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Career: Becoming a Financial Advisor

One of the best ways to build a career in finance is to become a financial advisor. “It’s one of the highest-paid ‘business jobs’ you could get in the world of finance,” says Alfred Cardenas, Babylon Financial chief.

“While the opportunity is available for everyone, this profession favors those who are entrepreneurial, those who enjoy working with people, and those who can practice what they teach to their clients,” Cardenas added.

The financial advisory career requires not just the financial and investment planning expertise and experience but also the determination to go out and seek your own clients.

What is a Financial Advisor?

A Financial Advisor is a professional who has the right training and licenses to help individuals and businesses attain their money goals through a practical financial and investment strategies. Typically, a Financial Advisor represents a particular financial company like an insurance or mutual fund company.

What does a typical day of a Financial Advisor look like?

A Financial Advisor usually does two things regularly: finding new clients and helping existing ones.

Cardenas working on a financial plan with a client.

A Financial Advisor is responsible for finding their own clients by generating leads and seeking referrals within their network. Once a Financial Advisor finds potential clients, she meets with them to carry out different financial planning activities. Such activities include getting to know the client, knowing the current financial situation of the client, discovering the client’s future financial goals, and creating a financial and investment plan to help the client reach her goals.

Part of the regular responsibility of a Financial Advisor is to ensure that the financial and investment plan performs as intended. Does it need to be rebalanced? Do the client’s objectives change? Do we need to increase the amount of investment, or extend the investment horizon? These are the few questions a Financial Advisor needs to ask herself and her clients to ensure the quality and effectiveness of the client’s financial and investment plans and strategies.

What are the training and licenses required to become a Financial Advisor?

Anyone who wishes to become a professional Financial Advisor must undergo a series of training conducted by the financial firm that they are planning to be a part of. The training will cover various areas of finance from basic money management principles to advanced investment management topics.

The next step is the licensure exams with the Securities and Exchange Commission and the Insurance Commission, after completing the required training for the position. For a Financial Advisor to offer various financial products that will help clients achieve their money goals, these two licenses are required.

The Securities and Exchange Commission license will allow a person to solicit mutual fund investments while the Insurance Commission license will allow Financial Advisors to offer different insurance products.

Once a person secures these licenses successfully, she can now start her career as a Financial Advisor.

Financial Advisor Career: Pros & Cons

Much like any other profession, becoming a Financial Advisor has its own pros and cons:

Career AspectProsCons
Barrier for EntryAnyone can become a financial advisorLicenses from the SEC & Insurance Commission are required
IncomeIncome has no limitPurely commission-based profession
ClientsEveryone needs a financial plan & investment strategyYou need to find your own clients; rejection is common in this profession
IncentivesMonetary & travel incentives are given to those who can hit targetsIncentives, just like your income, is closely tied to your performance

Building your career with Babylon Financial.

Babylon Financial is a wealth management firm that focuses on helping its clients create and execute financial plans and investment strategies. The firm prides itself from having Wealth Managers who are experts in the field of local and international financial and investment management.

“Continuous learning and passionate service are at the core of our firm ‘s culture at Babylon Financial. Internally, our Wealth Managers are required to take specialization courses about financial and investment management from international universities,” Cardenas stated. “Most of our Wealth Managers are continuous learners that enable them to achieve great success in this field,” he added.

One Comment

  1. Michelle Pardilla Michelle Pardilla June 18, 2020

    I am looking forward to be part of your growing company . Thank you and have a blessed day .

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