11 September 2017
11 September, 2017
Karan Patel
“Financial Advisor.” Sokanu, www.sokanu.com/careers/financial-advisor/.
Research Assessment #2
Although starting a business with financial investors intrigues me, learning about financial advisors has informed me of several new opportunities like selling insurance, socializing with clients, and investing in stocks without using my own money. To me, business finance is a web of different types of activities that somebody can engage within. After reading the article, “What does a financial advisor do,” I was educated on what financial advisors do on a daily basis and how the field of advisors achieve clients regularly.
To start off, financial advisors are people who help others prepare their any amount of wealth for the years to come by managing their funds, investing in stocks, help them prepare for obstacles in life, and strengthen their money for retirement. One of the reasons why I like this career is because the advisors help people instead of getting money from cheap deeds. Many of the jobs out in the real world involve people cutting off their partners, friends, or families. The advisors also have to gain their clients’ trust, which I feel like I can handle. One of the trends I have noticed in people is whatever type of characteristics they develop age a young age, travel with them to adultery. By that, I basically am pointing out that snitches do not really fit into this career. The reason I say this is because my dad has had experience with a financial advisor; his cousin. My dad gave him the money to invest in stocks for a small five percent share of profits for his cousin. However, once stocks boomed, his cousin took the money and disappeared, not answering any of my father’s phone calls. I value trust and honesty, which is why I feel fit for this career.
Financial advisors can have a client for life or for a small period of time. After putting pieces to puzzles, I finally understood why trust is so important within this type of finance. Somebody is putting their lifetime funds in the hand of a stranger who only socializes with them in meetings or over the phone. Things like that spread cold chills within me. I really would like to question what happens when a client drops their advisors after years of time together. What happens to the stocks, investments, and money they raised? Private financial advisors were another topic I read about. These type of advisors are basically dependent on one client with paychecks to fulfill them for their career. I do like the idea of helping strictly one person with their bank money, but I do not really think it will be fun in the long run. The reason I say that is because putting all my time into being someone’s “assistant,” would take my time away from other important relationships such as family and kids.
Financial advisors also have flexible hours that range from ten to fifty hours a week, which I really like about this field. In my opinion, knowing how these advisors go out and have meetings with clients, talk over the phone, and always stay in communication makes the career fun. Although I may get hit with fifty hours a week working in an office, I always want to get the best experience I can get. A financial advisor must gain their clients and the more mobility and knowledge they have will steadily cooperate with them in the years. Traveling is another part of advising. All these advisors around the world fly to several different events and meetings to attract more clients which is like a challenge that seems very competitive.
Annotations:
What does a financial advisor do?
What is a Financial Advisor?
A financial advisor is someone who gives financial advice to their clients. In determining an investment portfolio for a client, they must be able to take into account a range of information, including economic trends, regulatory changes, and the client’s comfort with risky decisions. [Office1] A major part of a financial advisor’s job is making clients feel comfortable. They must establish trust with clients and respond well to their questions and concerns.
What does a Financial Advisor do?
Financial advisors assess the financial needs of individuals and help them with investments (such as stocks and bonds), tax laws, and insurance decisions. They help clients plan for short-term and long-term goals, such as education expenses and retirement. [Office2] They recommend investments to match the clients' goals. They invest clients' money based on the clients' decisions. Many also provide tax advice or sell insurance.[Office3]
Personal financial advisors typically do the following:
- Meet with clients in person to discuss their financial goals
- Explain the types of financial services they provide
- Educate clients and answer questions about investment options and potential risks
- Recommend investments to clients or select investments on their behalf
- Help clients plan for specific circumstances, such as education expenses or retirement
- Monitor clients' accounts and determine if changes are needed to improve account performance or accommodate life changes, such as getting married or having children
- Research investment opportunities
[Office4] Although most financial advisors offer advice on a wide range of topics, some specialize in areas such as retirement or risk management (evaluating how willing the investor is to take chances, and adjusting investments[Office5] accordingly). After they have invested funds for a client[Office6] , they, as well as the client, get regular reports of the investments. They monitor the client's investments and usually meet with each client at least once a year to update him/her on potential investments and to adjust the financial plan because of the client's changed circumstances or because investment options have changed.
Many spend a great deal of time marketing their services, and they meet potential clients by giving seminars or through business and social networking. Many financial advisors are licensed to directly buy and sell financial products, such as stocks, bonds, annuities, and insurance. Depending on the agreement they have with their clients, advisors may have the clients' permission to make decisions about buying and selling stocks and bonds.
Private bankers or wealth managers are personal financial advisors who work for people who have a lot of money to invest[Office7] . These clients are similar to institutional investors (commonly companies or organizations), and they approach investing differently from the general public. Private bankers manage a collection of investments, called a portfolio, for these clients by using the resources of the bank, including teams of financial analysts, accountants, and other professionals.
What is the workplace of a Financial Advisor like?
Financial advisors typically work in offices, and approximately one-fourth of financial advisors are self-employed. Many also travel to attend conferences or teach finance classes in the evening to bring in more clients. Most advisors work full time, and 24% work more than 50 hours per week. They often go to meetings in the evenings and on weekends to meet with existing clients or to try to bring in new ones.[Office8]
[Office1]Something each Financial Advisor must be aware of and alert with
[Office2]What happens when a client drops their financial advisor even if they gave all their trust into working with them?
[Office3]Advising opens up broader career topics allowing for more flexibility
[Office4]This job is never seasonal. Did not know that advisors helped with all these topics
[Office5]Where the risky actions take place
[Office6]Do the advisors get a percentage of the shares?
[Office7]I am interested with this idea. Need to learn more
[Office8]Favoritism and successful rate play into the reeling in of the clients
