Financial consultants advise individuals or organisations if a particular investment avenue is suitable or not for them, based on the particular client’s financial factors, such as income, expenditure, savings, prior investments and future needs.
Financial Consultant Job Duties
If you have a broad understanding of finance, how the stock market operates and various other economic tools, you may be suitable in the position of a financial consultant. Common employers include banks, insurance companies, mortgage lenders, brokerage firms and investment companies. A financial consultant could with adequate experience move into a managerial position, such as a branch or area manager.
Duties usually include
1) Meeting with and identifying the financial and investment requirements of customers.
2) Asking the client questions about what his/her financial requirements will be in the immediate and distant future.
3) Making suggestions out of the company’s product portfolio, based on the customer’s requirements.
4) Clearly enumerating to the client the risks involved with making particular investments.
5) Providing brokerage services to clients.
6) Ensuring that all required paperwork is completed and that no legal issues are being violated.
7) Giving advice to clients when asked about the suitability of a particular investment.
8) Maintaining client relationships with the firm.
9) Active perusal of new potential clients.
10) Mentoring junior staff if highly experienced.Create this Resume
Financial Consultant Knowledge and Skills
1) In depth knowledge of finance, taxation, economics, insurance, risk management and accounting procedures.
2) Superior working knowledge of financial and presentation tools and software, such as Excel and PowerPoint.
3) Ability to clearly explain investment concepts and risks involved to clients and to make presentations on the same.
4) Analytical skills to quickly understand financial statements.
Financial Consultant Educational Qualifications and Experience
1) A Bachelor’s degree in finance is essential, though a Master of Business Administration (MBA) may be preferred.
2) Experience of 2 – 5 years in the related field is usually required.
3) A license from the Financial Industry Regulatory Authority (FINRA) as well as from the particular state board, if offering insurance advice.
4) Certifications favoured include Certified Financial Planner (CFP), Fellow in Risk Management (FRM) and Chartered Financial Analyst (CFA).
Financial Consultant Salary and Benefits
1) Average Financial consultants salaries are in the range of $40,000 to $80,000 per year but can be higher in large corporations.
2) Benefits vary between firms but often include 401(k), a flexible work schedule, life and disability insurance, medical and dental, training reimbursement and pension plans.