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Career as Personal Financial Advisor

Career as a Personal Financial Advisor

About Personal Financial Advisor

Personal Financial Advisor provides advises to the clients according to their need and requirements. Besides this, he also helps the clients plan their long term as well as short terms goals. Personal Financial Advisor offers advice on many things such as estate planning, insurance, mortgages, retirement, investment, college savings to help the clients manage their savings. He provides assistance to the clients while considering some important factors such as mitigating risk, avoiding costly errors and financial market. Most of the Personal Financial Advisor has its own expertise such as risk management or retirement planning. 

Responsibilities of a Personal Financial Advisor

Check some major responsibilities of a Personal Financial Advisor provided below.

  • Meeting with clients to discuss their goals and requirements

  • Resolving the doubts of clients regarding potential risks and investment options 

  • Helping clients to plan their retirement

  • Analysing the financial performance of the clients and providing them with solutions to improve their financial performance

  • Explaining the type of service they offer to the clients

  • Providing them with a list of benefits they will offer them with the services

Eligibility to become Personal Financial Advisor

Check the minimum eligibility criteria for a career as a Personal Financial Advisor provided below.

Education Required

  • Bachelor degree in any finance-related field is required.

  • Candidates who have passed bachelor degree in accounting, business, finance, economics, law or mathematics will be preferred

  • Work experience of 1-2 years will be required by some companies

  • Good knowledge of financial management and financial planning

Certification

Certified Financial Planner (CFP) certification provided by the Financial Planning Standards Board (FPSB) 

Skills

Some of the skills required for a Personal Financial Advisor are listed below.

  • Math skills

  • Sales skills

  • Analytical skills

  • Interpersonal skills

  • Speaking skills

  • Problem-solving skills

  • Communication skills

Courses to Become a Personal Financial Advisor

The table provided below contains all the courses to become a Personal Financial Advisor. You can select these courses based on your qualifications. If you have completed a bachelor degree already then you can go for a bachelor degree in finance. 

Course

Total Fee (Approx)

Top Colleges for Finance Planning/ Management

BBA in Finance

Rs. 1.2 lakh to Rs. 8.30 lakh


 

Bachelor of Financial Markets (BFM)

Rs. 50,000 to Rs. 1.25 lakh

Bachelor of Accounting & Finance

Rs. 20,000 to Rs. 1.50 lakh

B.Com in Taxation and Finance

Rs. 15,000 to Rs. 80,000

M.Com in Finance

Rs. 50,000 to Rs. 2.00 lakh

MBA in Finance Management

Rs.20,000 to Rs. 5.00 lakh

Master of Financial Management

Rs.25,000 to Rs. 2.12 lakh

Master of Finance and Accounting

Rs. 30,000 to Rs. 75,000

If you are looking for admission to any of the course provided here then you can fill our Common Application form. Besides this, you can also call on our toll-free number 1800-572-9877 to get admission related assistance. 

Types of Job Roles Personal Financial Advisor

Two major types of Personal Financial Advisors are wealth managers and private bankers. They help clients while investing their money and planning retirement. Job roles of a Personal Financial Advisor depend on whether he is working for any organization or as an individual. There are some Personal Financial Advisors that pursue this profession as part-time. Some major job profiles where Personal Financial Advisor may apply for a job are provided below.

You can ask more questions about the Personal Financial Advisor such as job profiles and annual salary on the Collegedekho QnA zone

Employment Opportunities for Personal Financial Advisor

Most of the recruiters for Personal Financial Advisor belong to the Securities management and Financial investment sector. Some of the major employment opportunities for Personal Financial Advisor are Investment firms, Financial Planning firms and Insurance companies. You can check the graph provided below to know more employment opportunities available for a Personal Financial Advisor.

Employment Oppurtunities for Personal Financial Advisor

Top Recruiting Agencies for Personal Financial Advisor

Some of the major recruiting companies for Personal Financial Advisor are listed below.

