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Retirement Planning and Beyond: Financial Planning as a Career
September 6, 2005
By Kathy A. Johnson
Business Programs Columnist
Financial planners help people plan for all aspects of their financial futures. "A financial planner takes a 'big picture' view of a client's financial situation and makes financial planning recommendations based on the client's needs in areas such as budgeting and saving, taxes, investments, insurance and retirement planning," according to the Certified Planner Board of Standards, Inc. Web site.
Financial planners meet with clients, discuss their needs and goals, and prepare a financial plan to help them meet those goals. Often, they give investment advice, and some also buy and sell financial products like mutual funds. Financial planners and their clients may meet once a year to discuss the continued relevance of the plan in light of any life changes the client has experienced. Some financial planners give general advice on many topics, while some specialize in areas like retirement and estate planning.
Skills and Certification
Financial planners need strong people and communications skills, as well as knowledge of investments, tax laws, and insurance. Thirty-eight percent of financial planners are self-employed, and they need to spend time seeking out new clients and marketing their services. Financial planners often have a degree in accounting, finance, law, or business.
To increase chances of success in a competitive field, financial planners often seek one of several certifications available, such as the Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC) designations. Licensing may be required if the financial planner sells stocks, bonds, mutual funds, and the like.
Hot Career
Already considered a hot career, the demand for financial planning should continue to grow, as more Baby Boomers reach retirement age. President Bush's plan to privatize Social Security, if approved, may also affect financial planners, as people feel compelled to take control of their own retirement financial planning. As a career, financial planning should remain challenging, competitive, and lucrative.
Sources
www.careers-in-finance.com
Certified Financial Planner Board of Standards, Inc.
Bureau of Labor Statistics Occupational Outlook Handbook, 2004-2005 Edition
About the Author
Kathy A. Johnson is a freelance writer and editor based in Florida. She has worked as a writer and editor for several publications, writing articles on a wide variety of topics. She and her husband owned and operated an insurance and financial services company for 13 years.
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