Independent Financial Advisor

If you are interested in a career as an independent financial advisor, you should know that although the salary can be high the education and training required is rigorous and difficult. The first thing you'll need, without a doubt, is Bachelors Degree in accounting or finance. This is the minimal educational requirements for this career, and not the only thing you are going to need to complete. During your university education an internship with a financial advisory firm is imperative, even if you plan to work independently in the future.

Upon completion of your education a state exam must be taken before you can practice as a professional financial advisor. Working independently simply means you will have your own office rather than working as an employee for a financial institution or firm. There are advantages and disadvantages to this choice. Because you are independent, you won't get the benefits offered by firms and companies. You won't have coworkers to interact with which may bother individuals who are more social. And, you are responsible for bringing in your own clients.

In many cases you will need to advertise in print, on the radio and on television to get your first group of clients. From there word of mouth may help, especially if the clients are happy with the services you provide for them. You will need to figure out how many clients you can handle and how many you need to meet your preferred salary. It is important to consider your overhead costs such as the cost of the building in which you work, the utilities for the building, all applicable taxes, salaries for employees and of course your professional equipment and supplies. Covering these costs can eat away at your profits although financial advisors can pull in a hefty salary.

An independent financial advisor can be very successful with the right exposure, especially if they are located in an area where their services are in demand. If you work as an independent advisor but eventually find out that you would rather work for a firm, this is entirely possible. Many interviewers at firms may appreciate that you are a self starter. You will need to present yourself as a job-seeking professional with a detailed resume, cover letter and statistics relating to your performance as a financial advisor.

Future of Banking, Financial Services, Insurance and Investment

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