plans and keep working for as long as you can. Remember that you are new to the industry and it would take some amount of effort for you to reach the upper echelons of it. So, just work hard, and success will come by.
So, there you have the things you need to keep in mind before you become a financial advisor. If you found this informative, let us know in the comments below.
(Featured Image Courtesy: Topel & DiStasi Wealth Management)