Who Would Want To Be Investment Advisors

You’ll need a college degree, a knack for sales, excellent communication skills and a strong desire to succeed to become an investment advisor. The Bureau of Labor Statistics says that competition will be keen for entry-level financial advisor jobs — more so in investment banks than small firms, though. The turnover is great in this industry because some find they’re just not cut out for the job, based on low performance numbers. Others, however, become immediately attached to their positions because they find their jobs are very lucrative and the training potential is great.

Here is an idea of a typical day for investment advisors. They will begin work around 8:30 am, which entails spending some time checking voicemail, emails and returning phone calls. Online, they will review closed loan and mortgage rates and consider a few possible solicitations. At 9:30, they’ll be on their second cup of coffee as the first client steps in. The customer’s portfolio will be reviewed and the client will be given stock information, financial guidance and loan repayment advice. An hour later, they’ll enter information into the customer contact system. Lunch is at 12:30 and at 1:30 there is a meeting with another customer who is looking at maximizing retirement contributions. At 2:15, they’ll set up more appointments from the marketing department’s lead list and follow up on mortgages. At 3:45, another client wants to do something with the hundreds of thousands sitting in his checking account. At 4:30, a meeting with management to discuss the day’s transactions and prepare for tomorrow’s customers. It’s all in a day’s work for a financial advisor.

The work environment for the typical investment advisor may consist of a traditional 40-hour week but it could run over. Evening and weekend work is not uncommon, since many clients work during the day. A number of advisory professionals work in call centers at discount brokerage firms, but some individuals also work in banks. Sales, trading and corporate investment banking advisory jobs often require longer hours, more stress and traveling opportunities. Sales and trading floors can get pretty intense, with people yelling and screaming all over the place (as you’ve probably seen on Fox, CNN or MSNBC). While becoming a certified financial advisor can be stressful, it can also be very rewarding.

The Bureau of Labor Statistics predicts that the investment advisor positions will grow “rapidly over the next decade, especially in the banking industry.” However, the number of applicants is also expected to overwhelm the system. The industry in general is expected to grow 25% by 2016, which is much faster than the average for other occupations. Nearly all Americans who are retiring will need to consult a retirement advisor at some point. Retiring baby boomers are expected to account for most of the growing demand.

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