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Personal Financial Advisor

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AVG. SALARY

$151,680

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EDUCATION

Bachelor's degree

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JOB OUTLOOK

Stable

Interviews

Insider Info

"I always thought I could do a better job of handling my money than the people I had handling it," says John Mallet. So Mallet became a registered financial planner. Now he handles other people's money along with his own!

"I have absolutely no regrets about choosing financial planning as a career," says Mallet.

"There are unlimited opportunities in this area and the industry will continue to grow. In fact, in the next few years financial planners will be more in demand, and we have the opportunity to shape the industry."

Another financial planner also has a bright view of her industry.

"I'm confident that this field will keep growing in the next few years at least," says Nicole Whitton, a financial planner in Seattle. "After all, nobody wants a money shortage, and we're here to prevent just that for our clients!"

Financial planners are becoming true entrepreneurs, says Mallet. They often run their own businesses under the umbrella of a larger organization.

"This allows us to grow and develop in our own way and serve our clients in a way that we think they will benefit from the most," Mallet explains.

"It is possible for a financial planner to have up to 600 clients if you have the resources and support that is needed. The most important point, however, is to give your clients the best, most personalized service that you can. If you don't, these clients could be walking the plank in the future."

Whitton says planners need to take a "holistic approach" to their clients' needs. That includes taking into account the clients' personalities and attitudes towards money, as well as their current financial situations.

"Some people refuse to invest in certain types of funds. Others take risks that some might avoid," Whitton says.

"I need to consider these things when I'm working with them in order to keep them comfortable with me as their planner. Half of this job is client relations, but that's a big part of the reason I love it. I'm a real people person, and here I can really help people out while working in a dynamic environment."

To become a good financial planner, you must have an interest in and sympathy for people, notes Mallet. It's helpful to understand how people act, react and make decisions.

"Quite often, people will come in and together we work out a strategy," he says.

"When they leave the office, however, they will do something completely different. Many come back in a few months and they've created a real mess! I can't say, 'I told you so.' We just have to set up a new plan and start over again. That can be very frustrating."

Whitton and her four partners run a consulting firm specializing in long-term financial planning and investments for both older and younger people.

"You really have two distinct groups here," she points out. "There's the baby boomers, who are planning for their retirement, and then you have the up-and-coming generation who are trying to accumulate or preserve wealth for the future. It certainly provides variety."

This underscores the need for a financial planner to take a personal approach with each client. On top of that, a planner must stay in touch with changes in the world of finance.

"It's important to read where your clients are in their life and what they want to happen," says Mallet. "Every person has a comfort zone and as their financial planner, you have to respect that. If you don't, they won't be your clients for long."

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OCAP believes that financial literacy and understanding the financial aid process are critical aspects of college planning and student success. OCAP staff who work with students, parents, educators and community partners in the areas of personal finance education, state and federal financial aid, and student loan management do not provide financial, investment, legal, and/or tax advice. This website and all information provided is for general educational purposes only, and is not intended to be construed as financial, investment, legal, and/or tax advice.