Financial Advisor Career Overview: Financial advisor (FA) and financial consulta

nt (FC) are contemporary titles for stockbroker, broker, account executive or re

gistered representative. A variant spelling, financial adviser, also is used som
etimes. Traditionally, the job has involved buying and selling securities (such
as stocks and bonds) on behalf of clients. The change in titles is supposed to r
eflect the fact that, rather than being focused primarily on facilitating transa
ctions, Financial advisors really should be investment advisers and financial pl
anners who take a holistic view of their clients' financial needs and goals. Oth
er variations in title, such as wealth management advisor, also are used, someti
mes to denote a financial advisor who has additional training, certifications an
d/or experience.
Some financial advisors specialize in serving individual or retail clients and o
thers concentrate on business or institutional clients. Some securities firms pr
efer that financial advisors specialize in this fashion, others leave it up to t
he individual advisors to choose whatever mix of clients they prefer. Business c
lients who require specialized advice and services (such as in working capital m
anagement or business loans) may prefer financial advisors with detailed knowled
ge in these areas.
Education: A bachelor's degree is expected for a financial advisor. Coursework i
n finance, accounting and/or economics is helpful, though not required. Strong q
uantitative and analytic skills are vital. An MBA can give you a leg up in the h
iring process, depending on the firm, but compensation (see below) is tied stric
tly to performance, not to academic credentials.
Duties and Responsibilities: Financial advisors counsel clients on investment op
portunities, consonant with the latter's needs, goals and tolerance for risk. Th
e job requires keeping abreast of the financial markets, constantly monitoring t
he specific investments in clients' portfolios, and being on top of new investme
nt strategies and investment vehicles. Financial advisors must be confident abou
t decision-making under uncertainty and under extreme time pressure, have excell
ent people and communication skills, and know how to deal with failure and with
dissatisfied clients. Success is highly dependent on sales ability, both in the
acquisition of new clients and in the pitching of investment ideas to existing c
lients. Serving clients, compliance and practice management are closely-intertwi
ned issues for financial advisors.
Financial advisors can greatly enhance their productivity and their ability to s
erve a large book of business if they are supported by one or more sales assista
nts. However, in many financial services firms, financial advisors must fund the
pay of their sales assistants, in whole or in part, out of their own compensati
on (see below).