Financial Advisor Trainee
Working under a mentor, a financial advisor trainee is usually a student completing his final year in college while preparing to become a full-fledged financial advisor. Companies recruiting trainees typically prefer applicants who are on their way to earning their bachelor’s degrees and have attended classes in finance, accountancy, business management, risk management, and financial services.
Duties and Responsibilities of a Financial Advisor Trainee
A trainee financial advisor is tasked to find prospective clients and help devise a strategy for closing new accounts. He calls and sets meetings with potential clients, collects financial information, and evaluates their status and requirements. While doing all these, the trainee is expected to broaden his knowledge on various financial products and services.
After gathering all the necessary information, a financial advisor trainee creates and presents a detailed plan to the client, explaining his recommended products. Negotiating with providers and securing the best arrangements or finding the highest rates of return for clients are also on a trainee’s work priority list. Finally, a trainee prepares reports and updates clients on market developments and changes in the financial plan.
Types of Financial Advisor Trainee Jobs
A trainee can chose from among several trainee financial advisor jobs.
A financial advisor trainee can be tied, meaning he will work for a single company, say, an insurance firm or a bank, and offer only products sold by his employer. Or he can be multi-tied, whereby he can work with more than one entity and offer products sold by all these companies. He can also go independent, giving general advice on any product sold in the market.
Apart from looking at one’s academic credentials, companies hiring trainees require excellent communications skills, particularly the ability to clearly explain complex financial concepts. Self-motivation, accuracy, keen attention to detail, and a goal-driven mindset are among the top qualities employers look out for in candidates.
Trainees get an average financial advisor salary of around $50,000 a year. While some receive just a base pay, others get a percentage commission on accounts generated on top of a basic salary.
Aspirants can also apply with companies that sponsor apprenticeship programs and thereafter hire those who successfully complete such programs. Still another option is to work as an assistant to an independent financial advisor. It would be worthwhile to search for financial advisors operating independently in the area and contact them for a job as a financial advisor trainee.
