Financial Companies came into existence in the United States first as a consequence of Gramm-Leach-Bliley Act of 1990 which enabled different types of companies operating in U.S.A. providing financial services Industry at that time to merge into a single company. As per Patrick Dwyer Finanical Advisor that that decade was an era of the financial advisory profession and observing a phenomenal growth of Jobs for financial advisors as a result of criticality prevailing in the Financial sector.
Who are Financial Advisors?
Financial Advisors are those professionals whose Job is to help and advice their Clients to plan, manage and implement their short and long-term Financial targets based on the criticality of Financial status. Advisors from Patrick Dwyer Finanical Advisor provide necessary assistance and advise in buying the home or other Real Estates, children’s education including their higher studies, Retirement planning, Son or Daughter’s marriage, Medical and Life Insurance, Mutual Fund Advise etc.
The scope of this profession has become very important in the light of present Recession and unprecedented price rise of the essential commodities, job cut, and other critical financial issues. The requirement of their services now became under a big umbrella and comprises “Certified Financial Planner, CFP”, “Consultants”, “Tax Advisor”, “Share Brokers”, “Insurance Agent”, “Bank teller”, “Credit card related services” and many more.
What qualification and training they have?
They are qualified with graduate and post-graduate Degree MBA with Finance as the main subject. According to Patrick Dwyer Finanical Advisor that lateral entry is also common like Post Graduate degree in Commerce with Finance as a prime subject. In many countries, Financial Advisors are to undergo special training and should have a license to render Financial Services. In U.S.A. and many other countries, Financial Advisors should carry a series of Licenses provided by U.S. Financial Industry Regulatory Authority, FINRA.
Different Activities of Financial Advisor
Financial Advisors typically provide the following services:
- Held meeting with clients and discuss and advise on their financial issues
- Explain the type of services they can provide
- Educate clients and reply their queries about investment options and potential risk in it. Also suggest them on suitable security measures;
- Recommend suitable investment options;
- Help clients to plan for specific circumstances such as educational expenses or on retirement planning;
- Monitor client’s accounts and determine and suggest suitable changes in better financial alternative option to improve financial performance;
- Advise to accommodate life changes such as getting married and in having Children
- Research investment opportunities to find out better option for his client
Financial Advisors are essential now in the following sectors:
- Bank and Financial establishments which are subdivided into Commercial banking services and Investment banking services
- Foreign exchange sector
- Investment services
- Insurance companies
- Financial export sector
- Financial crime sector mostly related to illegal online Financial transactions and
- Share Market
Foreign exchange service sector comprises:
- Currency exchange
- Wire or online transfer and
The insurance sector is subdivided into:
- Insurance brokerage/ Insurance Underwriting
- Finance and Insurance/ Reinsurance