Most financial planning jobs are held by people who are trained — and perhaps licensed — as financial planners to provide financial guidance and management services. Financial planning jobs may take on different specializations, such as retirement planning, investment strategies, and risk management, depending on the area in which financial advice is needed. A number of financial planning jobs focus on individual needs, while other positions specialize in working with corporations on financial matters.
Financial planners may provide generalized financial guidance to individuals, couples and corporations. There are also financial planning jobs that have primary areas of concentration such as retirement planning, investment strategies, and risk management planning for corporations. Another responsibility that is essential to financial planning jobs is income tax planning and staying abreast of tax regulations that may affect the financial portfolio of clients.
Private banker, retirement planner, and financial adviser are some of the common titles associated with people who have financial planning jobs. Some financial planners might be self-employed or work for a company in the financial services industry. Financial services typically focus on insurance products, investment strategies, and short-term and long-term financial goals.
Typically, a private banker has clients with a high net worth who seek investment strategies that can increase wealth. Private bankers are employed with banks and may also have a financial advising team. In most cases, the private banker will only work with a select number of clients. She generally carries the full responsibility for managing her clients’ financial portfolio.
The role of the retirement planner is to help individuals and couples create a financial cushion that maintains good quality of life during the retirement years. The retirement planner advises clients on how to save for retirement. Individuals and couples may also receive guidance on investment vehicles to provide a substantial income for living and health care expenses. Most retirement planners will also assist retirees with cash flow management strategies to ensure that the money lasts throughout retirement.
Advice for individuals and couples from financial advisers usually consist of investments, retirement planning, saving money for a child’s college education and buying a home. In essence, financial advisers are licensed and certified to make recommendations on anything that relates to the financial needs of clients. The clients are provided tools for making informed decisions about the clients’ financial future.
Generally, corporations are concerned with having adequate insurance coverage for business operations and employee benefits. Financial advisers usually counsel company decision-makers on risk management, asset management, and investment strategies. Plans and services are tailored to meet the needs of the company.
Normally, a person who is interested in financial planning jobs has fulfilled certain education, training, and certification requirements to give financial advice. A minimum undergraduate degree in accounting, finance, or similar is usually required. Some financial planners may also obtain a post-graduate degree and become certified financial planners to leverage professional credentials and opportunities for advancement.
