Financial planners work with individuals, families, and businesses to help these clients understand their financial circumstances and how to reach their short-term and long-term financial objectives.
The clients provide relevant financial information during an initial interview, answering questions about their total annual income, debt obligations, monthly expenses not related to debt, current investment holdings, savings account balances, tax liabilities, and insurance plans.
Financial planners analyze this information and present realistic, meaningful recommendations based on their clients’ financial situations and goals.
Education and Experience
The financial planning career path does not require any formal higher education, but a bachelor’s degree is recommended.
A graduate-level degree such as a master’s of business administration (MBA) with a focus on finance or marketing may prove beneficial to an individual who wants to establish a financial planning firm.
An advanced degree is not required for success.
Financial planners must also hold certain licenses to provide advice and implement specific securities- or insurance-related transactions.