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Researching financial planning careers
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A career as a financial planner may look like a bad choice given the current economic situation. Government data suggests that may not be the case, however. According to the Bureau of Labor Statistics, financial advising and planning is expected to be one of the 10 fastest-growing career paths over the next decade.
As a large percentage of adults near retirement age, more people will want someone who can explain financial concepts and put their money to work for them. The days of pension plans are gone, meaning employees now have to make their money work for them in a way few have had to do before. If you’re researching a career in financial planning, look into these top resources.
Certified Financial Planner Board of Standards Inc.
The CFP Board is the most prestigious body offering certification to people who want to become financial planners. Their standards are fairly high and change frequently. Rather than a degree requirement, the board does require that one participates in an approved financial planning certificate program to be considered for examination. Someone who has taken the exam may use the CFP designation with the caveat that one is “prospective” or a “candidate” but cannot use the designation alone until reaching the requisite number of hours worked.
Financial Planning Association
The FPA is the leading organization for financial planners, including both an educational and an advocacy wing. The group provides information on becoming a financial planner and also assists potential clients in finding planners in their area. Members of the FPA have access to resources and publications to assist in their careers. The FPA also is the sponsoring organization for the Journal of Financial Planning, the premier journal of the field.
DeZube provides the best introductory article I’ve found for financial planning careers. The information in this article includes links to companies, such as Edward Jones, that provide financial planning career tracks, as well as information about what one needs to do to get started. This piece should be on the shortlist for anyone considering a career in financial advising.
Becoming a financial planner isn’t “hard” in that there aren’t scores of requirements. You don’t have to go back to college. You may have to shell out some dough for one of the approved courses, but if you don’t want the CFP designation, there’s no need even to do that. Just remember, though, that your reputation – and ultimately the success of your business – depends on whether people believe you’re competent to do the job right.
