Being good with money is not enough to become an effective financial consultant.
A financial consultant, often called as financial advisor, is an individual who offers professional advice on money management. They serve individuals or organizations who are having issues with debt management, setting up their long term financial goals, developing a savings plan, and who are looking for sound investment advice.
They are also being sought for by couples who are leaning towards expanding their family. They will be asked about a good mortgage rate, when to save for retirement, and how to start a college fund. An effective financial consultant can offer sound advice on all these areas.
A great number of financial consultants work for companies and large organizations that are dealing with financial challenges. Consultants help these entities with their budgeting and debt management issues. Sometimes, they may also be called in to develop retirement and benefits plan for employees.
Individuals who would like to start a career in financial consulting must meet certain requirements. They must have a degree in finance and at least 10-15 years relevant experience. In addition, they must have attended relevant trainings and seminars. It would also be a big plus if they obtain certification from the Society of Financial Advisors.
Aspiring financial consultants can work for mortgage lenders, banks, or tax companies to get valuable experience in handling loans and special financial services. Through this, they'll get a better understanding of various finance-related issues that they will most likely to deal with when they finally start a career in financial consulting.
Most financial consultants start by working for consulting and financial firms.
Working as a freelance financial consultant can be extremely overwhelming, frustrating, but rewarding. Although individuals who choose to go this route will do virtually everything to bring in clients to make money, they can have themselves as their own boss and they will have direct control over their working hours. They can also possibly make more money as long as they are dedicated, determined, and motivated. These people can work from the comforts of their own home or can set up their own office.