Skip to main content
28 answers
28
Updated 701 views Translate

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

28 answers


3
Updated Translate

John’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

John 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? John Frick
Thank you comment icon Thank You Chris. The best time to do something significant in our lives is between yesterday and tomorrow. John Frick
3
1
Updated Translate

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
1
Updated Translate

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
0
Updated Translate

Cooper’s Answer

This is a great questions because I think many people have a misunderstanding of the role/ relationship a Financial Advisor does for a client. A FA's main goal is to preserve a client's wealth, delegate it in the most appropriate manner to tackle complex financial hurdles and obtain a target goal. An example could be a client that is looking to reach retirement with a certain amount of retirement income from their investments for a specific amount of years. By looking at a client's overall financial picture a FA can create strategies and plans that will allow the client to achieve their finical goal of retiring successfully with an adequate amount of capital to live the life they are looking for. FA's job is not to make someone a billionaire. We break down the goals and objectives of clients to provide them with the education, strategies and plans to assist in the best possible manner. I do believe having a FA even at a young age is vital to creating a sound and healthy financial picture. By creating a financial strategy at a young age, you can follow a path that will hopefully lead to a stronger outcome in the long run.
0
0
Updated Translate

Daniel’s Answer

The most common thing financial advisors do is build relationships with others. It is important to understand that most of your time as an advisor will be spent meeting and talking with clients. There is only so much to talk about when it comes to markets and investments once you have a plan in place. However, you can never build too much trust with a client and that is what will pay off in the long run and create loyalty. Trust is built through spending time together, learning about one another, navigating difficult times together, etc. Most check-ins with clients involve more cathing-up than they do talking about investments - that is the easy part.
0
0
Updated Translate

Kimberly’s Answer

Hi Colin,

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. So, to answer your question, a good financial advisor begins with developing a relationship with the client based on trust and a great understanding of them. Good luck, Colin!
0
0
Updated Translate

Dylan’s Answer

Hello Colin,

To follow-up the wealth of insight provided from this question, I found that in my financial advising career maintaining client relationships has been the most common thing a financial advisor does. Aside from being knowledgeable on a number of different securities, financial markets, and investment objectives, talking to clients and maintaining a relationship with them is by far the most common thing an advisor does. Now in regards to what specifically an advisor does in each conversation with clients that totally varies. So I would suggest if you are thinking about going into a career in financial advising make sure you enjoy talking to people first then of course the financial side of the job second.
0
0
Updated Translate

Brian’s Answer

The most common thing a Financial Advisor does is build, develop and maintain relationships. The most important thing we can do is connect with clients on a personal level and listen to their needs, objectives, life goals while professionally helping them put together a plan to achieve and monitor their ever evolving Financial plan. It's also very important to be trustworthy, consistent, and available. You want to build trust and show true care to the client and their needs. If you are able to achieve these things, clients will come to you for help and you will grow referrals by showing true care. Many people are in need of Financial advice and guidance but don't know the right questions to ask or where to start. So asking open ended questions and building good rapport are very important roles and skills of this career.
0
0
Updated Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

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 Translate

Craig’s Answer

Colin,

All of the previous answers are accurate, but I think it's important to mention the relationship/interpersonal aspect of financial advising. The analytical role is of great importance but I think most advisors would agree that building lasting relationships with clients is equally as important. They rely on your knowledge and advice for many or all financial matters. Virtually every client looks for an advisor that they can foster a strong relationship with to build a strong sense of trust. They want to feel as if their financial advisor has a deep concern for them from a personal standpoint and as an investor.
0
0
Updated Translate

Romy’s Answer

It's in the name but most personal financial advisors provide advice to people to help them manage their money, pay off debts, plan for retirement, economic independence, etc. They help their client set long-term and short-term goals, and can provide recommendations for navigating different life scenarios (i.e. going to college, having kids, buying a house) financially. They can play a pretty important role to clients at all financial standings.
0
0
Updated Translate

Brad’s Answer

Hi Colin!

Thank you for your question. The most common thing financial advisors do is putting themselves in front of client and offer their advice and guidance. The most successful financial advisor put themselves in front of as clients as they can and to care about their clients. The run financial plans for clients so they can retire when they want to. You want to be as productive as you can when you are starting out. I hope this response helps. Good luck!
0
0
Updated Translate

Jake’s Answer

Financial advisors help individuals find ways to accomplish what is important to them via their finances. If someone wants to pay for their grandchildrens college for example, a financial advisor will show them ways to accomplish that most effectively from an investment and tax standpoint.
0
0
Updated Translate

Tyler’s Answer

Financial Advisors help clients create a goal on saving and investing money into different investment accounts (Roth IRA's, Traditional IRA's, Stocks, Bonds, etc.). Many financial advisors get paid commission so it's important to be aware that a sales skill set may be beneficial in ones overall success as an advisor.
0
0
Updated Translate

Brendan’s Answer

Great question, Collin. Financial advisors have a wide range of day to day responsibilities. A few things that advisors provide are portfolio management, tax planning, retirement planning, estate planning and business exit planning. All advisors seem to specialize in something different. Some work with people getting ready to retire by putting together a financial plan for them. Some work with folks that just had a major liquidity event like selling a business or exercising stock options. Some work with folks who just inherited a large sum of money and have no experience managing their wealth. A financial advisor could be considered somewhat of a quarterback in regard to someone's finances. They need to make sure that the the clients portfolio and investment strategy are in line with their CPA's recommendations and estate plan. Some advisors do their own portfolio management for clients and some use profession money managers and serve as the broker between the client and the asset manager. A lot of an advisors job is serving as a coach to their clients. This is a relationship business.
0