Marino Martinelli
10/1/2017
CSD – 101
Career Research Paper: Personal Financial Advisor
Page Break Personal financial advisors help people with their finances. Advisors give people advice on investments, taxes, college savings, estate planning, mortgages, retirement and insurance. Advisors help clients plan for short-term goals such as paying off debt or long-term like saving your children's college fund. They invest their client's money based on the client's decisions regarding risk and goals. They will also explain the different types of financial services they offer to potential clients. As well as educate clients and answer questions about investment options and discuss their potential risks. Using this information, they will recommend
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During this time, new advisors work under the supervision of senior advisors and learn how to perform their duties, including building a client network and developing investment portfolios. This training usually lasts for more than a year. There are several pros of the job such as having unlimited earning potential, holding low start-up costs, high lifetime earnings, flexible hours, and you have the courtesy of being your own boss. However, there are several cons such as being forced develop a client base, marketing costs range widely, and 40-50+ hrs. a week for first 5 …show more content…
First, an advisor needs analytic skills to determine an investment portfolio for a client. Advisors must be able to determine correct investments using a range of information, including economic trends, regulatory changes, and the client’s comfort with risky decisions. An obvious trait advisors need is math skills. Financial advisors should be good at math as they work with numbers all the time. Another example of a skill an advisor would need is interpersonal skills. Interpersonal skills are a major part of a personal financial advisor’s job as they attempt to make clients feel comfortable. The advisors need to establish trust in order to legitimize their services. They need sales skills in order to gain more clientele. The advisor must convince their clients and be persistent in selling their services in order to be successful. Finally, advisors need good speaking skills as they speak with clients every day. They must explain complex financial concepts in language their clients can
These specific skills include the ability to write documentation: assessments, progress notes, and discharges summaries, as well as demonstrating active listening skills, positive regard, and being respectful. The ability to exchange ideas with others, and the ability to listen respectfully to other’s perspectives, enable counselors to effectively collaborate with coworkers, and provide competent care for clients. It also helps to handle stressful situations at work, solve conflicts before they escalate, and minimize the occurrence of traps of misunderstanding at work.
Introduction This report will explore the options available to Mr Miles Tranter and Ms Jenna Cash in regards to car financing and investing. Usually an individual will hire a financial planner in these situations. Financial planners work with clients to help them reach a certain financial goal, based on their individual needs. Financial management is important because it increases income, while reducing the likelihood of financial loss.
Over history financial advisors have played a very important role in society by handling the money of all different types of people, rich or poor, through depressions as well as economic booms. These advisors help people retire and save for events in life that are expected as well as unexpected and are ingrained in a society with ever-changing wants and needs. However, what if the same services that a human financial advisor can be made so that they are cheaper to use and can better predict market volatility? Computer programming using financial market data and other sources like the news are trying to do just that. With the availability of data on the Internet and other database resources with financial decision making tools like Morningstar
The essay, “How a Financial Pro Lost His Finances,” was published by Carl Richards in 2011. It discussed the situation of the financial crisis in 2008 when the value of homes and mortgages dropped and how people lost their cash. The purpose of the article is to explain how people lost their fortunes during the financial crisis and the housing boom, some of whom were financial experts. The boom came unexpected and did not spare the investors in the real estate industry. The author highlights different cases of investors who lost their fortunes in the aftermath of the housing boom. Although the author is a financial expert, he also lost his resources like other investors who did not have financial and economic knowledge. The author is among those who lost their homes. He explains the mistakes that he learned from the loss and made him better in understanding the economic trends.
Many Personal Financial Advisors will choose later on to obtain different arrays of licenses, certifications and registrations. These allow the Advisor to sell or buy different stocks, to sell insurance, or to advise on specific cases in the financial world. These licenses and certifications can also help to build a resume, bring in more clients, and to improve the reputation of a Personal Financial Advisor. On common such certification is the Certified Financial Planner Board of Standards In addition to these, many larger firms or government regulations will require Personal Financial Advisors to register for things such as the Securities and Exchange Commision, or the North American Securities Administrators Association. There is always room to grow and improve in the field of Personal Financial Advising, and Ronald E. Osborne sums up the potential for growing in this industry by saying, “Unless you do something beyond what you’ve already mastered, you will never
Brigham, Eugene F., and Houston, Joel F. Fundamentals of Financial Management. Second ed. Dryden, New York, © 1999.
