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Job Hunting and Careers :: Careers in Financial Planning
Careers in Financial Planning:
Potential Careers in Personal and Institutional Financial Planning
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Careers in financial planning are as varied as the field itself. Whether it's working as a financial investigator or a personal planner for individuals, there is a wealth of opportunity out there.
To learn more about careers in financial planning, keep reading.
Duties and Responsibilities of Financial Planners
Those pursuing careers in financial planning should understand the responsibilities of the job. These include:
-Developing personal finance plans for clients that include long-term finance goals, insurance coverage, cash management, retirement plans, estate planning, investments, tax protection and financial goals.
-Advising clients on their overall financial strategies and then helping them to develop financial plans which are then implemented.
-Arranging for the sale and purchase of financial products such as investments or bonds. This may depend on the type of license held by the financial planner.
-Monitoring a client's personal or business financial portfolio to insure it remains profitable and active.
Career Options for Financial Planners
The field of financial planning is vast and those trained in it can do a lot more than just personal financial planning. In fact, depending on their training and experience, financial planners can also work as:
- Mortgage brokers
- Financial underwriters
- Financial examiners
- Trust officers
- Credit union examiners
- Financial investigators
- Corporate financial planners
They look for potentially unethical conduct and possible breaches of commodities or securities laws by a person or company.
Financial underwriters will underwrite any new issues of bonds and stocks and negotiate with government and corporations to determine the terms of types of any new securities issued. This is a highly technical position.
Trust officers are entrusted to administer personal estates, charitable trusts, corporate trusts and other kinds of trusts like direct trust account investments and even tax trusts.
Finally mortgage brokers help clients find the best mortgage for their income bracket, liabilities and assets. They receive commissions from the mortgage providers and work with the clients to obtain the best rates.
Education Requirements
Anyone pursuing careers in financial planning should have a bachelor's degree in business, economics, or commerce. However, it is possible to enter the field with an associate's degree and work experience at a bank or financial institution.
Personal financial planners may be required to obtain a Personal Financial Planner designation from either the Financial Planners Standards Council of Canada or in the case of certified public accountants, from the American Institute of Certified Public Accountants.
Anyone looking at careers in financial planning who is considering selling regulated financial products like RRSPs, IRAs, life insurance or annuities must be licensed by the appropriate governing body.
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