One day in the life of a Financial Advisor

    More and more Fintech companies appear in the world and in Russia, and on December 21, 2018, after the amendments to the law “On the Securities Market” entered into force, a new industry will appear - independent financial advisers. In this connection, another translation of the article .

    The main requirement for a financial consultant is knowledge in the field of finance, but the true professional competence consists of much more. In fact, for quality work, financial advisors must sit on several chairs at once. Those who consider this specialty as a career should know how the fin everyday life looks. consultant.

    Anyone who works in the financial industry can say that the first step to becoming a successful advisor is to get a quality education in the context of the financial aspect in which you intend to work. This may be a bachelor's or master's degree, professional courses of a Certified Financial Planner (CFP ), or just a license, depending on the desire to specialize in a specific type of activity ( planner and consultant - translation ). But real education in this area will not start until you start working as a financial advisor.

    Typical day financial advisor

    The usual day of a consultant begins in the early hours, especially for those who begin their careers. The typical adviser's daily schedule usually includes the following:

    • Search for potential clients - methods and volumes of this item depend on the circumstances of the consultant. A newly-minted professional who does not have a single business case can count on up to half a day by tapping his heels on the pavement, either by creating a referral network or engaging in face-to-face meetings. Those who start with a warm list will spend a lot of time meeting clients. For example, a person who has worked for some company for a long time can concentrate on creating events for his former colleagues and thus expanding his business. Another modern tool is a powerful online presence and blogging.
    • Serving current clients - as the consultant has formed a client network, the focus will gradually shift and serve current clients. Reputable advisers begin their day with a review of client portfolios, responses to client requests, and only then begin to expand the business. Most of these advisors will say that this is the best way to expand business. After all, customers who receive good service are happy customers who will lead other customers.
    • Administrative routine - any potential adviser should be prepared to spend a significant part of the working day on bureaucratic tasks, such as compliance reports, recording new data on customer transactions, processing trade orders and other office procedures. It should be said that most successful consultants can keep a large amount of detail in mind.
    • Financial planning - It seems obvious, but you need to spend significant time to provide services to your clientele - and sometimes it is difficult to fit this item into a daily schedule. Entering data into a financial or tax planning program can be a long and tedious process, and attention needs to be paid to details. Even if you hire a person who will enter data, verification and control are required.
    • Continuing education - This element can significantly exceed the standard industry or accounting requirements for a financial consultant. Many insurance and investment companies require special courses before being allowed to sell their services. Some advisors attend weekly seminars on a specific topic in order to gain new status and provide services at the high level required by customers. This not only takes time, but in some cases considerable resources.

    Human factor

    As one might expect, another, most important element of the work of a financial advisor is the establishment and maintenance of a relationship with a client. Starting from a professional impression on the goal setting phase, ensuring that they have been promised - during the making of the plan, and ending with maintaining contacts on an ongoing basis. And sometimes it can be a real problem. For example, when a client without a parent’s legacy calls you and shouts that he or she will sue you. Although you have nothing to do with it. Your ability to educate a client and convince them to do the right thing will greatly affect the success and reputation in this business.

    And customers are not the only ones who should be “on your side”. you need to learn how to talk to the compliance service, regulators, customer service, which can be in the mood or not when you need help or interaction with you. Your ability to support this intangible asset is the difference between big inconveniences with loss of business and a smooth-running business.

    How to prepare

    If you think you need some kind of help in preparing for the elements disclosed above, you can consider any courses on behavioral finance, psychology, communication skills or public speaking skills. If you are engaged in an independent business, then entrepreneurship training will not hurt either. A good start will be to talk to the same private advisors who are already having success. Find out what less “tangible” skills they use and how they have learned. Now there are a large number of different free courses that sanctify any topic. It will be a cheap and convenient way to start your studies.


    The work of a financial advisor is more than investment portfolio management or sales. Expansion of customer base, marketing, customer service, compliance, administration and education will be integral parts of current affairs. And the ability to integrate all this into your daily schedule will determine your business success. For more information on how to become a financial advisor, please visit: Financial Planning Association, National Association of Personal Financial Advisors, CFP Board.

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