MyStemKits STEM job of the week: Financial Advisor

 In S.T.E.M Careers

When it comes to financing, businesses and organizations put their trust in the hands of individuals who have the ability to increase their business’s economic growth. These highly trained individuals are called financial advisors.

Financial advisors assist their clients with making their money work for them. They meet with clients to set financial goals and talk with them about different options for investments, whether it’s moving money into investments or simply keeping an eye on their finances, financial advisors have a difficult responsibility.

Financial advisors must be very knowledgeable of the stock market and be very good researchers and critical thinkers. Financial advisors counsel clients on investment opportunities. Their job requires them to keep abreast of the financial markets, they must constantly monitor the specific investments in their clients’ portfolios. They also must make sure that they stay focused on new investment strategies and investment vehicles. Confidence is a trait that financial advisors must have when making uncertain decisions and with dealing with time pressing stress. Financial advisors have to be excellent communicators and know how to deal with failures and dissatisfied clients. Whether it is the acquisition of new clients or the pitching of investment ideas to existing clients, success for a financial advisor depends on their sales ability.

The role of a financial advisor is a very important role within an organizations setup. There are many duties they must perform to ensure the success of their clients.

Duties and Responsibilities of a Financial Advisor:

  • Meeting the clients to understand their future investment plans and document them
  • They get detailed reports from the clients to determine their income, expenses, risk tolerance, insurance coverage, tax status and their financial objectives
  • Research the market and look for good investment opportunities in the market knowing the budget of the clients
  • Discussing the investment opportunities and risks related to the particular investment with the clients
  • Providing up to date information to the clients regarding the current industry trends and forecast the future market value of the asset in which they are willing to invest
  • Keep a track of the reports and reviews collected by the clients which they can use for future reference
  • Recommend strategies that the clients can use in achieving their financial goals and objectives
  • A financial advisor also sells financial products such as mutual funds, insurance, stocks and bonds to his clients
  • Help the clients open accounts for specific trade purpose
  • Regularly review the plans of the clients to track changes in their financial status, economic changes to indicate the necessity of making a change in the plan
  • Answer all the investment related plans of the clients verbally as well as provide them written documents for future reference

The position of financial advisor is expected to be one of the faster-growing occupations over the next decade. The Labor Department projects a growth rate of 30 percent through 2024. That increase will produce an estimated 73,900 new positions in addition to the 249,400 jobs held by advisors in 2014. Because of the wave of baby boomer retirements, the need for financial planning advice will continue to influence the need for financial advisors.

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