Skip to main content
27 answers
28
Updated 1565 views

What is the most common thing Financial advisors do?

#financial-aid #college #accounting #money #finance

+25 Karma if successful
From: You
To: Friend
Subject: Career question for you

28

27 answers


3
Updated
Share a link to this answer
Share a link to this answer

Doc’s Answer

Colin Financial Advisors recommend a mix of investments, including stocks, bonds, mutual funds, and real estate, to help clients reach their goals for college savings, retirement, and wealth building. They assess clients’ needs and then inform them on financial topics accordingly. Financial advisors help clients plan for educational expenses, reduce their tax burdens, address debts, and make money with investments in stocks and bonds. They can also offer specialized advice in areas such as risk management and retirement. As financial advisors guide clients through financial choices, they explain the reasons behind their advice so clients can have peace of mind and feel well-informed. Once financial advisors have helped their clients decide where and how to invest, they keep tabs on client investment accounts to determine if and when changes could enhance financial performance.

In addition to understanding business and finance skills, analytical skills and people skills are very important for success as a financial advisor. Advisors need to be able to read data, recognize trends, and anticipate where markets are going to be of the most value to their clients. Additionally, advisors need to be likable and trustworthy. Being successful requires building a client base, and doing that involves convincing people that you can be a trusted source for information and direction regarding their investments. No matter how good a financial advisor might be with the numbers, it will be difficult to build a client base without strong people skills.

Hope this was helpful Colin

Doc recommends the following next steps:

Financial advisors need to earn a bachelor's degree to qualify for financial advisor positions. You'll benefit from coursework in economics, mathematics, finance, investments, accounting, and taxation. Financial advisors often work for large financial services businesses, but many financial advisors operate their own businesses and work independently or with a few partners.
Thank you comment icon Thank You Alex. Life’s most persistent and urgent question is, What are you doing for others? Doc Frick
Thank you comment icon Thank You Chris. The best time to do something significant in our lives is between yesterday and tomorrow. Doc Frick
3
1
Updated
Share a link to this answer
Share a link to this answer

Tara’s Answer

One of the most common things I do as a Financial Advisor is simply getting to know clients as people, rather than just getting to know their financial information. Communicating to get to know your clients and their goals is very important in order to be able to give advice regarding their finances. Incorporating some of their life goals into their financial plans is very important in making clients feel that we are trustworthy.
Thank you comment icon I am in complete agreement with Tara! I find that many FA's feel that numbers are most important. My position is that relationships and values matter most. Understanding how a client thinks and what they value is paramount to being successful. Not looking for the sale, but rather looking for ways to help improve one's financial picture typically results in sales! Having their best interests at the forefront of what you do matters most. An understanding of investments and protection products which can best help a client reach their goals is what it is all about. When all this is done, it is a noble profession. Good luck, Colin! Kimberly Weber
1
1
Updated
Share a link to this answer
Share a link to this answer

Bill’s Answer

Hi Colin!

Financial advisors determine investment portfolios for their clients. They take into account a range of information, including economic trends, regulatory changes, and their client’s comfort level with risky decisions.

Financial advisors assess the financial needs of their clients and provide them with professional investing advice for the short- and long-term. There are a variety of areas that financial advisors can help their clients in — budgets, savings, stocks, bonds, education expenses, retirement funds, tax advice, insurance, etc.

They provide best business advisory and strategies and help you to make your investments more fruitful and result gaining so that you can achieve your business objectives and your retirement goals.

It can help us to get more money out of our investments. One can rest assured while working with financial advisors as they ensure you reach your business objectives and your retirement goals. They can set priorities and by getting the planning done. Simply put, financial advisors help you with all types of financial planning. That means they can help you with everything from budgeting to saving for retirement.

I think hiring a financial adviser is worth it if you don’t have time to manage your and you are not updated with all schemes and it is the best way to save our time and money at the same time. With the help of their advice, you can receive better financial outcomes.

Some Major services which financial advisor offer to you.

Creating an investment strategy.
Minimizing taxes.
Avoiding emotional decisions.
Lowering your risks.
Structuring withdrawals from accounts.
Debt Management
Health and Long-Term Care Planning
1
0
Updated
Share a link to this answer
Share a link to this answer

Jena’s Answer

Financial Advisors help clients understand their full financial picture to make sure they are able to reach all their goals with the assets they have and will accumulate over time.
0
0
Updated
Share a link to this answer
Share a link to this answer

Marcel’s Answer

Hi,

I would say Financial Advisors spend a substantial amount of time talking to clients. It's important to understand a client's goal to formulate a recommendation. Drafting a plan and implementing the recommendation can also take some time.
0
0
Updated
Share a link to this answer
Share a link to this answer

Phil’s Answer

Hi Colin,

The other answers have already done a great job in answering what a financial advisor does day-in and day-out. However, I would like to emphasize that the best financial advisors are the best listeners. Our job is to help our clients find solutions to the challenges they face in their financial life. The best way to find an ideal solution is to understand these challenges deeply, and that is achieved by careful and active listening.
0
0
Updated
Share a link to this answer
Share a link to this answer