  • HDFC

  • Kotak Mahindra

  • HSBC

  • ICICI

  • Aditya Birla group

  • LIC

  • NIACL

  • Bajaj finserv

  • Life Insurance Corporation of India

Planning to choose Personal Financial Advisor as your career?

Pay Scale/Salary of Personal Financial Advisor

  • The average salary of a Personal Financial Advisor is INR 2 lakh per annum

  • Personal Financial Advisor who works at investment companies and financial services firms are also given bonus

  • A candidate who has good communication skills will earn more as a Personal Financial Advisor

Salary of a Personal Financial Advisor

 

Books & Study Material to Become Personal Financial Advisor

A Personal Financial Advisor should have a good understanding of the financial market and investment strategies. He can refer to some of the important books provided below to gain more knowledge about financial markets and financial planning.

  • Storytelling for Financial Advisors by Scott West and Mitch Anthony

  • Endless Referrals by Bob Burg

  • The Nature of Investing by Katherine Collins

  • Ineffective Habits of Financial Advisors by Steve Moore and Gary Brooks

  • The Million-Dollar Financial Advisor by David J. Mullen Jr.

  • Questions Great Financial Advisors Ask by Alan Parisse and David Richman

  • Investment Leadership by Jim Ware, Beth Michaels, and Dale Primer

Pros of becoming a Personal Financial Advisor

  • People consult a Personal Financial Advisor for taking meaningful advice. 

  • Salary of a Personal Financial Advisor is not fixed. They can earn more depending on their capabilities.

  • He does not have to follow the 9-6 work routine.

  • This profile will help you understand the financial market. 

Cons of becoming a Personal Financial Advisor

  • Good analytical skills and maths skills are required for this profile

  • A Personal Financial Advisor can face difficulties in the initial stage of the career as people prefer taking advice from an experienced person

  • Work hours of Personal Financial Advisor are not limited

  • Most of the companies hire candidates who have at least 1-2 years of experience. 

Paths for Being Personal Financial Advisor

FAQs about Personal Financial Advisor

Who are the major recruiters for Personal Financial Advisor?

Some of the major recruiters for a Personal Financial Advisor are ICICI, HSBC, LIC, Aditya Birla group and NIACL.

What is the best thing about being a Personal Financial Advisor?

The best thing about being a Personal Financial Advisor is that your income is not limited. A candidate who has a work experience of 2-3 years will surely earn more in comparison to a fresher.

What profiles are available for Personal Financial Advisor?

Some of the major job profiles available for a Personal Financial Advisor are Financial Advisor, Financial Analyst, Budget Analyst and Real Estate Broker.

Where can a Personal Financial Advisor apply?

Personal Financial Advisor can apply to Investment firms, Financial Planning firms or Insurance companies.

What skills are required to become a Personal Financial Advisor?

Some of the important skills required to become a Personal Financial Advisor are maths skills, analytical skills, communication skills and problem-solving skills.

How long does it take to become a good Personal Financial Advisor?

It depends on your hard work and skills. You can become a good Personal Financial Advisor in 3-4 years.

What are the best books for Personal Financial Advisor?

Some of the best books for Personal Financial Advisor are ineffective Habits of Financial Advisors by Steve Moore and Gary Brooks and The Million-Dollar Financial Advisor by David J. Mullen Jr.

How much does a Personal Financial Advisor earn?

Salary of a Personal Financial Advisor is not fixed since they charge a commission on the investment amount of the client. His salary will vary depending on his work and skills.

What is the difference between Financial Advisor and Finacial Planner?

Financial Planner helps the organization to prepare a plan to meet the short term and long terms goals while Financial Advisor provides investment advice.

What does it take to be a Personal Financial Advisor?

A bachelor's degree in Finance, Economics or Mathematics is required to be a Personal Financial Advisor. Some companies also ask for a master's degree in a relevant field.

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