If this is the case, then the path to becoming a financial advisormay be the one you ought to be traveling on.
These professionals help their clients establish a balanced proportion of investment income and capital gains, all while making certain that their client is comfortable with the level of risk. There are a handful of financial tools that a wealth manager will utilize to help their client:
- Mutual Funds
- Real Estate Investment Trusts (REITs)
- Insurance Products
These money managers play a very important role in our society, and particularly in the lives of those individuals who are less than savvy when it comes to maneuvering their cash. Now that you have decided that this is what you would like to do, you are probably asking yourself, how easy is will it be?
First things first: are you sure that you are committed to the job? Managing the finances of other people is not a matter to be taken lightly. You need to have good math skills, as well as an ability to quickly grasp modern technologies. The world of investment is constantly evolving, and requires a keen mind. But if you are certain that you are up to the task then let’s get down to it.
You are going to need a college degree, obviously. Shoot for a bachelor’s degree—that way, you can acquire a professional certification. What you choose as your major is of little consequence. Degrees in accounting, economics, mathematics and computer science, and finance will give you a leg up on your competition when you’re filling out your resume.
Experience will help you, too, so get an internship. Some of the most successful wealth managers started out as unpaid interns. Don’t be afraid of starting at the bottom rung.
Some financial institutions offer training programs. If you can get one of these for yourself, do so. These programs will allow you to learn the ropes of your trade. Try getting a job at a small bank so you get the opportunity to get to know a diverse collection of clients. This will help give you the expertise you will need in the future.
Now, you need a license. Depending upon your method of thinking, this is probably the most difficult task on your way to becoming a certified wealth manager. In order to obtain a license, you need to make sure that you are up to par with the licensing board’s code of ethics. You can become a Certified Financial Planner (CFP), for which you will need to have three years of work experience as well as a bachelor’s degree. For this license, you must pass a two-day, ten-hour exam after having gone through the proper preparation courses at a reputable college.
A Chartered Financial Analyst (CFA) requires that you pass three six-hour exams, along with a bachelor’s degree and four years of experience.
Registered Investment Advisors (RIAs) have to pass the Series 66 exam along with the Series 6 or 7 exams.
The answer to how easy it is to become a financial advisordepends entirely upon your perspective. But, if you are willing to work to be the best, and put in the necessary hours, then all of your effort will definitely pay off.