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A Certified Financial Planner is a credentialed finance professional who works with their client base to help individuals manage their financial life and plan for the future. If you would like to pursue one of the many careers in finance, it is important to consider all of your options. One option is to work in planning and advising so that you can put your extensive training to use to help individuals who do not understand all of the complexities of the changing sector. If you would like to learn more about the role of the CFP and how to go about qualifying for a credential while demand in the field is high, read on and learn what you need to know.
What is the Role of the Financial Planner?
A financial planner with a CFP designation wears many different hats. Not only can they help their clients budget or set attainable financial goals, they can also help that client develop a comprehensive plan that helps them attain their goals in a reasonable amount of time. Sometimes individuals cannot identify their bad spending habits and where changes can be made for the future.
With a financial planner, individuals are able to curb bad money management habits and stay on track to meeting their savings goals. They may also sell certain financial products or insurance products that can help their client with estate or legacy planning. In order to sell products, the planner will need a special insurance or securities license in addition to their professional credential. Be sure that you know the broad range of skills you will need to satisfy the role of the CFP, according to the Financial Planning Association.
What is the Career Outlook in Financial Planning?
As long as money exists careers in finance will. While technology has given people access to more and more financial planning tools and apps, the changing complexity of the sector creates a need for skilled professionals. If you would like to study to pursue a career that is set for growth and stability, you should know that financial advising is the fastest-growing field in need of young talent according to Forbes. Since many in financial advisory are set for retirement, there will be a huge gap as soon as the field grows by 14%.
How to Become a Certified Professional in Financial Planning
Since demand is high and will only grow as more and more Baby Boomers start estate planning, now is the time to get an education. You can start the process by enrolling in a bachelor’s degree program majoring in Finance or Accounting. Once you are graduate or a B.A program you can start to find careers in finance where you can get experience in planning and advising.
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You may not work independently at first, but with a larger national bank you can get industry training that experience needed to qualify for your CFP designation. Make sure that you enroll in a CFP-Board Registered Education Program and then schedule your CFP exam. Once you pass the exam you must meet the experience requirement in personal financial planning and you will receive authorization to use the special distinguished mark. Once you are a marked Certified Financial Planner, you can market yourself as a stand out professional and take your career to the next level.
