Financial Advisor Jobs
The number of financial advisor jobs is expected to grow much faster than the average for all occupations in the coming years. More specifically, the U.S. Bureau of Labor Statistics predicts that demand and job opportunities for financial advisors will grow by 30 percent over the 2008-2018 period. Employment growth may be remarkable, but competition for high-paying financial advisor jobs will remain tough, particularly for industry newcomers.
People planning to shift careers will also find limitless opportunities in the investment management sphere. Armed with a list of potential clients and the energy to work long hours, these career changers will all be welcome additions to a rapidly expanding field.
What Financial Advisor Jobs Entail
Financial advisors may choose from among several career paths. They can work as brokers with major national firms or join registered investment advisor companies. Others may take on independent financial advisor jobs with established entities such as American Express Advisors.
While some financial advisor jobs entail service to individual or retail clients, others cater to business or institutional clients. In some securities firms, financial advisors must focus on a particular type of client. Other employers give their advisors a free hand in creating and maintaining a healthy mix of clients. Corporate clients are known to favor financial advisors with extensive knowledge of specific financial areas such as risk management.
Financial advisors’ key responsibility is to help clients maximize investment opportunities based on their financial needs and goals, as well as their tolerance for risk. The financial advisor job calls for a thorough understanding and regular monitoring of the financial markets as well as the specific investments that make up clients’ portfolios. Advisors must know and propose new investment strategies and vehicles, and must possess the confidence as well as decision-making, people, and communication skills demanded by the job, especially during times of uncertainty. Sales acumen, specifically the ability to acquire new clients and propose investment ideas to current clients, spells success for many advisors.
Compensation and Benefits
In May 2009, the Bureau of Labor Statistics reported that half of all financial advisors made a financial advisor salary between $44,760 and $116,580. Established firms’ benefits package usually includes standard health-care insurance and retirement-savings plans as well as tuition reimbursement for training programs employees may have to complete to earn licenses and registration. Assistance in pursuing higher education is another common perk that comes with financial advisor jobs.