My thoughts on this career have definitely changed after doing research into this career. I only kind of wanted to do this job but, when I was done doing the research I really wanted to go into this career field it is bizarre or fantastic. Now that I have information from researching, I am going to be putting guidelines together for success. The next steps are for me to start taking classes in high school that will go with this career. Then, after high school, I will go straight into college to study for my major in finance, but, for now, I am embryonic or undeveloped.
A portion of the students were placed in the class and a portion of students were not given any formal classroom financial literacy training. All students participated in the Junior Achievement Finance Park simulation in which they were placed in real-life situations and had to make financial decisions. Their decisions affected their personal income and lifestyle within the simulation. The educated group “showed profoundly greater understanding of the financial issues they faced. Their completion rates were higher, they saved more, and they spent less on immediate gratification items such as clothing. These items were consistent with the lessons offered in the curriculum they received” (Carlin & Robinson, 2012). Also, the classroom students were more likely to use available resources, known as decision supports, to help them better understand their potential decisions. An example of a decision support includes additional information provided by a business to further explain their product or its features (i.e. explaining premium options on a health insurance plan). The study believes that “timely decision support and financial literacy training are complements, not substitutes” (Carlin & Robinson,
When people are being forced to submit to drug testing before they could receive help or benefits, it is evident that this system of financial assistance is flawed. Not only is this humiliating but also expensive and time consuming. As citizens of America we are guaranteed rights and this is an invasion of privacy. Also, this money and time can be used for something way more efficient to our society. There are an endless amount of unresolved problems that need to be fixed and these should be addressed instead of wasting our time by humiliating our own citizens.
I became an enthusiast of finance ever since I was at high school. At the political economy class, my teacher asked us: if you have a million RMB, how would you use it? She then introduced us the concept of investment, and I was intrigued specifically by the stock. For the latter two years of my high school, I have been reading books and articles regarding the stock market in the U.S. and in China. As one of the outstanding students ranked top 1% in College Entrance Exam in Hainan Province, China, I was accepted by the City University of Hong Kong with a full scholarship. With the strong interest in finance, I chose quantitative finance and risk management as my major.
Finance is a field that had always fascinated me right from my undergraduate college days. What make me interested in this particular field of study are the art of finance and the complexity of investment market which would allow me to employ my personal skills, such as analytical and communication skills, along with my personal characteristics such as dedication and compassion for what I do. As one of the most important sector in the world, I believe it would provide me with a broad range of career options.
One can accurately state that the role of the competent and capable financial manager is figuratively worth its weight in gold. As global markets today's financial markets increase in complexity, the tradition of learning by doing will not suffice. The financial manager today must hit the ground running with ready expertise to be used effectively as the CFO or as part of a team of financial experts within the ranks of the CFO's office. In navigating the international marketplace effectively, financial managers find themselves in a technology driven, real time information deluge which helps them to satiate the knowledge demands of investors, commercial and investment bankers, shareholders, employees, brokers, traders et al who must know particular companies, their products and the markets wherein they operate. The financial manager is charged with providing the information necessary to fulfill this relentless demand for a range of financial information that literally runs the gamut.
Before being cultivated with cocaine and hookers as the key to success in Wall Street, Jordan Belfort demonstrated the incontrovertible advantages of positive business communications. One of which pertains to the effectiveness of corresponding with customers over the telephone. Especially for stockbrokers, having a conversation over the phone is pivotal when trying to sell a stock to a potential investor. Jordan Belfort begins his process with a potential client by stating his name, where he was from, and what he had to offer. This is a method of gaining the trust of a customer that he does not know. Furthermore, he engaged the customer with an optimistic attitude and stated how the stock could affect him or her in the best way possible. By providing the customer with onl...
Personal Finance is a class I’ve wanted to take for a while now. My major is Finance not because I want a career in finance but more to learn about finance for my own personal situation. This class taught me so much! During this class I was able to evaluate my financial situation and set financial goals for myself. The four topics that helped me the most were emergency savings, buying a car, purchasing a home, retirement, and estate planning. After completing this class I have a better understanding of these topics and how to achieve my financial goals.
The case of such skills incorporate capability or experts in specific fields like math, accounts, finance, financial matters, knowledge, science, measurements.