Working As An Investment Advisor
In 2006, there were 320,000 available investment advisor career opportunities in the U.S., according to the Bureau of Labor Statistics. More than half of these jobs were in securities, commodities and financial investments. Additionally, 1 in 5 people worked at commercial banks, credit unions and savings institutions; and 1 in 6 were self-employed independent financial advisors. Although these jobs can be found anywhere in the country, 1 in 10 jobs were based in New York City, on or near Wall Street. Before getting their jobs, most obtained their bachelor’s degree in business, economics, finance or accounting and interned first.
Here is an idea of a typical day for investment advisors. They will begin work around 8:30 am, which entails spending some time checking voicemail, emails and returning phone calls. Online, they will review closed loan and mortgage rates and consider a few possible solicitations. At 9:30, they’ll be on their second cup of coffee as the first client steps in. The customer’s portfolio will be reviewed and the client will be given stock information, financial guidance and loan repayment advice. An hour later, they’ll enter information into the customer contact system. Lunch is at 12:30 and at 1:30 there is a meeting with another customer who is looking at maximizing retirement contributions. At 2:15, they’ll set up more appointments from the marketing department’s lead list and follow up on mortgages. At 3:45, another client wants to do something with the hundreds of thousands sitting in his checking account. At 4:30, a meeting with management to discuss the day’s transactions and prepare for tomorrow’s customers. It’s all in a day’s work for a financial advisor.
People applying for investment advisor opportunities can expect to earn an average of $68,500, although one can earn as low as $31,000 and as much as $145,000. Most are paid a commission based on how many stocks, bonds, mutual funds and other products they sell. A new advisor will often be paid a base salary rate until a client portfolio is established. Brokers at discount firms and call centers may get paid salaries plus bonuses. Benefits for financial advisor jobs usually include health care, retirement plans, life insurance, discounted financial services, paid lunches and dinners and travel expense allowances.
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