There are many careers in finance, but the essay will focus on financial planners and claims adjustors. A financial planner describes a qualified investment professional who assists companies and individuals to achieve their long-term goals by analyzing the financial status of their clients and coming up with programs that will attain the client's objectives. They specialize in estate planning, tax planning, retirement planning, asset allocation, and risk management. Financial planners assist clients in improving the quantity and quality of financial decisions. Financial planners gather financial and personal data from their clients and then create projections that will support the clients to meet the objectives ( Lai, 2016) . The projections often involve how much the client will earn, invest, spend, save, and a realistic assumption of investment returns and inflation. Some of the essential skills in this career include interpersonal and communication skills. They should maintain relationships with clients, solicit new businesses, and network with various associates. They should be persistence and have the ability to manage stress. They should analyze their client’s portfolio and help them make proper decisions even in stressful moments. Financial planners should also have analytical skills, organizational skills, passion, and attention even to tiny details.
Although sales agents have the responsibility of finding and closing various deals, claims analysts or adjusters ensure that consumer's claims can match the eligibility standards of the company. It includes analyzing the submitted claims for accuracy, inspecting all the evidence related to the claim, and collecting and verifying any additional information ( Tseng, 2017) . They also prepare documentation for approval or denial. While they are highly associated with various insurance companies, large retail firms and banks may hire claims adjusters to handle their fraud departments and customer complaints. Training in this financial field often involves acquiring a degree or certificate that should be supported by certain office procedures such as billing and claims processing. Furthermore, they should have extensive knowledge in the field, an eye for detail, multitasking abilities, good negotiations skills, and communication skills. Although a degree in statistics, accounting, or math may improve an individual’s transition into the field, graduates who possess different academic backgrounds but have the necessary traits and skills have been successful in the field.
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Financial planning is the most attractive career of the two options. It assists a person to manage cash flows and income. Managing income assist clients to understand how much money they require for savings, tax payments, and other expenditures. A client may improve their cash flow by simply monitoring their expenses and spending patterns. Careful budgeting, tax planning, and prudent spending will assist the client to control their hard earned cash ( Lai, 2016) . When a client's cash flow increases, it often leads to an increase in capital. An increase in capital will allow the clients to consider investments and boosts their entire financial well-being. Financial planning may improve a family's financial security. Using proper insurance policies and coverage will offer peace to a family.
Also, financial planning improves the standards of living. The savings made during the whole process is significant in difficult times. Financial planning offers a better financial understanding of the professional and their clients. It allows the client to set measurable financial goals, evaluate the effects of the decisions, and forecast the outcomes. It increases the control of a client over their limited budgets. Moreover, it allows clients to invest in assets that are not liabilities in the future. Sudden financial changes may throw a person off the desired track, but financial planning encourages the clients to have some investments that have high liquidity for emergency situations ( Lai, 2016). Financial planning is significant for every business, and they should all approach a financial planner for a comprehensive plan that will improve their revenues.
References
Lai, K. P. (2016). Financial advisors, financial ecologies and the variegated financialization of everyday investors. Transactions of the Institute of British Geographers , 41 (1), 27-40.
Tseng, L. M. (2017). Why do lenient claims handling practices exist in the insurance industry? A survey study of ethical decisions by claims adjusters. Managerial Finance , 43 (11), 1254-1273.
