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Saturday, April 28, 2012

Financial Planner Salary Expectations

Financial planning is a career opportunity that often attracts individuals who enjoy dealing with money and finances, who enjoy strategizing and planning for the future, and who enjoy working with others on a personal and long-term basis. Before embarking on a career in this field, a financial planner salary as well as the duties, requirements, and outlook for the industry should be explored in detail.

Job Duties
Financial planner jobs do vary slightly from company to company and from position to position. However, duties of a typical professional working in a financial planner career may include:
Assisting individuals in developing a plan for retirement Educating and developing a plan for individual estate planning Helping individuals meet their income and asset goals for the future through investment planning Educating individuals on personal budgeting and cash flow management strategies
Assisting small business owners in developing a plan for business succession
Some professionals will simply offer a plan for individuals to follow on their own while other professionals will work with individuals on an on-going basis to monitor progress and make revisions to a financial plan as needed. This is often left up to the discretion of the individual.
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Financial Planner Salary

Financial planner multitasking

A financial advisor salary or a financial planning salary is based on a number of factors. In some cases, income is derived purely from salary, but in many cases, the income of a financial planning professional will be derived in part from commission or some other type of performance-based compensation. Some professionals’ income is completed based on commission. Further, the income potential of a professional is determined not just by their on-the-job performance and their ability to earn new clients through their sales skills and financial planning skills. Other factors such as the geographic location of the individual, if a professional holds a special industry certification, and years of experience in the field also can affect income. A non-certified professional working in this field averages around $66,000 per year, and the salary range spans from $29,000 to about $101,000. This is among the most attractive finance salaries for non-certified professionals in the industry.
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How to Become a Financial Planner
The terms financial planner and financial advisor are closely associated, and in some cases are used interchangeably. Often, an advisor denotes a professional who enjoy a more on-going or long-term relationship with clients, but this is not always the case. There are generally not education requirements in place to work in this profession, and there are not industry regulations enforcing minimum education requirements for professionals offering financial advice and guidance. However, this is generally a performance-based profession, and so the most successful professionals in this field, and those who consequently earn a higher financial planner salary, are those who do have the knowledge and expertise to provide clients with sound financial planning advice. So it is advisable to obtain a degree in a field such as finance, economics, accounting, or a related field. Certification in financial planning is also helpful in promoting higher income.

Career Advancement Through Certification
The ability to earn a living as a financial planner is often dependent on a professional’s ability to attract new clients and to retain those who they have already established a relationship with. Often, this is more easily accomplished by obtaining the status of a Certified Financial Planner. This certification requires a professional to demonstrate industry knowledge by fulfilling education requirements, passing a stringent exam, meeting work experience requirements, and passing a background check. Those who meet these requirements can become a Certified Financial Planner, and this distinction allows a professionally to more easily demonstrate a level of experience and knowledge in the field to new clients. The requirements in place also provide certified professionals with the ability to better advise clients. The CFP salary on average is about $71,000, and so there is a financial benefit to earning the certification. Professionals should keep in mind that some employers require this certification for consideration for certain job opportunities. Further, those with the certification may enjoy the opportunity to mentor and coach those desiring to obtain the certification in the future.

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Related Careers
Before making the decision to pursue this job option and earn a financial planner salary, other related financial career options can be considered as well. Some of these other career options include those as a wealth manager, a wealth advisor, an investment advisor, a real estate investment advisor, a sales associate for financial planning products, a tax planning advisor, and more. Many of these related careers are those that providing financial planning services in a unique niche, whereas financial planners may offer focused or more well-rounded advice.

Financial Planner Salary Outlook
The desire to help others plan for their financial future in various ways can be achieved by working as a financial planner and earning a financial planner salary. This is a job that is often very rewarding monetarily and emotionally as well. It also offers room for advancement through the certification process. Professionals working in this field provide financial planning strategies that range from tax and estate planning to retirement and investment planning. These are financial areas that are constantly changing due to economic changes, legislative changes, and more, and so advice and guidance is in high demand. Further, with the growing population, demand for financial planning professionals is expected to grow over the next decade.

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