Financial Advisor Job Description, Skills, and Salary

Financial Advisor Job Description, Skills, and SalaryFinancial Advisor Job Description, Skills, and SalaryFinancial advisorshelp clients create viable plans for managing their finances relative to individual and family situations. During the early stages of their careers, financial advisors spend considerable time and energy filling out their client rosters by prospecting for new customers. They meet with prospects and try to convince them to sign on as clients. They engage established clients and interview them to assess their risk tolerance and financial goals. 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 recommend an allocation of assets consistent with the risk tolerance of clients and their life stage. Where Financial Advisors Work Financial advisors often work for large financial services businesses, but they may be station ed in small local offices for these firms. Many financial advisors operate their own businesses and work independently or with a few partners. Education, Training, and Certifications Financial advisors need to earn a bachelors degree to qualify for positions. Advisors benefit from coursework in economics, mathematics, finance, investments, accounting, and taxation. Most financial services firms have training programs to equip graduates and career changers with the fundamental knowledge and skills. Financial advisors can enhance their credibility with clients by earning a financial planning certification like the Certified Financial Planner(CFP) designation. While not required, a masters degree in finance, business administration, or other similar fields often will help with advancement. Financial Advisor Salaries According to the Bureau of Labor Statistics(BLS), financial advisors earned an average of $90,640 annually as of 2017. The top 10 percent of financial advisors earn ed at least $208,000while the bottom 10 percent earned less than $40,800. Financial advisors working for investment firms earned higher than average salaries and advisors working for community banks and credit unions tended to earn lower than average salaries. Advisors who are employed by financial services firms often receive bonuses, and that compensation is not included in these figures. Compensation is tied directly to productivity in terms of fees for products sold, assets managed and/or the number of financial plans generated. Since pay and job security are heavily based on performance, there is a high washout rate for new advisors who are unable to meet the challenge of building a viable roster of clients. Skills Necessary In addition to understanding business and finance, 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 mo st 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. Employment Outlook According to the Bureau of Labor Statistics, employmentof personal financial advisors is projected to grow 15 percent during the decade ending in2026, much faster than the average for all occupations. Factors impacting growth include an aging bevlkerung of retirees in need of help with financial planning and the trend towardself-managedretirement resources in lieu of company-controlled pensions. The expanded use of automated planning resources may limit the growth of opportunities for financial advisors.

These are the Top 50 best places to work for in 2018

These are the Top 50 best places to work for in 2018These are the Top 50 best places to work for in 2018Its summer which means most of us are clamoring to get out of the office most of the time. However, if you work for one of ansicht 50 companies that may not be the case. Indeed just released its 50 top-rated workplaces in America annual report and some pretty impressive companies made the cut.Indeed looked at companies that had at least 100 verified employee reviews submitted over the last two years, then compiled the ones (out of72 million employer ratings) that had the most highly rated on overall employee experience. This ranking only looks at larger (at least 5,000 employees), very well-known companies in the Fortune 500 Index.Companies that have a progressive culture, focus on the employee experience and make sure their employees are engaged tend to make the top 10,said Paul Wolfe, senior vice president at Indeed in a company statement. So where does everyone want to work?The Top 10 best places to work in 201810.Apple9.Bristol-Myers Squibb8.JetBlue Airways7.Johnson Johnson6.Fannie Mae5.Costco Wholesale4.Delta3.Salesforce2.Southwest Airlines1.FacebookThough Facebook had a bit of a rocky year with data breaches, their company culture and perks still are a major draw for people.Clearly, Facebooks employees over the last two years believe that theres been transparency internally, from the top down, said Wolfe. The company is also focused on perks and benefits, which brings it to the top of the list.While it might appear that the challenges the company has recently faced might deter people, the employees we attract are the type of people that tend to be excited and engaged in those big, complicated problems and would like to solve them, Anthony Harrison, a Facebook spokesperson, said in an interview.And even though Southwest also had a lot of negative news this year, it is still considered a great place to work. And though people may not always appreciate th eir experiences with airlines, they are apparently pretty good places to work. Delta Air Lines Inc., andJetBlue AirwaysCorp. also made the Top 10.The full list is included below.Live Nation,eBay, andCBSall made it on to the list for the first time. Cisco and Microsoft both made significant jumps. Cisco climbed from 45 to 23 and Microsoft rose from 22 to 11. Both Disney and Google which usually rank very highly were not even included on the list.The Top 50 best places to work in 201849.Synchrony Financial48.National Oilwell Varco47.General Motors46.MGM Resorts zwischenstaatlich45.Qualcomm44.Hilton43.Freeport McMoRan42.USAA41.American Express40.NetApp39.Stryker38.Booz Allen Hamilton37.Avon36.Northrup Grumman35.AbbVie34.Nationwide Mutual Insurance Company33.Fluor Corp.32.Lockheed Martin31.American Airlines30.Discover Financial Services29.DTE Energy28.Amgen27.Charles Schwab26.CBS25.Capital One24.ConocoPhillips23.Cisco22.Edward Jones21.Starbucks20.Pfizer, Inc.19.Publix18.Nike17.Viacom16. Estee Lauder15.eBay Inc.14.Exelon13.Live Nation12.Eli Lilly11.Microsoft10.Apple9.Bristol-Myers Squibb8.JetBlue Airways7.Johnson Johnson6.Fannie Mae5.Costco Wholesale4.Delta3.Salesforce2.Southwest Airlines1.Facebook

