What To Consider
The financial services industry is known for its lucrative job offering. With numerous careers to choose from, it comes as no surprise that many young people are curious about which is the best route to take to make the most of what this industry has to offer. The industry is versatile and has a wide range of opportunities that fit each individual’s capabilities and whatever future goals they intend on achieving. If your goal is to gain financial freedom then the financial industry is the right fit because it is known for its compensation and benefits and lauded for giving people a chance to move up the corporate ladder on merit. You make the most of the opportunities available in the industry, it is advisable to follow the following two distinct career paths.
- Financial Planning
The purpose of being or having a financial planner is to assist with lifestyle planning that includes budgeting, saving for retirement, and college.
- Wealth Management
As a wealth manager or financial advisor, your primary focus is to provide services such as capital gains planning, risk management, and estate planning to the high net and ultra-high net worth individuals. Notable financial advisors include the likes of Frederick Baerenz.
What About Qualifications?
To tap into this world of high earning and esteemed individuals with high key clients you need an attractive educational experience, essentially from an Ivy League university. An extensive resume like the one that CEO Frederick Baerenz possesses is an advantageous thing to have because it highlights your confidence and aptitude for the industry to prospective clients. The most important innate skill to have is the ability to sell, you ought to be able to network and be adaptable to any environment you find yourself in and still sell whatever product you have on offer.
If you want to leap of faith and take on the financial services industry, it is crucial to understand that there are pros and cons associated with it. The pros include but are not limited to the following.
- Unlimited Income Potential
- Flexible Hours
- Creativity in Practice Structure
While the pros can be alluring, there are still these cons to consider.
- High-Stress Industry
- Regulatory Licensing
- Compliance Requirements
- Loss of Capital on Continous Prospecting
The Takeaway
The Frederick Baerenz type of financial advisors is few and far between, while the potential to develop and succeed in the financial services industry is enormous, it is important to highlight that careers such as financial advisory and financial planning take a lot of time to build and ensure that the right kind of individuals is selected to head up the managing of assets. Doing extensive research into the industry is the most important step to consider.
