Have you ever considered what if you have your dream job? In fact, when you ask many people what their dream job is, their answers are often something along the lines of meeting their financial needs, work-life balance, and earning enough to retire early. Simply put, your dream job is a job that you love and supports your current and future lifestyle.
That sounds simple, right? So why don’t more people have a job that provides them with unlimited earning potential? Well, the reality is, we have bills to pay, families to take care of, health concerns, pressures from all areas of our lives, and very little time to do any inner searching or connecting to our true desires. But there is a solution to this issue.
Being a Financial Planner means covering all areas of the client’s financial needs, and to a certain extent, there is no limit on earning potential.
Did you know there are more than 20,000 Financial Planners in Singapore? Being a Financial Planner has become a recession-proof job that offers excellent opportunities. But just like any other job, being a financial adviser comes with its own set of pros and cons.
Finding a balance between work and personal life can be challenging when starting a new career and financial planners are no different. However, once a planner establishes a client base, the job lends itself to flexibility in work hours. Seasoned advisers have the advantage of scheduling client meetings around their calendars and, over time, have the opportunity to work less than a whole 40-hour week.
For most financial planners, there is no limit on earning potential. Financial planners are either fee-based, commission-based, or a combination of both. This means income is based on the amount of new business or recurring revenue created each year. While pay structures differ, planners can earn as much, or as little, as they are able.
The world is literally your oyster! You will not be confined to 4 walls or even cubicles. You can choose to meet clients anywhere, and at any time you wish to do so and with the current world situation, even zoom/whatsapp video meeting is helpful to run your business. You’re no longer limited to what you can do in person!
Offering people advice might not help you directly increase revenue and earnings, but it is one of the more rewarding experiences of this job. Many clients are all too often overwhelmed and confused regarding which investments or insurance vehicles are appropriate for them. So by being a financial planner, you’ll educate your clients and help them make suitable decisions.
In the beginning, just like any other job, you’re bound to face stress and heat. The financial services industry is cyclical and deeply intertwined with the performance of domestic and global markets. Especially when economies perform poorly, clients reach out to their planners for reassurance and advice on their next step. Financial planners are constantly managing the emotions of their clients based on downturns in the market, which can lead to a high level of stress over time.
Many financial services firms have sales quotas to be met each month, which means that until a robust client base is established, planners are constantly in need of new prospects. Many give up pretty early on, looking at the challenge the job possesses and not keeping up. Building a solid client base for new advisers with a small personal network is the most challenging aspect of the career.
This goes without saying that you need a license in order to become a Financial Planner. Additionally, planners are required to complete a certain number of continuing education courses each year to keep their licenses in good standing, and they must carry errors and omissions insurance coverage throughout their careers.
Listening and feedback are essential ingredients in financial planners’ communication with their clients. These processes are effective in letting clients know that their ideas have been heard and understood. Repeating what the clients stated and narrowing the distance from clients are commonly used techniques in showing empathy with the feelings of patrons, which sharpens your people skills as well. Also, financial planners may straightforwardly explain concepts and ideas by using the appropriate words or phrases and by encouraging clients to visualise the problem and solution.
Wondering why so many people are keen on becoming Financial Planners despite the multiple challenges? This job provides opportunities for those who love to take on challenges and try new things. Because no two days as a Financial Planner are the same. And there is a lot that you can learn and plenty of people to meet when you become a Financial Planner. Are you up for the challenge? Get in touch with us now! When you join our team at KWO, our seasoned professionals will guide you throughout your first year and give you a head-start as a Financial Planner. If you seek a promising career with a work-life balance, join us today!