A career in financial consulting can be a lucrative choice for people looking to develop their own personal financial plans. These professionals work 40 to 50-hour weeks and earn much more than management consultants. They also have plenty of job security, as job growth in this field is expected to be 27 percent between 2012 and 2022. However, finding a suitable financial advisor can be a difficult process. Listed below are some tips to choose the best financial consultant for you.
Jobs for financial consultants will grow 27 percent between 2012 and 2022
Financial services professionals are in high demand. Changing IRS regulations and state laws require financial services professionals to stay on top of their game. These professionals develop policies and procedures related to taxes, calculate payments, and review internal fiscal systems. In addition, they help their clients reach their money goals. According to the Bureau of Labor Statistics, the number of jobs for financial consultants will grow by 27 percent between 2012 and 2022.
The Bureau of Labor Statistics projects that jobs for financial advisors will grow 27 percent between the years 2012 and 2022, about twice as fast as the national average. That means that there will be about 60,000 more jobs available over the next decade. This growth is expected in part because of an aging population who pay closer attention to their finances and seek investment advice. As a result, more people are paying attention to their finances and becoming more aware of the benefits of saving and investing smartly. A personal financial advisor will provide individualized attention and help you make sound financial decisions.
They develop individualized financial plans for clients
In essence, financial consulting is a process of developing an individualized financial plan for clients. This includes developing a target financial plan, setting financial goals, and establishing a budget to reach those goals. Financial consultants can provide advice and assistance in analyzing financial portfolios, developing detailed spending plans, and reducing unnecessary expenses. They may also assist clients with social security maximization strategies. These plans may be detailed and include action steps to meet specific financial goals.
A financial consultant usually meets with clients to analyze their current financial situation and present an individualized financial plan for their clients. Often, consultants work closely with clients to answer questions and address concerns regarding finance. They also develop long-term relationships with their clients, staying informed about legislation and economic events. The highest-caliber financial consultants possess strong analytical skills and a thorough knowledge of the financial market. In addition to providing financial advice, some financial consultants also sell financial products, including stocks and bonds.
They work 40- to 50-hour weeks
While most full-time employees work forty to fifty-hour weeks, financial consultants don’t always follow this schedule. For the hourly rate, a consultant needs to divide their annual salary by 50 to calculate their weekly pay. Hourly rate is then multiplied by three to account for extra expenses as a consultant. However, a consultant should be aware that they can make more than this in their first few years.
Despite the long hours, financial consultants still have the option to make a difference in the world. Many junior level consultants work up to 70 hours a week. This is the equivalent of 11-hour workdays, six-day weeks, and extended time away from home. The financial industry is notorious for its long hours and rigorous job demands, and even major financial institutions are trying to limit their hours. Nevertheless, aspiring financial professionals should be prepared to spend long hours, often even over the weekend.
They earn more than management consultants
It’s no secret that financial consulting earns more than management consulting, but what makes this role so special? Aside from the great career opportunities, there are some differences between the two. Management consultants receive about $2 billion annually, much of which goes to useless data and poorly implemented recommendations. However, the two fields share one thing in common: clients demand more from their consultants. While the former earns more than management consultants, the latter must work harder to meet these expanded expectations.
While both careers pay well, they require different sets of skills. The former requires a specialized MBA and extensive experience in financial services, while the latter requires a postgraduate degree or at least two years of work experience. Although both require MBAs, the recruitment process for management consulting is slower. A top school, some relevant experience, and networking are necessary. In addition, applicants should practice quantitative skills, especially Excel. As long as they have a solid understanding of quantitative analysis and statistics, they should be in good shape for the interview process.
They are fee-only fiduciaries
When choosing a financial consultant, be sure to choose one who abides by the highest standard of care. While many fee-only advisors are conflict-free, some still take commissions from firms and sell their own products. Generally speaking, fee-only advisors adhere to the fiduciary standard. While these advisors are not required to disclose all of their fees, they should be transparent about how they charge.
Another difference between fee-based and commission-based advisers is how they operate. Registered representatives earn their income from selling financial products, such as life insurance and annuities. In addition to commissions, they may not be able to honestly claim to be fiduciaries, since such commissions are often in the client’s best interest. Those conflicts can lead to conflicts of interest. Fee-only advisers are not conflicted, but they can’t do their job well unless they are compensated based on their recommendations.
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