Have you always dreamed of becoming a financial planner? Well, here is your chance to know all about financial planner education, what goes into becoming a financial planner, and much more. Becoming a financial planner comes with a lot of benefits like unparalleled income, flexibility with work, and providing people with meaningful advice.
Now is your chance to find out how you can become the next master financial planner!
Before we get into it, let’s take a quick overview of what financial planning is and why you should definitely look into becoming a financial advisor. First and foremost, a financial planner helps companies or individuals with nearly all aspects of their finances: investments, taxes, asset management, college funding, retirement plans, and just about everything in-between.
Of course, being a financial planner is not only a fulfilling job because you help people with long-term stability, but it also pays well and has a lot of career advancement options. For example, you can have your own company, work for someone, and even work from anywhere! So, how do you become a financial planner? In this article, we will cover how you can become a successful financial planner and what you need to do to start in the field.
1. Bachelor’s Degree
In order to become a financial planner, you don’t need a degree; however, it is always better to have one. This is because certain companies have requirements where you would need a degree in business or finance to be eligible to apply for a job.
Not to mention, it looks better on your resume and a degree will also teach you about the fundamentals of business which will help you serve your clients better. Additionally, many colleges also offer a master’s in financial planning and business which you can choose to pursue. A degree in business, finance, or economics will definitely give you an edge in this field.
2. Research The Field
Before you become a full-fledged financial planner, it is better to explore the field first. Take a deep dive into what the day-to-day of a financial planner looks like, what the job entails, the type of clients financial educators usually have, etc.
Typically, financial planners work for both corporations and individual clients. Corporations that financial planners at can range from banks, investment firms, or mutual fund companies, and more. The two main services a financial planner provides are, of course, financial planning and asset management. Moreover, a typical day in the life of a financial planner includes reviewing clients’ information, meeting with clients, networking to gain new clients, administrative duties, and financial planning education.
3. Consider Taking Up an Internship
After you are done getting your degree, you should definitely consider taking up an internship, especially if you don’t have any prior experience in the field. The benefits of taking up an internship include:
- Practical training for a full-time job
- Certificate
- Experience in the field
Aside from this, companies prefer new hires who have had relevant experience in finance. So, you should definitely think about taking an internship. Another plus point of taking up an internship is that they come in different time frames – for example, you can take a month-long internship, a 3-month long internship, or even a 6-month one.
4. Get Your License
Now, it is time to get your licensing in order. To start working as a financial planner, you need to get your license from the Financial Industry Regulatory Authority or FINRA. You will require a license to get a job. It is important to note that there are different kinds of licenses you can get depending on what field of finance you choose to work in. For example, if you wish to work in selling investment products, you will need to pass certain exams conducted by the FINRA to get your license.
This is a multiple-choice exam that can take anywhere from 75 minutes to 3 hours to finish. Details of each exam will be provided by FINRA before you take it.
5. Certifications
Unlike licenses, certifications are not a requirement to start working as a financial planner. However, they do help you advance in the field. The most common certificate that aspiring financial planners get is the Certified Financial Planner or the CFP. It can take anywhere from 18-24 months to finish this course and you need to have a bachelor’s degree as a course requirement. However, you can also finish your bachelor’s up to 5 years after getting your CFP certificate.
6. Get a Job
It is no secret that getting your first job as a financial planner can be challenging. However, you can start by applying at existing firms rather than opening your own right after you get your license. This is because clients usually prefer to go to a firm or a person with more experience in the space. So, after you have a good amount of experience under your belt, you can go ahead and start your own firm.
And once you start your own firm, UpShot will be here to help you at every step of the way! Starting a new business can be difficult, we at UpShot understand that. UpShot’s unmatched marketing services feel like having your very own full-time marketing staff. With 24/7 support, affordable prices, and years of experience helping financial planners and more, we will help you take your business to new heights! So, don’t wait and reach out to us to see how we can take your business to the next level: https://upshotpro.com/contact/
