There are many different definitions for the profession of a financial planner. The services that financial planners offer usually vary widely. Some financial planners look at every aspect of a client’s life and show the client how he or she can spend and save money more wisely. Other financial planners show clients where and how to invest money (“Financial planners,” 2008). Four of the major specialty areas of financial planners include major life changes, personal finances, investments, and business finances (“Financial planning association,” 2012). Because there are so many types of financial planners, the best definition would be anyone who provides financial advice, investment management, or brokerage deals in exchange for money (“How to become,” 2013)
A financial planner is there to help clients set realistic financial goals, assess the client’s financial health, develop a plan for the client to meet his or her financial goals, and meet with the client after the plan has been put into action so the planner can be sure that the client is making good progress. The client should bring all financial documents to a meeting with a financial planner so the planner can accurately judge the financial situation of the client (“Financial planning association,” 2012).
If a client is looking for a financial planner, he or she should be sure to research to find the type of financial planner he or she is looking for. Although it will take time, the right type of research will be worth the time because financial planners can save the financial lives of their clients. A financial planner’s job is to inform his or her clients about each decision. He or she will inform their clients about how each decision will affect them. The financial plan...
... middle of paper ...
... lives of others.
References
Adams , S. (2010, September 21). How to become a financial advisor. Retrieved from http://www.forbes.com/2010/09/21/financial-advisor-jobs-employment-leadership-careers-career-change-10-advice.html
Financial advisor: salary. (2011). Retrieved from http://money.usnews.com/careers/best-jobs/financial-adviser/salary
Financial planners . (2008, August 20). Retrieved from http://www.sec.gov/answers/finplan.htmhttp://www.sec.gov/answers/finplan.htm
Financial planning association. (2012). Retrieved from https://www.fpanet.org/PlannerSearch/PlannerSearch.aspx
How to become a financial advisor (or planner). (2013, May 14). Retrieved from http://cashcowcouple.com/financial-planning/how-to-become-a-financial-advisor/
Personal financial advisors. (2010). Retrieved from http://www.bls.gov/ooh/Business-and-Financial/Personal-financial-advisors.htm
All students should learn about finance, and college kids should take advantage of compound interest. Financially savvy friends and family can give great retirement advice. Students can also take a finance class. Most of the information can be found online or in a textbook.
This chapter covers several tools that can help in your financial planning. The first step is to create a budget. The textbook went into great detail on the different budgets that can be used and their benefits. A budget will review your current financial condition and help you to project realistic choices. These choices can be for immediate or longer term goals. While there are some uncertainties in future projections, your chances of reaching financial goals without one is like rolling the dice. One key is to be conservative in your planning; this helps address the unexpected when they occur.
The career I wish to pursue is that of a stockbroker. I am extremely interested in the trading of stocks and financial holdings so the career of a stockbroker just seems to fit in with my overall plan. Numbers have also always been a fascination of mine and the trends of the economy and long term financial outlooks have often interested me greatly. Stock broking is a risky business that one needs to be prepared for highs and lows if choosing to pursue. You must understand what a stockbroker truly does to even begin to follow this as a life long career.
My God there are so many careers out there, who in the world can pick just one. That’s what’s been weighing on my mind heavily is what career is right for me. I’ve thought of a couple that interest me but I want to find out everything there is to know about a financial advisor. The reason that I’m interested in this field is how everything is the same when it comes to the actually math behind the career. Also I like to deal with people and money so a job as a financial advisor just seems right for me but I intend to find out as much as I can to make sure there’s nothing surprising or any kinks in what sounds like the perfect job for me.
My thoughts on this career have definitely changed after doing research into this career. I only kind of wanted to do this job but, when I was done doing the research I really wanted to go into this career field it is bizarre or fantastic. Now that I have information from researching, I am going to be putting guidelines together for success. The next steps are for me to start taking classes in high school that will go with this career. Then, after high school, I will go straight into college to study for my major in finance, but, for now, I am embryonic or undeveloped.
Actuaries are the fortune-tellers of the business world (“Be an Actuary.”). Their main duty is to analyze the risk and uncertainty of a situation (“Summary”). They then look at the long term effects of possible solutions to see which one has the least amount of loss (“Be an Actuary.”). With the information that they gather about a certain situation they then advise the business how to act in order to get the best outcome and allow it to grow (“Summary”). Actuaries will also do this for individuals for investments, retirement, or financial planning. They use many different types of theorems to get their information; such as the game theory and other theories form statistics or calculus (Ravi). With always dealing with the risk of particular situations and their possible outcomes ...
