6 Benefits of Being a Financial Advisor
Being a Financial advisor has many benefits.
Being a financial advisor to someone is akin to playing family doctor to them.
Except that, while in the case of the latter the service delivered is physical health, the former delivers mental peace through financial health.
But being a financial advisor also comes with some great benefits – both for the advisor as well as the clients he/she serves.
Here are just 6 of them.
The benefits
1.Highly Paid Profession:
Being a financial advisor means you are a member of an elite profession that is not only highly respected and sought after, but which also pays well.
According to the U.S Bureau of Labor Statistics (BLS),the median pay for Financial Advisurs was $67,520 in 2012.
And if you are looking for a profession that has plenty of room for new entrants, it is estimated that more than 60,300 new Financial Advisors will be required across the U.S. from now until 2020!
2. A Growing Network:
Since this is a job where you work with people, being a financial advisor gives you the opportunity to establish and grow your network of personal and professional connections.
Meeting new clients, and talking and listening to them, allows you to get to know them and their circle of friends, family and colleagues better.
Ultimately, those connections can be leveraged for your own future personal and professional gains.
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3. Employment Opportunities Unlimited:
The very nature of the job means that being a financial advisor offers a much diverse range of employment opportunities.
While many advisors are employed by banks, insurance companies and investment houses, an equal (or greater!) number form their own thriving private practices.
Many Financial advisors even practice part-time, holding on to their day jobs, while slowly establishing their own practice after hours and on weekends and holidays.
Not many other professions offer such opportunities to generate an additional stream of regular income.
4. “Personal” Satisfaction:
Being a financial advisor provides individuals with a unique opportunity to get personal satisfaction from using their skills.
Imagine the joy it brings to an advisor knowing he/she was instrumental in structuring a client’s finances in such a way that the client is now forever out of debt! Or think of the satisfaction it brings to an advisor knowing his/her advice enabled a struggling family to put their kids through college!
Delivering financial advice that results in life-altering change (for the better) is indeed a great source of satisfaction, and is often cited as one reason that passionate individuals become financial advisors in the first place.
5. Greater Career Change Flexibility:
Unlike some jobs which offer limited horizontal or vertical mobility, being a financial advisor gives an individual excellent flexibility to switch jobs (within the general financial sector).
From Budget Analysts and Financial Analysts, to Investment Managers and roles in corporate finance, making the move is easier for financial advisors than their peers in other disciplines.
6. Excellent Work-Life Balance:
Being a successful financial advisor offers individuals the opportunity to balance professional and personal commitments more easily than many other professions allow.
This is truer if you run your own private financial advisory practice, but is also often the case for top-performing advisors employed at leading financial and investment advisory firms.
While successful private advisors can afford to do so because they have a steady stream of loyal customers, and don’t need the added stress of expanding their practice; most employers will grant their star financial advisors latitude in balancing work/life challenges because they don’t want to lose a great advisor.
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Hard work pays!
It’s true that initially entering the professional, and then being a successful financial advisor is tough work.
It takes education, training and the skilful art of anticipating and fulfilling your clients’ requests to stay in the profession.
And because of the nature of the job (most advisors hold the future of a client’s welfare in their hands!), it is sometimes a 24×7 commitment.
However, all that hard work and commitment often pays off!
By being a financial advisor whose advice makes clients successful, one can almost be assured of success themselves.
Why? Because:
- The more financially successful and well-off a client becomes, the more success his/her Financial Advisor will enjoy (higher fees, bonuses and commissions, expanded services etc.)!
- The more satisfied a client is with their advisor, the greater likelihood they (clients) will remain with the advisor over a longer term!
- The more successful an advisor is, the more clients he/she will attract, especially through word-of-mouth and referrals!
In other words, being successful as a financial advisor usually means greater personal, professional and financial success for the advisor.
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