Reviewed by Oct 05, 2020| Updated on
While exploring career choices, most of the students tend to take the popular career paths such as MBA or engineering. However, there are many less talked about career choices and financial advisor career is one such promising profession.
There has been a massive jump in the income levels since the past few years. Hence, young professionals have started relying on experts to help them with their financial planning. A financial advisor is an expert who can guide people through their investment choices as well as tax planning. It is one of the most famous professions across the globe.
The least education needed to become a financial advisor is a bachelor's degree. Persons pursuing their career in accounting and financial management may also take up this profession. Generally, a Chartered Accountant may also play the role of a financial advisor for his clients.
However, an appropriate certification from a recognised institute in India as a qualified financial advisor will make a big difference. Such persons should get certified by the National Institute of Securities Market (NISM) in India. There are two types of certification such as Series-X-A: Investment Adviser (Level 1) as well as NISM Series-X-B: Investment Adviser (Level 2). Alternatively, there are Institutes across the globe offering certifications.
A financial advisor career is one of the professions that evolves by trust and transparency between the client and the advisor, just like a doctor or a chartered accountant. A person with analytical ability and problem-solving skills suit this profession.
A financial advisor practising on his own can earn both fixed as well as variable income for a single financial plan. Apart from these, there are many LLPs and corporate entities providing financial advisory services across India. They hire certified financial advisors or planners for their teams for a lucrative package. Usually, the investors and professionals would prefer to take consulting from experienced certified financial advisors seeing the past track record and operating style.
Investment advisors are a subset of the financial advisor group who focus on Investment advisory services to business entities. In December 2019, 'iFAST Financial India' portal has been launched by the Securities Exchange Board of India (SEBI), as a part of the growing community of SEBI Registered Investment Advisors (RIAs). The portal educates Indian investors about the importance of holistic financial planning and allows them to search for RIAs based on location, qualifications, services offered.
A financial advisor career is a developing career choice in India. A financial advisor is a professional who advises his clients either an individual or a business entity about how to manage their incomes or funds and expenses or investments for fees. In turn, they help in improving the financial stability of their clients and put up a realistic plan for them to achieve thier long term financial goals.