5 reasons being a financial planner is a dream job
As another tricky year draws to a close, Christmas and the arrival of a new year is a good time for a well-earned rest.
Many of us are ready for a break from everyday life and work pressures, so make the most of some quality downtime with your family and loved ones. And, when your brain flicks back to work, take a moment to remind yourself how lucky you are to be a financial planner.
Here are five reasons being a financial planner is a dream job.
1. Opportunity to be entrepreneurial
There is flexibility for you to be employed, self-employed or, at the very least, highly self-directed, making financial planning a great option. If you want to be your own boss, you can.
You can also be creative in how you build your brand and grow your client base.
You may specialise in advising a certain type of client, such as doctors, lawyers, or entrepreneurs. Or perhaps you prefer to promote your planning services with a specific angle, as David MacDonald did by focusing his business on ethical investments.
You can also be selective about the products and services you specialise in. You may focus on financial planning, investment management, or retirement planning.
The variety of choice means you can pick the discipline that excites you most and build a highly rewarding career, or profitable business promoting and selling what you care about most.
2. Financial planning is a stable job in a high-growth industry
According to research from the Financial Planning Standards Board (FPSB), advisers and planners will see a significant rise in demand for their service and expertise over the next few years.
The survey, of more than 4,200 certified financial planners around the world, revealed an overwhelming global expectation that demand for financial planning would increase. The prime driver for this was growth in the need for retirement planning.
Additionally, the great wealth transfer – which is expected to see trillions flow between generations over the next 20 years – also presents massive opportunity.
35% of the increased demand for financial planning is expected to come from younger generations needing help with their new-found wealth.
This increase in younger clients seeking advice will also present an opportunity to drive change.
3. It’s never boring
Every day is different. You get to work with a wide variety of interesting clients. And you’re rarely limited to a single type of client or advice area.
Most advisers love the freedom of being able to do what they want when they want.
You get to decide who you work with, whether that is a range of different clients with multiple different needs or to specialise in a niche you particularly enjoy.
In many cases you can choose how and where you see clients, so whether it’s over video call, in an office, or traveling to meet them at their home, the choice is varied.
4. Enjoy a flexible schedule and live where you want
Work-life balance is much talked about and has been a hot topic during the pandemic, with new work-from-home regimes now the norm for many.
If you’re just starting out as a financial adviser, chances are you’ll initially struggle to find the right balance between work and play. However, once you have an established client base, being a financial planner allows you more freedom with the hours you work.
Eventually, every adviser should be able to enjoy setting their own schedule and time meetings to suit their personal and family needs, without having to work gruelling 40+ hour weeks.
5. Gain satisfaction from making a difference to people’s lives
Being a financial planner is rewarding. Seeing clients succeed and prosper thanks to your expert advice is an amazing feeling.
Your financial advice can help give your clients peace of mind, grow their business successfully, or plan for the retirement of their dreams.
In 2019, Royal London and the International Longevity Centre UK (ILC) worked together and put a number on the difference professional advice can make.
In the space of just 10 years, customers who had sought financial advice were, on average, £47,000 better off than those who had taken care of things themselves.
As well as the obvious practical, financial benefits, your advice also helps improve your clients’ emotional wellbeing. Making people feel better about their money and their lives is as important as making people rich in financial assets.