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How to Become a Financial Advisor

Financial advising is a rewarding career that has grown rapidly as baby boomers near retirement. According to Money magazine, financial advisor ranks #3 in its “Best Jobs in America” report. With average salary hovering above $120,000, there is no question why financial advisor is one of the best jobs in America.

Financial advisors provide advice relating to investment strategy, mutual funds, bonds, and stocks. Using this knowledge to provide retirement advice and estate planning is crucial to client success. Clients will discuss often need to change investment strategies based on major events such as marriage, having kids, and retirement. A financial advisor’s recommendations will help make these transitions easier.

Beginning a career as a financial advisor is easy. Because of the high demand, many financial companies offer complete training programs to those motivated to succeed. Previous experience working with clients is very helpful because financial advice is all about developing relationships with clients. Once you know the client’s dreams and goals, you can develop a financial plan to help them achieve financial success.

Financial advisors are usually paid on a commission or fee structure in addition to salary. Often this makes the first years of financial advising tough because you are still building your clientele. Look for financial companies that offer starting financial advisors help by supplementing fees and commissions with a higher starting salary. Over time, your fees and commissions will grow as your client list grows and the remaining salary will be a small portion of your income.

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Timothy Ramfort is an Ameriprise financial advisor. Locate an Ameriprise advisor near you to learn more about a career in financial advising.

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