We all need to save money for the future and there are a number of ways we could go about saving right from hiding it in the cupboard or under the mattress to saving through a bank account to making financial investments. It is much obvious that hiding money in the cupboard or under the mattress is not safe or advisable. Money saved up in the bank or invested will grow and lead you to earn more money. So, how do you make these decisions? You can do detailed in-depth research by yourself, but it is tedious, and it is not possible to keep yourself abreast of all the changes in the monetary and fiscal scene. This is where financial advisors come in.
Who are financial advisors?
Financial advisors are professionals who aid their clients to make the best investment decisions that will get them a higher rate of return and monetary growth. Financial advisors work with financial institutions (banks, NBFCs, insurance companies, mutual funds companies, etc.), companies and as independent consultants. They work with clients in trying to understand their goals and objectives related to investment, assess their financial needs and accordingly choose investment plans best suited for the client.
Educational and Skill Requirements
To become a financial advisor, you must possess at least a bachelor’s degree in finance, accounting, business or other related fields along with the relevant certification. Financial management courses are considered one of the best to acquire the required knowledge and skills to become a financial advisor. Working professionals who are in the process of switching careers often take these financial management courses to give their career a boost.
For better career success and better pay packages, financial advisors must be completely aware of local, state and national financial rules, regulations and guidelines. They must keep themselves abreast of changes in these as well as global economic, fiscal and monetary scenario.
Apart from the educational background and technical skills, financial advisors must have excellent written and oral communication skills. They must be proficient with MS Office programs like Word, Excel, PowerPoint and Access.
Remunerative packages for financial advisors
The national average for remunerative packages for financial advisors is approximately Rs. 3,30,000 per annum. According to experts and the available data, the most important factor that has a bearing on the pay scales of financial advisors is their level of experience. Freshers may receive around Rs. 3,00,000 per annum as remuneration due to their lack of experience. Mid-level executives such as team leaders, senior executives and managers with 5 to 9 years of experience earn Rs. 5,00,000 to Rs. 7,00,000 per annum. Financial advisors with over 10 years of experience earn salaries as high as Rs. 7,00,000 to Rs. 12,00,000 per annum.