6 Opportunities for Financial Advisors

For those interested in becoming a financial advisor, there’s a lot more opportunities lay in wait, allowing you to progress your career, and ultimately start earning more for the work you do.

It does involve continued studying, in order to gain the relevant experience, but in terms of starting out, you’ll likely find that there’s one sector in particular within finance, that you prefer to work with. From there, you can narrow your field and get specific, further classifying yourself as an expert in one particular field of finance, and then build on your career from there.

6 Opportunities for Financial Advisors

Some opportunities you have when you qualify and become a financial advisor

1.     Financial manager

Finance managers are employed in the private and public sectors. They’re sometimes referred to as business analysts, which is kind of a better way to describe the position. The responsibilities will vary from one employer to the next, as in the public sector, you could be managing a team of financial consultants, research analysts and monitoring departmental budgets, in schools, hospitals and clinics. Private finance firms will need your services to assist with business decisions. To do this you need to be thorough in market research, and possess strong communication skills, so that any decision you’re advising a client on, you can convey everything to them in laymen terms, so they fully understand any financial implications that could take a profound effect on their business.

2.     Insurance account manager

Insurance policies are sold through financial advisors in banks, building societies, and through Independent Financial Advisors. It’s the role an insurance account manager to develop working relationships for the long-term, with different businesses, to maintain commercial awareness of a companies’ line of products. Insurance account managers are also responsible for bringing new products to the market, by introducing them to their clients. Most people in this line of work will have specialist knowledge in one particular field of insurance, such as

  • Life insurance policies
  • Income protection cover
  • Or corporate insurance.

Whatever field of insurance interests you the most, or you have the most experience, and therefore knowledge of the sector, you can specialise and become an insurance account manager in your respective field of expertise.

3.     Insurance broker

You may think it’s simple to sell someone an insurance policy, but there’s a great deal more to it than that. An insurance broker is a highly skilled profession, and comes with a high paying salary to go with it. Sometimes for qualified brokers working at a senior level, the salary can be as high as £80’000. There’s a fundamental reason for that and that’s down to the competence level, as well as the need to be compliant with the FSA requirements. The work of an insurance broker can become immense at times, in terms of the pressure. The environment you’ll be working in will be sales orientated, and target driven. You’ll also find some attractive inceptives to spur you on and meet the targets set out by your finance manager.

4.     Insurance underwriter

Every insurance provider will need an insurance underwriter; working with them to calculate the risks of policyholders making a claim, and draw up proposals so the company can minimize losses, while also providing adequate cover to the recipient. The main role will be to assess individual applications, calculating the level of risk involved, the costs incurred in the event of a claim, and pricing the policy to ensure it’s still profitable for the insurance company, and minimize the costs involved in the process. The risk assessments will require the underwriter to liaise with other professionals, such as doctors, to obtain medical records for the purposes of health insurance, or surveyors if it’s relating to a buildings insurance policy.

5.     Investment analyst

As an investment analyst, you’ll be working as part of a team and liaising with fund managers, investment bankers and other accounts professionals, involved in managing a clients investment portfolio. For hedge funds managers and other financial consultants, they need a strong awareness of the latest happenings in finance. They will need to know the market trends daily, so they can know where the best areas of investment opportunities are to be found. That’s done by hiring in some help, in the form of an investment analyst. You work in the background and don’t always have to deal with clients, but you will need to communicate with other professionals, and be proficient in your report writing. If you like to keep yourself in the know of what’s happening in the world of financial investments, then you can find a lucrative career, getting paid for your strong abilities to perform in market research.

6.     Management consultant

Not exactly a financial role, and will require further study to achieve a degree in a business related field. Combine your business qualifications with your financial expertise, and you have the potential to be an excellent management consultant. Not only will you be able to assist business manage their finances better, but you’ll play a key role in the progression, and/or expansion plans of a business. You’d also be advising on areas the business might be performing weakly against competitors, and work with them to resolve internal problems, which could be holding the business back in terms of progression, and expansion. The expert financial expertise is what will help you in this field, as that knowledge is what businesses need to be able to drive their businesses forward. Your background in finance will help you in this field, as you will have to manage a team of different professionals, such as…

  • Accounts managers
  • Department managers
  • Human Resources
  • IT consultants
  • Finance departments

And any other departmental staff, where you’ll be required to monitor the budget control and make adaptations as and when required. Those are just a few of the related careers you could study towards. Since every business needs to manage their finances thoroughly, that’s where you’ll be of assistance. In terms of career progression, you can take on more responsibility and better serve clients, to continually improve their business, and manage their financial accounts much more effectively. The choice is yours, as to how much responsibility you’re comfortable to take on. You can either stick to advising clients on their personal finance issues, or work with other business, perhaps on a consultancy basis…or even go specialist in one particular field of finance, such as insurance work. There’s certainly opportunity for career progression in the finance sector.