Financial Planner
| Job Overview |
Alternate Titles: Financial Advisor
Financial Planners assess the financial needs of individuals and assist them with investments, tax laws, and insurance decisions. Financial Planners help their clients identify and plan for short-term and long-term goals. Financial Planners help clients plan for retirement, education expenses, and general investment choices. Many also provide tax advice or sell insurance. Although most planners offer advice on a wide range of topics, some specialize in areas such as retirement and estate planning or risk management.
Financial Planners usually work with many clients and often must find their own customers. Many spend a great deal of their time marketing their services. Many Financial Planners meet potential clients by giving seminars or through business and social networking. Finding clients and building a customer base is one of the most important aspects of becoming a successful Financial Planners.
Financial Planners begin work with a client by setting up a consultation. This is usually an in-person meeting where the advisor obtains as much information as possible about the client's finances and goals. The Financial Planner creates a comprehensive financial plan that identifies problem areas, makes recommendations for improvement, and selects appropriate investments compatible with the client's goals, attitude toward risk, and expectation or need for investment returns. Financial Planners sometimes seek advice from financial analysts, accountants, or lawyers.
Financial Planners usually meet with established clients at least once a year to update them on potential investments and adjust their financial plan to any life changes—such as marriage, disability, or retirement. Financial Planners also answer clients' questions regarding changes in benefit plans or the consequences of changing their job. Financial Planners must educate their clients about risks and possible scenarios so that the clients don't harbor unrealistic expectations.
Source: U.S. Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook