Looking for a horrific career? Why not consider going into the financial services industry? If you like a challenge, then this field influence be the one for you. Working in this sector can also be very rewarding—both on a personal level and from a financial perspective. In to be sure, depending on the position and your years of experience, the earning potential can be unlimited. But how do you get started?
Learn more about how to suit a financial advisor, choosing where to work, and some of the top companies in the financial sector.
- Financial advisors produce financial advice to clients.
- There are a number of places to work as an advisor including banks, brokerage firms, cover companies, and wealth management firms.
- Demand for financial advisors is expected to rise between 2020 and 2030 due to an lifetime population that will require more financial planning services.
- You may need some experience if you decide to diversify out on your own as an independent advisor.
What Is a Financial Advisor?
Financial advisors provide their clients with monetary advice for different services whether that entails how to manage their investments, how to manage and plan their orders, or how to prepare for their taxes.
The term financial advisor tends to be fairly obscure. That’s because different pecuniary professionals fall into this broad category including bankers, estate planners, insurance agents, investment superintendents, stockbrokers, and tax professionals. As such, you can find them working in any number of financial companies from banks to brokerage positives and insurance companies, and even wealth management firms.
A financial advisor’s first duty is to their client. That money-grubbings they must have the best interests of their clients before anything else. As such, they are powered to certain standards and must follow ethical guidelines.
Your first duty as a financial advisor is to serve your shoppers’ best interests.
Most financial advisors have an undergraduate degree in accounting, finance, economics, math, or function. Some may have a graduate degree and may also take specific courses if they choose to specialize in a certain hold such as estate planning, risk management, tax preparation, or portfolio management. Some advisors may also seek out distinguished designations including certified financial planner (CFP), certified public accountant (CPA), among others.
Salary and Job Outlook
Go together to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for personal financial advisors was $89,330 in 2020. The top 10% in this green earned more than $208,000, while the lowest 10% earned less than $44,100. Financial advisors are also seemly to earn bonuses, which are not included in these figures.
The BLS reported that there were 275,200 jobs in this bailiwick in 2020. Prospects for employment in the field are positive, with an expected change in need for financial advisors to be around 5% for the 10-year epoch between 2020 to 2030. This growth is primarily due to an aging population that will require more financial contemplating services.
So where should you work? If you’re looking for a good place to start, consider joining a major firm. The surpass company reflects your personal preferences. Although the financial compensation may not be as high, retail banks are also considerable places to get a good start on your career as a financial advisor.
A self-starter who likes having the independence to call his or her own opportunities may fit best at a place like Raymond James (RJF), which offers advisors several types of affiliation. Or perhaps you’re looking for the gains that come with working at one of the big-name firms like Fidelity Investments or Charles Schwab (SCHW).
If you insufficiency to be free to choose when and how you work, you may have some success working independently. But keep in mind, accomplishing this brooks some time. This option may be better after you’ve amassed a few years of experience under your belt. That’s because you’ll indigence to build up your reputation as well as your client base.
Questions to Ask Yourself
How do you choose? Lots of research, evaluates with employees, and some soul-searching. Ask yourself:
- What type of environment do you prefer—casual, or corporate?
- Do you like cast solo or do you prefer or the hustle and bustle of a big firm?
- Where do you want to be located geographically?
- What type of clients are you interested in pass out?
- What type of work would you like to do?
- What type of services will you offer?
The Fortune List
Each year, Prosperity puts out its list of the 100 Best Companies to Work For—a well-regarded survey that looks at factors like the credibility of a inflexible’s management, employee job satisfaction, and workforce camaraderie. Many financial services firms, investment companies, and insurance bodies make the grade and may offer ideas about the best places for financial advisors to work.
The following are the finance sector’s top 10 companies enumerated in order of their rank on the 2021 list:
The Bottom Line
Job seekers looking for a financial advisor position secure lots of factors to sift through. Remember that many of the large financial services firms have tasks nationwide and that locations may offer employees a different work environment and benefits. Make sure you do your homework. Unreservedly with current and, if possible, former employees about their experiences. Investigate work practices and research any just violations.
Additionally, do some background research on fee structures and corporate culture. In the end, what is the best company for a financial advisor? It’s the one that corresponds up with your skill set and personal preferences.