Most of the financial planners can have a flexible work schedule and have an almost unlimited earning potential. However, it can be a stressful job and it requires a lot of time and energy to build a client base.
They helps companies and individuals achieve their long-term financial goals. They can be specialized in tax planning, asset allocation, risk management, and retirement and/or estate planning.
They will analyze the financial past of their clients, their present assets and their goals to come up with the best investment plan for them. They may also meet with their clients other finance professionals such as their banker to be sure they don't interfere with an already existing investment plan. A financial planner will conduct questionnaires and personal interviews to put together a client profile detailing financial objectives, current income, investments, risk tolerance, expenses, tax returns, insurance coverage, retirement programs, estate plans, and other pertinent information to put together a plan that meets the client's expectations.
They can be employed by banks, governments, investments firms and can also be self-employed.
First, you have to have a Bachelor of Business Administration - Finance Path, Financial Planning Profile or something similar to this and then you have to take the Professional Training Course and the IQPF exam.
It's hard to say, because the potential to make money with this job is huge, but a range of $30 000 to $70 000 would be reasonnable.
They don't really need additional training, but they can specialize in different fields like retirement, estate planning, tax planning, and education planning. It's also very important that they stay up to date about actuality because they manage stocks for people.
It's a very stressful work environment, so it's easy to be overwhelmed. It's also not an easy job for someone who stars in this field because you have to gain new clients very fast to be rewarded and big companies are very competitive.
No, because a robot can't give advice. Sure, it can manage a portfolio and invest your money, but if you need advice, you want someone who knows you, your history and your personality to give them to you, not a program that will base its advice on numbers only.
It all depends on how you have managed your finances during your career. With the salary of a financial planner, you can easily retire at 45 if you didn't spend on a big house that you don't need or on a brand new car every five years. If you build a great CELI and REER plan, retiring at 45 is easily doable.
In conclusion, I hope to do this career one day. I would like to specialize in retirement because I think it's a great way to help people and I have found that many people neglect this aspect of their life and come to regret it so I want to help as many people as possible so they can have a great life after their career.