Prepare yourself for a brand new career – one where your success is completely in your hands. In my experience, there are a few specific situations in which a financial overhaul is pretty much guaranteed: Your budget has become so outdated that it doesn’t match your requirements, your company has grown significantly over the past year or maybe you’re applying for a business loan or pitching your business to investors. This form of relationship continues to dominate the financial services industry today.
First, a consultant will look objectively at your finances, whereas your judgment could be clouded by emotions. The company didn’t have the time or resources to analyze its data, but by hiring an outside consultant, it was able to get to the core of its financial issues before the situation became irreversible. If the numbers show that your company has plateaued, it’s time to reevaluate your financial strategy. However, failing to pay bills on time because there isn’t enough money in the account is a sure sign of financial troubles.
If any of these situations sound familiar, you need to invest in a qualified financial expert. In my opinion, the key is that a consultant is paid to provide advice, and their fee is directly related to the importance of the topic. Some clients offer consultants a share of future revenue, profits or commissions, pushing the consultant to a pay for performance model.
It is no secret that the demand for financial advice is increasing as Baby Boomers continue to enter retirement. Nor is it a secret that the average age of financial advisors is 50 years (or older, depending upon the survey). The Bureau of Labor Statistics reports that job growth for financial advisors will far outpace the average job growth in the U.S. over the next several years. Financial planners report high levels of job satisfaction as their careers progress. Many experienced financial planners, with established practices, work just a few days a week.
There is certainly a tremendous opportunity for a great lifestyle – for the experienced financial planner. Yet, when I chose to become a financial advisor I found new heights of pleasure in counseling others. It’s often said, by experienced financial planners, that they should have secured a minor in psychology. The keys to becoming an excellent financial are … getting the knowledge, and then gaining the experience. In other words, becoming a good financial advisor is about gaining not only a great deal of knowledge, but also experience.