Written by: Lyle Solomon | Oak View Law Group
Before you settle on a specific career path, it is always good to manage your expectations accordingly. In the case of becoming a financial planner, you should first consider the pros and cons of what life is like.
You will be offering them advice with regards to debt settlement or how to manage their finances. Although it is certainly a noble profession, it is also a challenging one.
The Cons of Being a Financial Planner
Most people looking to become financial planners already know about its benefits. However, most people do not know about the cons that come with being a financial planner. So it might be best to temper your expectations by talking about some of the difficulties that come with the job.
High Levels of Stress
As a financial advisor, you will be keeping close track of the financial market and its volatile nature. Just watching prices for stocks and commodities rise or fall can be stressful enough. But then there is also the fact that you will be dealing with different clients. And if their investments start to devalue, it can be big trouble for you as well.
Of course, this stress does not just go away. Instead, you will have to learn to manage it in a healthy way. If you fail to do so, it can reflect very poorly on your performance and productivity. You might burn out quicker, which will show in your quality of work.
Takes Time to Set Up Your Career
As a financial planner, you will spend a lot of time solidifying your career. Before you can create a personalized timetable, you will first have to bring your business into a more stable position. It is not uncommon to see financial advisors work more than 60 hours every week when starting out. It requires a lot of hard work and dedication to get somewhere in this line of work.
Furthermore, the learning curve can be quite steep for an advisor. Other than having a good understanding of the basics, they will have to keep up with the constantly evolving industry.
The Pros of Being a Financial Advisor
While the cons mentioned earlier are very true, there are some incredible benefits to becoming a financial advisor.
You help Change People’s Lives for the better
One of the most rewarding experiences of being a financial advisor is that you get to help people improve their lives. You can easily see the things that they are struggling with and provide meaningful solutions. Sometimes, the advice that you provide clients can help them grow their business or reach a more stable financial position. It could also help clients that need help with debt settlement, which you can cater to immediately.
Even if you have certain premiums or charge extra, you are still providing customers with essential knowledge. And with this knowledge, they can make informed decisions about their assets and investments.
No Set Working Time
Another great thing about working as a financial advisor is that you do not have to follow a specific schedule. While most jobs have a time requirement of 9 to 5, you can set your own time to whatever you like. With this benefit alone, you will be able to create a better work-life balance. You can also create a schedule around your most productive hours, ensuring you get the most work done in the least amount of time.
The only caveat is that you will still have to schedule your meetings with clients at reasonable hours of the day. So even if you like to work late into the night, it might not be the best time for a meeting.
You Can Improve Your Financial Situation As Well
Other than helping your customers with their financial issues, you will also be able to sort out personal financial issues as well. By helping other people, you might come to a revelation about how you can fix your personal finances.
Since you are earning money to essentially learn more about the market, you can take advantage of that knowledge as well. The benefits can be incredible, as you can apply these same ideas to your business as well and help it grow.
A Variety of Work Prospects
One of the best things about working as a financial advisor is that you will be able to choose who you want to work with. You can offer clients broader and more general advice about their financials, or you can make a niche for yourself by offering specialized advice.
Either way, you can greatly diversify how you work and what services you offer. Most professionals will agree that you should find a niche, as it allows you to appeal to a target audience.
Conclusion
Being a financial advisor can be an incredible experience as it offers an opportunity to learn about the market and offer advice. Even if they need help with something like debt settlement, you will be helping them a great deal. Hopefully, a look at the pros and cons has offered some perspective on what it is like to be a financial advisor. So with these in mind, think carefully if you are making a good decision.
Related: Financial Planner vs. Financial Advisor: What's the Difference?