An advisor is a person that has the requisite credentials and expertise to give his opinion on a specific matter or diversified matters. There are advisors for every field in life whether it is medicine, law, sports, education, welfare, healthcare and many more.
A financial advisor is a person that provides specialized advice to his clients on ways to manage their money. A financial advisor has the role of a guide as most people that come to them are not very aware of the ways to manage their money in the best possible manner. Therefore, a financial advisor is required to research the market and recommend the most appropriate products and services available and ensure that the client understands the products and services.
A financial advisor may be an expert in a particular field like pension or investment or may have the expertise in various fields to guide the client in the best possible manner. These advisors are also called financial consultants.
Those advisors that offer advice in a particular area of expertise are also called restricted advisors and they offer advice on a particular range of products. The financial advisors that advice on varied fields of expertise are called independent advisors and they are expected to offer their best and unbiased advice to the clients in the interest of the clients.
Tasks of an Advisor:
A financial advisor has several tasks that he should undertake in the best interest of his clients so that the clients enjoy best advice. He has the duty to review in depth the current financial circumstances of the client with current provisions and future aims. He must analyze the information and prepare the best suitable plans that fulfill the requirements of the client. He must research the market and provide the best information on new and existing products and services, devise financial strategies, negotiate with product and service providers with best possible prices and help clients make informed decisions.
The salary of a financial advisor is dependent on the nature of advice sought from him along with his qualifications and reputation that he enjoys in the market. Some advisors work on salary basis while some work on commission basis.
Working hours of a financial advisor depends on the kind of contract that he enters into with his client. If he is working as a financial advisor with a company or a bank or some government office on salary basis, he may have fixed working hours just like other employees while if he is a self employed independent advisor, he can choose to fix his own working hours according to his needs and comfort.
Although to work as an independent financial advisor there are no pre-requisite postgraduate degree requirements by government but it is beneficial to have a degree or diploma in the requisite field where you desire to operate as an advisor. However, most banks, government offices and companies demand professional degrees and diplomas in the area of operation before appointing a financial advisor with them.