If you are studying in a program related to the finance world or if you have an interest in this field of study, then this article is for you. In this article, I will present you with the main aspects of a job you might be interested in, namely financial advisor. I will answer frequently ask questions like how much they make, what do financial advisors do on a typical day, is they're a chance that AI replaced them, or where do they work.
Being a financial advisor is a profession, most of the time, where you work in an office 40 hours a week, you have to be up to date with the stock market, you meet clients every day, and have to be attentive to their needs.
A financial advisor is a professional who guided their clients in their financial decisions, that include investments and financial planning. They help their clients save tax money and find how much they will need to save for their retirement. They also explain to them the differences of each financial account. They do all this work so that their client can have better financial prosperity.
On a typical day, you arrive at the office and check your e-mail and your calendar for the day to see when are your meetings. After that comes the first meeting, it can be on zoom or in person and the subject can be super varied. After meeting one of your clients, you now have to meet with the teams to talk about the methods and the strategies of everybody. Following that you may have some time before your next meeting, so you take advantage of that to check your investments and on the stock market. Now come your last meeting with a client, and you help him find the best retiring plan for his interest.
They often work in a bank, a financial firm, or if they are independents, they can work from home or in their own office.
In Canada, to work as a financial advisor, it is often required to have a bachelor degree with a major in economics, accounting, finance, or business administration. To have one of these, after high school you will have to go to Cegep for two years and get a DEC in Social Sciences. After getting these two degrees, you will need to do specialized training in your field of interest offer for example, by the Institute of Chartered Financial Analysts. This formation included an exam and a practical internship in a company, and if both of these are complete, you can practice this profession.
The salary of a financial advisor really depend on the location and on the years of experiences, but we will take the region of Montreal as an example. For instance, a low salary is $23.34/hour, the median salary is $35.00/hour and a high salary is $56.41/hour.
Financial advisors can take an extra sales training course to improve their sales conversion rates and their communication skills.
The dangers of being a financial advisor is making bad decisions/investments with your client's money because it makes a huge and harmful impact in their life. It can cause the loss of thousands of dollars hardly make by the clients and makes them really mad and furious.
They are some rumors that said that AI will replace financial advisors because of the transformation AI did in the last years in investment advice. However, AI don't have the ability to show empathy, build a trust relationship with the clients and give the them personal advice based on their real goals and feeling. In conclusion, AI will surely help financial advisors in certain aspects of their work but will never replace them.
I didn't find a specific age that financial advisors retire, but since their work don't require physical work they could retire at any age. They just need to keep up with the latest techniques and methods.
I'm presently in my last semester in Social Sciences at Ahuntsic College and I intend to go to HEC Montreal to get my bachelor's degree in Business Administration next autumn. My career goal is without a doubt to be a good financial advisor in a great bank to help people be less stress about money.
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