Financial Consultant - Essay Sample

Introduction

A financial consultant offers professional advice based on finances that include taxes, expenses, investments as well as insurance covers to individuals, groups or even firms. The idea is to work with customers and develop an idea of how the finances will be used and spent for a long term period. Financial consultants use most of their career time meeting clients and making plans while they evaluate various changes that may be taking place in the prospective market or life in the case of an individual client (Donnelly et al., 2019). Evaluation of circumstances makes it easy for a financial consultant to come up with an amicable plan to assist their client in solving their future economic endeavors. In some cases, financial consultants offer products to their clients such as insurance solutions as well as financial stocks as a way of helping the client expound their financial capability (Mackinger et al., 2017). For one to be a prospective financial consultant, they must academically be certified with a bachelor's degree in financial consultancy or bachelor in finance. Also, one must be a certified financial planner by acquiring a CFP certification to sharpen their skills further in their roles. I am a future financial consultant, and in this discussion, I aim at creating a picture of why I suit in the job as well as the unique skills I have to assist me in undertaking the role.

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Analysis

I grew up in a family of accountants with my parents working as bank accountants in a local bank. My father later got promoted to a bank branch manager, so his role mainly involved consultancy as well as approvals when it came to huge matters about money. One of the most significant challenges I always heard him talk about was the inability for most individuals to handle their finances. Most people, as well as companies, do not have sufficient know-how when it comes to finances which is the reason for sabotage since most investments end up mishandled as well as poor decision making that leads to losses and unaccountability (Mackinger et al., 2017). This motivated me to do something that could offer a solution to this menace to both individuals and firms, and finally, I landed on one which was financial consultancy. As discussed above, financial consultants provide professional advice based on many factors to people and firms hence helping them overcome potential challenges that may arise due to poor handling of finances. I have a bachelor's degree in finance consultancy as well as CPF certifications, and as a prospective financial consultant, I have various objectives ahead. I aspire to open a private financial consultancy firm in future with a group of business consultants and I being the head that will be offering financial solutions to clients of all caliber from individuals to companies and this will be my primary objective. Most firms are limited to providing their services to big institutions, which is the reason I want to break this notion. Being an open-ended firm will help it diversify as well as expand its tentacles to other prospective clients. The second way that will make my firm unique is by employing executives too by investing in a team of professionals in various fields in financial consultancy hence make sure all areas represented not forgetting professional services offered. I will market the firm also by sponsoring local events as a way of creating a good image for the firm to the public hence attracting clients.

I aim at applying customer relationship management as a way of keeping in touch with clients. This method is highly convenient since it helps in creating awareness to the clients of how much value you hold towards them. Customers who feel valued will likely stick around. Finally, I will use digital podcasting which has proofed to be highly effective while marketing brands as a way of marketing the brand to the public. Being a financial expert is a standout amongst the most prominent careers in so many ways. This is generally in light of the fact that analysts can work in a wide scope of businesses and furthermore on the grounds that the field has some extraordinary advantages, including a high earning potential. In case one is a business or account major, a financial analyst job is unquestionably worth considering. Regardless of whether you're not as of now studying a related control, you may be keen on discovering increasingly about this job and choosing whether it could be a solid match for you. However, before I get to the point of opening my firm, I aim to first work for some of the local consultancy firms as a way of gaining experience. This will sharpen my skills, and by the time I am done, I will be ready to offer leadership and eloquence to my firm.

One of the main reasons why I feel capable of being an excellent financial consultant is my amicable skills especially in making observations and predicting patterns. I am keen and observant a power that has proofed vital in this field. I have excellent listening skills as well. My persuasive nature has always given me an upper hand. Hence I aim at using this to advise clients. Having grown in a family of bankers, I was presented with various financial constraints that people face accordingly equipping me with so many skills long before I decided to join the field. I have had a passion in offering business solutions for long hence the reason I chose to be a business consultant, therefore, giving me an upper hand since I have the willingness to work in this field. Finally, I have excellent skills when it comes to breaking down issues. Hence it will be easy to break down problems and solutions to clients as well as my excellent networking skills with clients.

Challenges

Finance is a very data-driven industry and one of the difficulties of filling in as an expert in having the capacity to break down and translate budget summaries, showcase patterns, and microeconomic conditions so as to offer proposals on potential business arrangements and choices. Notwithstanding the specialized difficulties engaged with amassing and translating this perplexing information, one of the unique difficulties experts face is the quick pace of the money business. Luckily, by realizing what's in store and getting the correct preparing, these difficulties can be survived.

Like any other field, there are various obstacles I expect to come across while at this field which will be; emotional engagement whereby most clients tend to make decisions based on what they feel at the moment, as a financial consultant I acknowledge that this will be a challenge hence the best way to deal with such situations is understanding the clients emotions first rather than rebuking them and causing disagreements with the clients. From here I will help the client understand the repercussions of making financial decisions emotionally (Donnelly et al., 2019). Management of information is another challenge I expect to meet whereby information provided on the internet may be different from the client's perspective; hence at this moment understand the importance of listening to the client first. Another challenge that I expect is keeping in touch with all clients. Sometimes the field can be overwhelming hence the tendency to lose a few older clients (Mackinger et al., 2017). Managing and handling clients expectations is another challenge as well clients expect me to be right in whatever advice I offer them at the same time sticking to their standards. It can be challenging since most people are not okay with information that does not favor them; hence some even disregarding it (Donnelly et al., 2019). Finally engaging in group support as a newbie can be quite a challenge. Financial consultant groups support offer sales and practice while managing. This is vital for a new entrant hence can be a challenge getting the support.

Conclusion

It is crucial for a financial consultant to be aware of the challenges ahead when getting into the field. One should have a plan as well as acquire the necessary skills to combat all the problems that may lay ahead.

References

Donnelly, M., & Gamsu, S. (2019). The field of graduate recruitment: leading financial and consultancy firms and elite class formation. The British Journal of Sociology.

Mackinger, B., Jonas, E., & Muhlberger, C. (2017). When Advisors' True Intentions Are in Question. How Do Bank Customers Cope with Uncertainty in Financial Consultancies?. Frontiers in psychology, 8, 1112.