Justin’s Answer

In addition to previous great answers, very good financial advisors take the time to know their clients, their goals and what is most important to them by being a great listener and then providing financial recommendations that will help meet the clients goals and concerns.
0
0
Updated
Share a link to this answer
Share a link to this answer

Nick’s Answer

Financial Advisors have to spend a lot of time speaking to clients. While recommending products and making financial plans is a large part of our job, what we really do is build relationships. Gaining a clients trust/respect for them to listen to the advice you give is one of the most important parts of our job. In order to accomplish this, we have to spend a lot of time speaking and listening to them.
0
0
Updated
Share a link to this answer
Share a link to this answer

David’s Answer

Hi Colin - to be successful you will certainly need solid Financial training, strong mentoring, and real world financial service experiences. As any profession hard work and a zest for continuous learning is paramount. And ....... you will need to listen hard to your clients to best understand their situation and then deploy the best solution for them.
0
0
Updated
Share a link to this answer
Share a link to this answer

Kevin’s Answer

Hi Colin, I would say the most important thing you can do as a financial advisor is to know your client. If you know you client, you can better figure out how to help your client the best financially, and at the end of the day, that is what the job is all about. Helping clients through knowing them, educating them, and looking out for your clients best interest is what your goals should be.
0
0
Updated
Share a link to this answer
Share a link to this answer

Cary’s Answer

Hi Colin! As Financial Advisors, we wear a number of different hats. A large part of this Job is maintaining client relationships. It is very important to practice Active Listening. We must hear and understand our clients' full financial picture. The more I can know about an individual and their finances, the better position I will be in to offer proper advice and guidance to help them realize their Financial Goals/Objectives(Retirement, travel, education, legacy, philanthropy, etc.). We must identify inconsistencies in a client's portfolio from the information we obtain in these conversations so that we may provide more suitable solutions. more importantly, we must educate our clients on why the solutions we are recommending will better address their needs.
0
0
Updated
Share a link to this answer
Share a link to this answer

Orain’s Answer

Hello Colin,

I hope all is well with you and thank you for your question

A financial advisor helps clients with a variety of financial services. Overall a financial advisor main roles may include:

1. Executes trades on behalf of their client
2. Provide comprehensive financial planning. budget planning and investment management
3. Offer tax advice
4. Offer insurance strategies

I hope this helps.

Thanks

O.M
0
0
Updated
Share a link to this answer
Share a link to this answer

Riley’s Answer

These are great answers, it is imperative to listen more than talk. Getting to know your client is key and will benefit both of you throughout the relationship. The best way to get your clients to speak is by asking open-ended questions, not simply yes or no questions.
0
0
Updated
Share a link to this answer
Share a link to this answer

David’s Answer

Hi Colin,

Great question. As a financial advisor there are a wide variety of tasks and responsibilities that you run into. Apart from the obvious things that you would expect an advisor to do such as giving sound financial advice to individuals to better their futures, there are other things that come up.

Advisors also run into many situations where they are looked to as a shoulder to lean on for clients and not just for financial reasons. The amount of topics that come up outside of a clients finance is plentiful. Being a resource to clients is extremely important.

In the early years of your financial advising career, you will find yourself not only learning on the job, but obtaining necessary licenses to be able to perform your duties on the job.

There are also more jobs that branch off of a typical financial advisor. I personally have served as an estate financial advisor for the last 8 months. With that role, I have been responsible for working with beneficiaries, executors, attorneys, etc. in ensuring the rightful heirs of UBS accounts get their funds appropriately. As you can imagine, this requires an advisor to be emotionally available as many of these beneficiaries are going through tough times within their lives.
0
0
Updated
Share a link to this answer
Share a link to this answer

Emily’s Answer

Financial advisors help their clients in many different respects, all with one common goal in mind - to help prepare the client for their short and long term financial goals. With the fiduciary responsibility that comes with being a financial advisor, they provide advice for different aspects of financial planning from planning for retirement, having children, and possible college expenses. Financial Advisors also help invest funds with those planning purposes in mind using different investment strategies and different types of investments in general. Financial advisors are there to offer support for their clients and communicate financial advice in a transparent manner using the information provided about the clients' total financial picture.
0
0
Updated
Share a link to this answer
Share a link to this answer

Dennis’s Answer

Hey Colin, great question! I have seen quite a number of great answers from others and I believe those will give you at least some insights regarding the most common thing a financial advisor will do in "investment field".

Perhaps I could contribute some insights of what a financial advisor will do in the finance function in a "corporate". Well, the most common thing we will do in daily basis will be performing data analysis. This is a series of conducts which include data collection, data cleaning, data interpreting, data visualizing, and sharing the insights that we got to our stakeholders.

Our best friend in this case would be Excel. Have to maintain a really really familiar with it to ensure you are doing your work efficiently. If the purpose of this question was to take a sneak peek into this role, I would say it's really not that exciting in most time but it does when you finished a project and stuffs. The sense of achievement is like whooooooooooooo! On the other hand, if you were to understand what you need to learn/enhance/improve to get into this role, my suggestion is train yourself to be curious and proactive! Every skills will come after these two!

Thanks for this great question and all the best to you! I believe that you will have a super bright future!
0
0
Updated
Share a link to this answer
Share a link to this answer

Brian’s Answer