Who Are Those Investment Advisors?

In 2006, there were 320,000 available investment advisor career opportunities in the U.S., according to the Bureau of Labor Statistics. More than half of these jobs were in securities, commodities and financial investments. Additionally, 1 in 5 people worked at commercial banks, credit unions and savings institutions; and 1 in 6 were self-employed independent financial advisors. Although these jobs can be found anywhere in the country, 1 in 10 jobs were based in New York City, on or near Wall Street. Before getting their jobs, most obtained their bachelor’s degree in business, economics, finance or accounting and interned first.

Here is an idea of a typical day for investment advisors. They will begin work around 8:30 am, which entails spending some time checking voicemail, emails and returning phone calls. Online, they will review closed loan and mortgage rates and consider a few possible solicitations. At 9:30, they’ll be on their second cup of coffee as the first client steps in. The customer’s portfolio will be reviewed and the client will be given stock information, financial guidance and loan repayment advice. An hour later, they’ll enter information into the customer contact system. Lunch is at 12:30 and at 1:30 there is a meeting with another customer who is looking at maximizing retirement contributions. At 2:15, they’ll set up more appointments from the marketing department’s lead list and follow up on mortgages. At 3:45, another client wants to do something with the hundreds of thousands sitting in his checking account. At 4:30, a meeting with management to discuss the day’s transactions and prepare for tomorrow’s customers. It’s all in a day’s work for a financial advisor.

One task of an investment advisor is to sell financial services like banking products, securities, insurance and credit card programs. Most independent financial advisors are called “brokers.” They sell securities to people each day and make money by finding lower-priced securities and reaping a service fee. To build a client base, there is a lot of solicitation and networking involved. Some advisors obtain customers through public speaking ventures as well. When agents retire, some young aspiring advisors receive the retired broker’s clients too.

The investment advisor positions are expected to grow by 25% in the next seven years, as more baby boomers retire. Even so, there will be many applicants looking for these jobs because of the great benefits, like health insurance, life insurance, a pension, paid meals and travel expenditures. Additionally, new financial advisors can expect to make at least ,000. Senior advisors can make as much as 5,000, which entices many people who have excellent interpersonal skills. Much of an advisor’s success depends upon his or her ability to perform financial advisor marketing and solicit clients as well.

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