Thursday, August 22, 2019
Financial Planner Essay Example for Free
Financial Planner Essay Among the many career fields to choose from, Id like to pursue one in the financial planning industry. A financial planners job is diverse and could be in areas like management of cash flow, investment and retirement planning, tax and estate planning, insurance and risk management planning, among others. There are also job opportunities outside personal planning that provides more financial rewards. I believe this job to be interesting, challenging and beneficial to people. This isnt like other jobs wherein youre only there to perform a task sometimes without knowing the end result or the product of your efforts. As a financial planner, a person is able to help other people in more significantly, even in a life-changing manner. Its a fact that many people have great ideas and good intentions regarding their finances, but few have the willpower and the right know-how to execute their plans. Thats where I see myself helping. Id like to see people to be more financially stable and create for themselves a nest egg for their future. People should be aware of financial planning at an early age. The earlier a person starts setting aside part of his income for a financial plan, the more secure is his future going to be. Another reason why Id like to have a career in this field is because I get stimulated when dealing with numbers. Crafting plans after studying pages of figures and mathematical formulas is something that does not daunt me. According to journals and news articles that have been published regarding the financial planning field, the demand for financial planners are rising globally as more and more people are becoming aware of the importance of having tailored financial plans for themselves. Over the years, financial planners have gradually, but consistently, created a niche for themselves in the market. There are several factors that have contributed to the upswing of demand for financial planners. In the earlier years, people were happy with social security benefits and old age Planner 2 pensions provided by the government. But years later, peoples outlook has shifted and the idea of being more comfortable and secure in old age have dominated the minds not just of those who are near retirement but even those who are still relatively young. Awareness among young professionals is seen to continue within the next decade, making it reasonably safe to assume that demand for financial programs and financial planners will continue. Another reason why the financial planning business has risen is caused by uncertainties in the stock markets. People are now opting to seek professional advice, before investing in a particular bond or stock. There is also a growing demand for financial planners outside the personal planning arena. Financial planners have found themselves becoming more and more necessary in banks and other financial institutions. Their expertise is needed in determining risks involved in investment vehicles. The pay scale and benefits that a certified financial planner receives differ from company to company, experience, and type of certification. A person who holds a position in higher management, like a vice president or portfolio manager, will earn a six-digit figure. Likewise, a person whos been a financial planner for more than twenty years will also receive a six-digit salary. Entry-level compensation is often in the range of $30,000 to $40,000. The banking industry and other financial institutions salaries are often higher compared to other industries. For instance, a job posting for a financial advisor in Connecticut offers an annual income of $50,000 to $80,000. Another example is an ad for looking for financial planning director, which offers at least $150,000 annual income. But whats more attractive about being a financial planner is the opportunity to earn more than your basic salary. Commissions and incentives are given for every transaction. A persons overall income is often measured by how well he networks and sells financial products.