Congratulations, you got a raise! Here are 5 things to do with it

Congratulations, you got a raise Here are 5 things to do with itCongratulations, you got a raise Here are 5 things to do with itScoring a raise can feel like winning the lottery, but that definitely doesnt mean you should spend it all. Instead, give each dollar a real purpose. Heres what to do once you come into mora cash.Give yourself more money for emergenciesThis is the most important thing to do with the extra money from a bonus if you havent already, according to a post on the website of entrepreneur, author, philanthropist, and business strategist Tony Robbins.First things first If you dont have an emergency fund, this is your top priority. Yes, before investments, and even before paying down debt. A shocking 62% of Americans have less than $1,000 saved for an emergency, and frankly, if you have anything less than three months worth of living expenses, this is where your bonus NEEDS to go. If anything were to happen, say a medical emergency, this cushion could save you from fin ancial ruin, the post says.Chip away at your debtNBC News reports on how to put your raise to good use when it comes to getting rid of pesky debt.Theres no better return on your money (except, perhaps, for 401(k) matching dollars) than the one you get paying down high interest rate leistungspunkt card debt. The return you get is equal to your interest rate - and its guaranteed. So if youre carrying credit card debt, that bump in your salary is money you can use to finally get it off your plate. Start with your highest interest rate card and pay as much as you can toward that one while making minimum payments on the rest when its retired, move on to the one with the next highest interest rate, NBC News reports.Dont become a victim of lifestyle inflationLearnVest cautions against blowing through your new money, or engaging in lifestyle inflation.Consider upping your retirement contributions by the same percentage as your raise - so if your income increased by 5%, so should your reti rement contributions. The same goes for your rainy day fund because your emergency savings target is tied to whatever your take-home pay is at the time, the report says.The article suggests dedicating at least half of each bump in salary to financial goals, like emergency savings, retirement, credit card debt, and more.Dont be blinded by the bills - figure out how much youll actually get to keepOnce factoring taxes and other expenses, you might end up pocketing a less than you thought. Direct banking and payment services company Discover Bankadvises on how to get a realistic look at your money once you get an upward salary bump.When you get a raise, start by figuring out how your boost in salary will affect your paychecks. Just because youre going to be earning an extra $4,000 per year, for example, doesnt mean that will be your additional take-home pay, it says. Youll need to factor in your tax withholding and any other deductions from your paycheck (think health insurance, commut er benefits, office gym membership). To determine your net pay increase when you get a raise, subtract your old paycheck from your new paycheck. This is the amount that should inform adjustments to yourmonthly budget.but have a little fun within your meansTheres nothing wrong with responsibly working toward the things you dream about the most.A Monster article features advice from Brian Jones, vice president of financial-planning firm Cooper, Jones and McLeland.You can set aside a little money from your raise or bonus and painlessly finance a big vacation in just a few years, he says. Saving $300 per month in a money-market account earning 3 percent can add up to more than $7,400 in two years.