Financial advisor as a career choice Essay Example | Topics and Well Written Essays - 1750 words

Financial advisor as a career choice - Essay Example An illustration: an insurance agent is qualified to sell variable annuities and life insurance. Their compensation is in terms of commission, fees or both (DE GOEY, 2003, p. 65). A financial advisor has the following duties: they should be independent of influence from outside so as to make reasonable investment recommendations, their selection of brokers should be based on the ability of proper execution of their responsibilities, make inquiry of client’s objectives of investment, financial and other factors before any recommendations are drawn, and always let the client’s interest have the upper hand. As a financial advisor there necessary skills and qualities required. The skills are grouped into two, financial and non-financial skills. The non-financial skills needed are: Relationship-management skills This is a people skill required to excel in the career of a financial advisor. A financial advisor is required to listen, ask the right questions, counsel clients, ed ucate clients, resolve conflicts, and understanding the different personalities. They should be knowledgeable in psychology and finance as well, though research has it that â€Å"15% technical knowledge and 85 % psychology. Clients mostly approach a financial advisor in case they are spending a lot, saving nothing or even saving everything. Therefore they need a financial advisor who is not biased thus will attend to their needs and will assist them in making their decisions on finances. I have acquired the life skill which is essential in the profession of a financial advisor. The life skill I have acquired has been of help since I interact with my fellow colleagues and I am able to solve issues amongst us. Therefore becoming a financial advisor will not be challenging as I will be in a position to relate with my co-workers, boss, and the people outside the firm. This could result to a recommendation of a client to me and it could warrant a promotion. According to chapter 8 of Fit zsimmons and Fitzsimmons for any improvement in performance there should be suitable management skills. Personal skills; I am competent enough to manage equally I have been a leader. The relations that I have created in college are evidence that in a job market I can create a good relationship with my co-workers, bosses, and people around me. At times the advisor goes to the extent of making less money so as to create good relationship hence develop a long-term relationship of trust. Leverage comes about after offering quality services and in return they get referrals of other clients and the satisfied clients are willing to offer more for consultancy. With trust the client follows the guidelines of the advisor. The interests of the client should be placed above your own (KANDAMPULLY, 2012, p. 68). Communication skills. They should be articulate, good in writing and presentation skills to assist a client With the appropriate communication skills it is possible to explain to the cust omer the available investment opportunities. A financial advisor should be ready to be involved in a one-on-one discussion with a client since that is the main role. Ability to take and relate complex investment ideas and strategies to their clients in a manner that is effective and simple. Professional competence and no arrogance should be reflected in their communication. Empathy coupled with confidence have created a communication style that is powerful. The module has improved my communication and listening skills in a great way. Personally: I have learnt to be confident with what I say. I have learnt to relate