More About Financial Planner Careers
by Dawn Papandrea
Interested in a career as a financial planner? Learn more about what to expect in the world of financial planning jobs and beyond.
What does a financial planner do?
Financial planners provide analysis and guidance to help people with their investment decisions. After a client consultation, the planner develops a comprehensive financial plan based on knowledge of investments, tax laws, and insurance. The plan identifies problem areas, makes recommendations for improvement, and selects investments compatible with the client's goals, attitude toward risk, and need for a return on the investment. Planners may address issues of retirement and estate planning, funding for college, risk management, and general investment options. Some planners also buy and sell products such as mutual funds or insurance, or refer clients to other companies for services such as tax and will preparation.
In addition, financial planners must be great collaborators. Remember, they are dealing with sometimes huge sums of money and the future savings of individuals or future investments of a company. In other words, financial planners will likely have to work with a team including lawyers, investment bankers, accountants, and other financially-related advisors to be able to offer the best possible advice.
How much do financial planners get paid and what kinds of financial planner jobs can I get?
According to the U.S. Bureau of Labor Statistics, in 2006, financial planners made an average annual salary of $66,590, and held 176,000 jobs. More than half of all financial planners work for finance and insurance industries such as securities and commodity brokers, banks, insurance carriers, and financial investment firms. Three out of 10 financial planners are self-employed.
Overall employment of financial planners is expected to increase by 37 percent during the 2006-16 decade, which is way faster than the average profession, according to the Bureau of Labor Statistics (BLS). The reasons cited include the fact that the baby boom generation is reaching its peak years of retirement savings, personal investments are expected to increase, and many companies have replaced traditional pension plans with retirement savings programs, so more individuals are managing their own retirements than in the past.
A financial planner can work as a securities analyst or investment analyst at a bank, insurance company, mutual and pension fund, securities firm, and other related business. A financial planner helps such companies make investment decisions as they analyze commodity prices, sales, costs, expenses, and tax rates. Determining a company's value and projecting its future earnings is also a large part of the job. A financial planner will also have to keep up to date with new regulations and policies that may affect the industry his or her client is a part of.
Beyond the world of financial planning careers, there are many related opportunities for those who wish to make corporate advances. Often, seasoned financial planners decide to change careers to become investment bankers, financial analysts, or financial consultants.
What does a financial planner do?
Financial planners provide analysis and guidance to help people with their investment decisions. After a client consultation, the planner develops a comprehensive financial plan based on knowledge of investments, tax laws, and insurance. The plan identifies problem areas, makes recommendations for improvement, and selects investments compatible with the client's goals, attitude toward risk, and need for a return on the investment. Planners may address issues of retirement and estate planning, funding for college, risk management, and general investment options. Some planners also buy and sell products such as mutual funds or insurance, or refer clients to other companies for services such as tax and will preparation.
In addition, financial planners must be great collaborators. Remember, they are dealing with sometimes huge sums of money and the future savings of individuals or future investments of a company. In other words, financial planners will likely have to work with a team including lawyers, investment bankers, accountants, and other financially-related advisors to be able to offer the best possible advice.
How much do financial planners get paid and what kinds of financial planner jobs can I get?
According to the U.S. Bureau of Labor Statistics, in 2006, financial planners made an average annual salary of $66,590, and held 176,000 jobs. More than half of all financial planners work for finance and insurance industries such as securities and commodity brokers, banks, insurance carriers, and financial investment firms. Three out of 10 financial planners are self-employed.
Overall employment of financial planners is expected to increase by 37 percent during the 2006-16 decade, which is way faster than the average profession, according to the Bureau of Labor Statistics (BLS). The reasons cited include the fact that the baby boom generation is reaching its peak years of retirement savings, personal investments are expected to increase, and many companies have replaced traditional pension plans with retirement savings programs, so more individuals are managing their own retirements than in the past.
A financial planner can work as a securities analyst or investment analyst at a bank, insurance company, mutual and pension fund, securities firm, and other related business. A financial planner helps such companies make investment decisions as they analyze commodity prices, sales, costs, expenses, and tax rates. Determining a company's value and projecting its future earnings is also a large part of the job. A financial planner will also have to keep up to date with new regulations and policies that may affect the industry his or her client is a part of.
Beyond the world of financial planning careers, there are many related opportunities for those who wish to make corporate advances. Often, seasoned financial planners decide to change careers to become investment bankers, financial analysts, or financial consultants.
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