Pros and Cons of Being a Financial Advisor

As with every career, you will have to deal with both the benefits and the downsides of it. As a financial advisor, you may find that you will have to deal with the pros and cons of this career every day. This is a great career for those who are interested in helping people with their financial concerns but it’s definitely not a career that is meant for everyone. Keep reading to find out the pros and cons of being a financial advisor.
Pros
• You can choose to work in a firm or be self-employed. Many financial advisors do begin their career working for a firm or company. However, as your career and reputation progresses, you can choose to become self-employed. Those who are self-employed can create their own schedule that not only suits the needs of their clients but also balances their personal life as well.
• You stay up to date on the financial situation and the stock market. If you are extremely passionate about the stock market, this will be a great career for you just because you need to be in the know of the stocks on a daily basis. In order to be successful you must display an interest in financial products and markets.
• You will help people who need financial advice. There are many people who can’t or prefer not to understand their finances. Instead, they choose to come to an advisor who can make all the decisions for them. It can be extremely gratifying to help people who truly don’t understand what to do with their finances. If you can make the right investments and create an increased turnover in profit, both you and your client will be very happy people.
• You can have a balance between work and your personal life. Unlike many other careers, you will usually work a normal 40 hour week, sometimes you may need to work certain weekends. However, you will be able to have a personal life in accompaniment with your career, a benefit that not many people can have while pursuing a career dream full time.
Cons
• It can be stressful. It will be likely that you will have to deal with more than one client at a time. It can get extremely stressful dealing with so many numbers at the same time. Sometimes a breather may be the best thing to help you during these times before you dive back into number crunching again.
• You need to be self-motivated in order to be successful. Besides being good with what you do, you must also sell yourself as well. In order to do this, you must be self-motivated to sell your service and build your reputation. This is especially true if you are self-employed. You will not succeed if you do not put yourself out there and promote all your offering and services.
• The journey to becoming a financial advisor can be long. In order to become a financial advisor, you must be able to fulfill all the necessary requirements. This means you must obtain all the licenses and also become certified as well. This can take years to fulfill and may uninspired some on their journey to becoming a financial advisor.
Sources:
1. http://www.prospects.ac.uk/financial_adviser_entry_requirements.htm
2. http://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm#tab-4

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