My career choice is financial advisor. This is a profession involved with rendering financial services to clients. This career encompasses brokers, investment advisers, accountants, lawyers, insurance agents and financial planners. Depending on the license one holds or the training they received, the main role of a financial advisor is to provide clients or customers with financial products and services. A financial advisor has the capability of creating financial plans for clients and selling financial products. A financial advisor can be paid using fees, commissions or both.
In the United States, regulation of the activities carried out by financial advisors and firms is done by the financial industry regulatory authority. In addition, their activities are checked by the provisions of antifraud in the investment act of 1940 which states that the financial advisor and his or her firm shall put the needs and interests of the client above their own. This provision expects the advisor to;
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1. Recommend reasonable investments to their client free from outside influences
2. Provide deals that are based on their ability to provide the best execution of trades
3. Recommend an investment to a client after reasonable inquiry into a client’s objectives, financial situations among other factors and 4) the clients interest before their own or their firms (Adams, 2010).
Projected demand and salaries
In 2010, the median pay for a financial advisor was $64,750. This amount was expected to rise more than 4 times depending on the location and the type of advisory practice. In 2015, the average wage a financial advisor is paid approximately $89, 160 annually. Nevertheless, a financial advisor is paid concerning experience and outcome and the salary can range from $50,000 up to $150,000 annually (Touryalai, 2012).
Although there are numerous job cuts on Wall Street and hedge funds fighting to beat the market, financial advising is a job that has remained secure over the years. Employment of personal financial advisors is projected to grow tremendously in the decade. Researches have confirmed that between 2014 and 2024, the employment of financial advisors is expected to increase by 30%. This projected increased is the highest for all occupations (the average growth rate for all occupations is 14%). Researchers attribute this predictable increase to the fact that the population ages and life expectancies are increasing tremendously. This gives people the challenge to ensure that they don’t lose their finances but rather make them grow ( Bureau of Labor Statistics, 2016) .
However, recruiters claim that the market is only stable for those financial advisors who are not only competent but also compliance clean. They advocate for job security for advisors who generate a substantive amount of revenue for their clients (Touryalai, 2012).
Table 1: the demand and salaries of financial advisors
| 2010 annual median pay | $64,750. |
| Projected increase in median wages ( to 2024) | 32% (much faster than average) |
| 2015 annual median pay | $89,160 |
| 2015 hourly median pay | $42.86 |
| Number of jobs in 2014 | 249, 400 |
| Employment change, 2014-2024 | 73, 900 |
Source: Bureau of Labor Statistics, 2016
References
Adams S. 2010. How to become a financial advisor. Forbes. Retrieved on September 8, 2016 form www.forbes.com/2010/09/21/financial-advisor-jobs-employment-leadership-careers-career-change-10-advice.html
Bureau of Labor Statistics, U.S. Department of Labor. 2016. Personal Financial Advisors. Occupational Outlook Handbook . Retrieved on September 8, 2016 http://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm
Touryalai, H. 2012. One of the fastest growing careers is in desperate need of young talent. Forbes. Retrieved on September 8, 2016 www.forbes.com/sites/halahtouryalai/2012/08/08/one-of-the-fastest-growing-careers-is-in-desperate-need-of-young-talent/#39ccbd8327db
