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October 1, 2021
New Mexico’s Legal & Financial Weekly
Vol. 10.101 No. 40
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What Future Grads Should Know About A Career in Financial Planning
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ith school back in session, now is a good time for college students to consider their potential career options.
Unfortunately, many students know little about the financial planning profession. This includes being unfamiliar with what financial planners do, the variety of career opportunities available, the skillsets that are helpful in the profession and how the career can be personally rewarding.
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What Financial Planners Do Financial planning is much more than working with spreadsheets, budgets, sales and stock tickers. Financial planners help individuals and families make sound financial and investment decisions to achieve life goals based on their priorities and fundamental values. They can help their clients save for college, pay off debt, purchase a home, start a business, preserve family wealth and plan for retirement. Financial planners can also help businesses design and manage retirement plans and other financial welfare programs for their employees.
investment markets. They also need to possess analytical skills, as it is common for entry-level professionals to start their career supporting a financial planner. In this role they would gather a n d maintain client data, enter it i n t o financial planning software, and then analyze and examine financial plans with the financial planner or the financial planning team.
As for interpersonal skills, students considering a career in financial Most people think all financial planners planning should enjoy working on teams, are “certified,” but this isn’t true. Just helping and responding to people, and about anyone can use the title “financial planner,” but a CERTIFIED communicating with others. They should also enjoy listening to people’s FINANCIAL PLANNER™ professional is a financial planner that has needs, asking questions and developing financial plans -- while possessing met rigorous qualifications. Most important, a CFP® professional made a high integrity and a “coaching” mindset. commitment to CFP Board to act in the best interests of their client. A Rewarding Career A CFP® professional establishes a one-on-one relationship with each of their clients. They also provide holistic advice to guide clients through all A financial planner also enjoys the rewards that come with helping their aspects of their finances and help them maximize their potential for meeting clients bring all of the pieces of their financial lives together. For example, a their financial goals. career in financial planning can provide: Career Opportunity The financial planning profession is in a period of significant growth.
Personal fulfillment of helping others. Financial planners help others enjoy secure and productive lives by guiding them through key financial decisions.
For example, according to the U.S. Bureau of Labor Statistics, about 19,200 Mental stimulation. A good financial planner knows more than just openings for personal financial advisors are projected each year throughout money, they understand the psychology of their clients and enjoy helping the next decade. Many of these openings are expected to result from the people achieve sound financial goals. need to replace advisors who transfer to different occupations. What’s more, part of this aging wave includes advisors themselves, many of whom Work-life balance. Financial planners have the freedom and flexibility to -- about 37% -- are expected to retire over the next decade. balance their personal and professional lives. The variety of career options enables them to build the work-life balance they want. As for opportunity, financial advisor-related jobs are ranked fourth in Flexibility. Financial planning careers take many paths, from working at “Best Business Jobs” by U.S. News and World Report. Additionally, those firms of all sizes to striking out on your own. who obtain credentials, such as CFP® certification, will likely have the best job prospects. Students considering a career in financial planning should check to see if their college or university has a CFP Board Registered Program and read Helpful Skills stories from CFP® professionals about their careers in financial planning and why they love what they do. To help clients reach their financial goals, financial planners need knowledge of budgeting, taxes, financial products, investments and -(NewsUSA)