Get Paid to Manage Other People’s Money: No Commission Financial Advisor Jobs
Careers that remain stable regardless of prevailing economic conditions are rare. No commission financial advisor careers qualify for this categorization. If the economy is healthy and thriving, people need advice on how to increase their assets and make good investments. If the nation’s economy spirals downward, people need guidance on how to protect investments or require recommendations on selling or diversifying investitures.
Those pursuing no commission financial advisor careers have a wide choice of paths to take. Concentrate on providing only personal or business advice or choose to serve both sectors. Financial advisors differ from financial analysts in that the advisor typically provides recommendations on a wide range of investment options. Financial analysts commonly analyze and advise on specific investment sectors and industries as desired by the clients, which are more inclined have more diversified and prosperous portfolios.
Financial advisors have different titles depending on the institution for which they work. They are also called personal bankers, personal finance advisors, financial planners, lending analysts or portfolio managers. A significant portion of financial advisors work for financial investment companies and banks, while others dispense their advice from home offices.
No commission financial advisors charge a flat fee for their services. New client relationships usually begin with a meeting at which the advisor reviews the client’s assets and liabilities and asks questions to determine their long- and short-term goals. Based on this information, they provide the client with a range of investment options and explain the risks and advantages of each. Subsequent meetings are billed at rates discussed in advance with the clients.
To excel as a financial advisor requires good communication skills, discretion and the ability to instill clients with trust and confidence in the provided advice. The counsel a financial advisor provides is grounded in his knowledge of current economic conditions as well as well-researched and educated predictions for short- and long-term financial climates. The success of his career depends on the soundness of the advice he provides to a diverse client base as much of his work comes from client referrals.
Education and Training
A financial advisor is usually required to have at least a bachelor’s degree, preferably with a concentration in business administration, accounting or finance. Some employers prefer a master’s degree in a related field. No special licenses or certificates are required although some financial advisors obtain certifications though professional organizations to enhance their knowledge and professional credentials.
Salary and Advancement Opportunities
Obtaining a master’s degree in finance or business administration increases a financial advisor’s chances for promotion into managerial positions. Securing licenses to market and sell stocks and bonds can increase salaries and advancement opportunities. Based on information provided at payscale.com, the annual average salary range in the United States in 20110 was between $39,711 and $92,470.