Finance is a field that had always fascinated me right from my undergraduate college days. What make me interested in this particular field of study are the art of finance and the complexity of investment market which would allow me to employ my personal skills, such as analytical and communication skills, along with my personal characteristics such as dedication and compassion for what I do. As one of the most important sector in the world, I believe it would provide me with a broad range of career options.
When I think of a financial manager, accountant quickly comes to mind. The role of accountant and financial manager are similar in several ways and often times they work closely together on various projects. The role of an Accountant is to ensure that their organization is run efficiently, make sure their records are accurate, and that their taxes are paid properly and on time. Accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients. They record and analyze the financial information of the companies for which they work. Other responsibilities include budgeting, performance evaluation, cost management, and asset management. “The role of the financial manager has expanded beyond traditional responsibilities related to company's finances. A financial manager, through his/her understanding of the company's financial health, the current market, and the goals of the company, helps set direction and guides decision making.” Financial managers perform several different task related to finance for their organization they normally oversee the preparation of financial reports, direct investment activities, and implement cash management strategies.
A personal financial plan is essentially important for any person and their loved ones to minimize future hardships and difficult financial situations. Short and long-term financial freedom and stability is something an individual wants to have through to the end of his or her life. Financially planning for one’s retirement years is vital so a person does not sustain major unhappiness or unnecessary pain in what is supposed to be the reward for working so hard in their younger years.
The future is always uncertain. However, having a financial plan for the future can save a person a lot of grief. More importantly, it can help tremendously for that young adult who is fresh out of college, and at the beginning stages of life; for the young adult who is preparing to attain his or her Doctorate, and will be living, most likely, completely on his or her own.
They have to be punctual and have the ability to put in long hours every once in a while. Based on the information that I have researched, I can say that being a financial analyst wouldn’t be a bad fit for me. I have always had a knack for problem solving, especially during mathematical situations. I do slightly lean towards being a team member compared with being independent, and it could pose a bit of a problem if I do undergo this career. Like most people in business, financial analysts do spend some time traveling, and I definitely wouldn’t mind doing so. Financial analysts aren’t the only ones involved in financial and investment services; stockbrokers are also involved and are responsible for selling stock and other securities to others and conducting trades . The career is similar, but workers there put more focus on the stock market because they have to interpret it well in order to conduct trade deals. I do have some interest in following the stock market, so this career option wouldn’t be so bad for me. Being a budget analyst is another option related to finance. People in this profession are responsible for organizing budget reports for companies . One concern for the profession, however, is the national growth rate for the next decade. It is at 3%, slower than the average occupational growth rate of 7%, and much slower than 12% growth rate for financial analysts. Financial analysts could eventually be promoted to financial managers and have even more responsibility for managing a company’s finances. As of 2015, the median salary for this profession is $117,900
Personal Finance is a class I’ve wanted to take for a while now. My major is Finance not because I want a career in finance but more to learn about finance for my own personal situation. This class taught me so much! During this class I was able to evaluate my financial situation and set financial goals for myself. The four topics that helped me the most were emergency savings, buying a car, purchasing a home, retirement, and estate planning. After completing this class I have a better understanding of these topics and how to achieve my financial goals.
Whether it is dealing with the stock market, electronic commerce, portfolio diversification, or just simply allocating your assets, finance is more than just managing money. As technology progresses, the financial industry will advance and the demand for financial planners and managers could go down. However, there is no specific formula for allocating your wealth or for investing in the stock market. Every person and company is different, and the stock market changes constantly. People will always be running a business or a school, saving for retirement, financing a home, and investing their money. That is one of the reasons why I find finance so fascinating. Even if you aren’t making a career out of it, economic and monetary skills are vital for the rest of your life. Needless to say, finance is and always will be a diverse and ever-changing
A reflection of the work done to date in this course has given me much clarity on the goals that I wish to achieve in my life and the directions that I need to take to achieve them. In module three, I was able to start a financial planning process, in which I was able to determine my current financial situation concerning income, savings, living expenses, and debts through the utilization of a balance and income statement; financial objectives and personal goals sheet. I prepared a list of current asset and debt balances and amounts spent for various items providing me with a foundation for financial planning activities. In module Five, my financial process continued through the evaluation of a home affordability in which I used Maximum Mortgage
Financial theories are the building blocks of today's corporate world. "The basic building blocks of finance theory lay the foundation for many modern tools used in areas such asset pricing and investment. Many of these theoretical concepts such as general equilibrium analysis, information economics and theory of contracts are firmly rooted in classical Microeconomics" (Oaktree, 2005)