Financial Advisor

Considering a career as a Financial Advisor? Not to be confused with a Financial Analyst, a Financial Advisor, or adviser, provides the service of financial advising and guidance in exchange for compensation. According to Investopedia, Financial advisors can provide many different services such as provide investment management, income tax preparation, and estate planning.

Financial Advisors may also be known as:

• Financial Planner
• Investment Manager
• Investment Planner
• Financial Consultant
• Tax Advisor
• Tax Consultant

Skills & Qualifications

Financial Advisors are known to be:

• Self-motivated, driven and entrepreneurial
• Able to develop and deepen client relationships
• Compensated based on performance level

Successful Financial Advisors are expected to:

• Further their training/education
• Grow their own clientele
• Have a flexible schedule when established

What’s entry-level like?

I spent a solid year’s worth of time as a financial advisor for New York Life. Most Financial Advisors will usually start off by getting licensed in some sort of insurance product and working for New York Life, that was Life & Health. That job, however, was 100% commission.

There are salary-based jobs, such as one at Edward Jones.

Both companies provide financial support in attaining further licensing such as Series 7 and Series 66. Both New York Life and Edward Jones, for example, would compensate for your Series 7 and Series 66 training/examination if you pass on the first attempt.

How’s salary?

According to Payscale the median salary for entry-level is about $50k. But, since compensation is commission- and bonus-heavy, salaries may range anywhere from $30k to $80k.

According to the Bureau of Labor Statistics, the gross median for a Personal Financial Advisor as of 2016 is $90k so, you can expect that as you further your education in terms of licenses and become more experienced while growing your client relationships.

Is this the job for you?

If you enjoy interpersonal situations, this is definitely a career to consider as an Economics major. With our ability to analyze variables, we are able to provide advice in ways that most will not be able to consider if they were on their own. Also, our understanding of how markets grow will be a great tool for helping others grow.

This job does require further education so, hard work is in line when considering this career path. The rewards are also there as the job salary bears no limits. Please consider these variables when searching for a Financial Advisor position.

Remember, your first job does NOT have to be your last job unless YOU want it to be.

Written by Eric Pham