In 2019, there were about 20,000 financial planners in Singapore. And this number is expected to increase soon because financial institutions like DBS Bank are planning to double the number of financial planners by the end of this year.
What this means for most seasoned financial planners is higher competition—having to upskill themselves, improve their strategy, and make more connections. But what does this mean for rookie financial planners? Now, don’t get us wrong. The reason why more and more people are interested in this career is because it’s very rewarding.
But if you wish to embark on this journey, you mustn’t come unprepared. There are things that you must understand about becoming a financial planner. And here are some expectations and realities of becoming a financial planner that may help you understand the job better.
1) You get to be your own boss
While it’s true that when you become a financial planner you get to be your own boss, you must understand that this means you are in control of your own successes and failures. Becoming your own boss doesn’t mean you get to enjoy your free time, do nothing, and expect rewards. What it means is that you must be proactive and take immediate actions to get what you want. Keep in mind that no one is telling you what to do and you will need to look after yourself.
2) You will have all the time in the world
Yes and no. As mentioned above, you are in charge of your own workload. If you manage your time well, then you will have all the time in the world. But if you struggle with managing your time and prioritising your tasks, you may not even have time for yourself.
3) Anyone can become a financial planner
Not just anyone can become a financial planner. But anyone can learn and upskill themselves! Work your way up and learn the ways of a successful financial planner. You will need specific qualifications to become one and you must equip yourself with the necessary skills. So, don’t lose hope without even trying!
4) It’s all about numbers
No, it’s not! Many people believe that this job is boring because it’s all about numbers. But the truth is, most of our time is spent working with other people and meeting new folks. It’s one of the most exciting careers out there because no two days are the same when you work as a financial adviser.
5) You will receive an unlimited income
Just like any other job, you must work hard to achieve your goals. Working as a financial planner doesn’t promise you easy money. But it does promise you the opportunity to gain unlimited income. Whether or not you get to achieve that is up to your hard work and determination.
6) Sales are not for everyone
If you have never done sales before, then yes, it can be difficult for you to attain new clients. But with enough practice and training, you can equip yourself with the right sales and people skills. So to this, we say, everyone can do sales, but with proper training and guidance.
If any of these wonderful qualities describe you, then you are right for this job. When you join our team at KWO, you can expect guidance and mentorship from our seasoned financial planners. Don’t be afraid to embark on this fruitful career and join us today.