When people think of financial planners, they may be under the impression that they really exist as another way of selling someone a particular financial product. And financial planning and advice typically fits in with a very corporate image, right?
I get by with a little help from my financial adviser…
Financial planners and financial advisers do play a big part in the corporate world. They are go-to people for big businesses and can often work closely with them as they develop business strategies and consider investments. So you’d better invest in a suit or two as well if you’d like to delve into this role! However, the idea that financial planning is restricted to this corporate environment isn’t quite true…
Financial planners and financial advisers don’t just deal with the big players in business and high net worth individuals. In reality, financial planning and advice can involve work with individuals and companies with various amounts of money and at all different stages of life. They’ll also be on hand in bank branches to help Average Joes like you and me on how to approach money management and savings. Each client’s needs are specific to them, so there is certainly variety in the sense that you have to be able to listen carefully to what they want and then tailor advice accordingly.
Some professionals in this area do end up specialising in financial planning and advice for high net worth individuals (HNWIs) though, crossing over with wealth management roles.
Contrary to what some might believe, it is also not the job of people in this industry to push certain plans and products on their clients, though financial advisor roles for one or more bank or insurance company will only make suggestions for products from their employers, and they will have some sales targets to hit. There must be integrity in what they do, and the Financial Conduct Authority regulates the industry closely to ensure advisory standards are upheld.
Independent financial advisers have to adhere to standards set out by the Financial Conduct Authority (FCA) too to provide an unbiased, thorough focus on the client’s needs. They have to provide reasons as to why they feel something will be the best option for someone.
It’s all about building rapport, relationships and installing trust into the clients. You won’t find the hard sell in this industry!
For years I have studied American finance regulations. All the information in this blog is sourced from official or contrasted sources from reliable sites.
Salesforce Certified SALES & SERVICE Cloud Consultant in February 2020, Salesforce Certified Administrator (ADM-201), and Master degree in “Business Analytics & Big Data Strategy” with more than 13 years of experience in IT consulting.