Create a high quality invoice now!
Make an Invoice NowA financial advisor invoice is given to clients who received financial advice, had their assets invested in a way to match their long or short term goals, or had a retirement plan outlined, among many other potential services. Financial advisors (and planners) can work independently or with companies and firms of varying sizes and specifications. Creating invoices that are informative and transparent is essential to those that share investment advice due to the stringent requirements of both Federal, state, and planning board laws.
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What do Financial Advisors do?
In simple terms, a financial advisor helps clients plan for retirement and unforeseen life events. Financial advisors are adept at analyzing the current conditions of the market, making wise investment decisions, and counseling their clients on the right courses of action for long term financial health. According to the United States Bureau of Labor and Statistics, some of the typical duties and responsibilities of financial planners and advisors include:
- Explain the types of financial services they provide to potential clients;
- Educate clients and answer questions about investment options and potential risks;
- Recommend investments to clients or select investments on their behalf;
- Research investment opportunities; and
- Monitor client accounts and make changes as necessary to maximize the return from their investments.
Becoming a Financial Advisor
Those that are interested in becoming full-time, certified financial advisors and planners should expect to earn a bachelors degree in a finance/economics related path, work as a paid or unpaid intern to gain a base level of experience, apply and accept an entry-level job, earn one (1) or more certifications, and potentially return to their studies to earn advanced degrees. These steps are broken down further below.
- College Education – Earning a degree should be considered mandatory – regardless of whether the individual desires to be a sole practitioner or work for a large or small financial firm, earning (or being in the process of earning) a degree opens the door to internships and further education and certifications. There is no single degree that is required for a career as an advisor, although the closer the student’s course load is to business and economics the better the knowledge will help them in surpassing future milestones.
- Recommended Bachelor’s Degree: Finance, Business, Statistics, Accounting, or Economics
- Length: Four (4+) years
- Internship – Completing an internship gives current students or recent grads with their first taste of the profession as well as the day-to-day lifestyle of those that work in the field. Further, it and can open the door to employment with the interned firm in addition to serving as resume-boosting experience, which employers often require. Internships can be found through college career services, via online postings, and word-of-mouth.
- Entry-Level Job – With degree in-hand and a margin of experience in the industry, entry-level financial positions can start being applied to. With a strong resume and consistent networking, hopefuls should be able to land a position in the industry.
- Certifications – For aspiring financial advisors, landing a job is only a step in the right direction. To be able to legally offer financial advice and follow standard fiduciary duty, several registration exams must be passed. These include:
- Series 6 “Investment Company and Variable Contracts Products Representative Exam”
- Questions: Fifty (50)
- Type: Multiple Choice
- Duration (Length): Ninety (90) minutes
- Cost: $90
- Minimum passing score: 70%
- Series 7 “General Securities Representative Exam”
- Questions: One-hundred twenty-five (125)
- Type: Multiple Choice
- Duration (Length): Two-hundred twenty-five (225) minutes
- Cost: $245
- Minimum passing score: 72%
- Series 63 “Uniform Securities Agent State Law Exam”
- Questions: Sixty (60)
- Type: Multiple Choice
- Duration (Length): Seventy-five (75) minutes
- Cost: $135
- Minimum passing score: 43/60 (~ 71.7%)
- Certified Financial Planner (CFP) – A highly distinguished credential that gives financial advisors and planners with a “mark” that they will treat their fiduciaries and clients with integrity and professionalism.
- Certified Financial Analyst (CFA) – One of the most important designations a financial advisor can earn, passing all three (3) levels of the CFA program demonstrates a mastery-level understanding of the most advanced investment skills regarding the analysis of investments and portfolio construction and management.
- Series 6 “Investment Company and Variable Contracts Products Representative Exam”