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How to become a financial advisor part-time

By Mark Davenport 7 May, 2023 2 mins read

As a part time financial advisor, you will help people choose where to invest their money and what career path they should take. You'll also help them save for retirement. A decent salary is also possible if you provide sound financial advice. Before pursuing a career as a part-time financial advisor, make sure to learn all you can about the field. This article will help you understand the requirements for this job, including what education is required and how much it pays.

Career options

Aspiring part-time financial planners can find many job opportunities in the financial services industry. Numerous large advisory firms have junior positions that can help with portfolio management and relationship building. Although they aren't responsible for managing client funds these positions can give new graduates a taster of the field. Most larger advisory firms offer in-house training, and others will pay for outside courses. Part-time financial professionals can work anywhere they want, which is the best part.

Education requirements

To work as a financial consultant, you will often need an undergraduate degree. Most undergraduate programs take four years to complete and require full-time studies. However, it is possible to study part-time in college. Although undergraduates have the option to choose any academic discipline they wish, business degrees will be more helpful in meeting professional requirements. A financial advisor might choose to further their education and continue working as a part-time financial advisor after graduation.

Salary

If you are planning to become a part time financial advisor, you've come to the right place. This career earns an average of $36,068 annually. The New York City area is one of the best places to work in this field. ZipRecruiter offers thousands of jobs that are updated every day. These are the top 10 places where you could find this lucrative career.

Work-from-home options

Part-time financial counselors who work remotely have many advantages. Advisors can work at their convenience from anywhere, including their home. Many advisors work remotely, but they still need to visit the headquarters. Others cowork in coffee shops or live the digital nomad existence. The main benefit of remote work is flexibility.

Stress levels

Many advisors are worried about how stressed they are. FlexShares Exchange Traded funds recently conducted a survey and found that nearly 70% of financial advisors were stressed, which is significantly higher than the average 64%. Advisors experienced the most stress related to regulatory compliance and client competition. Advisors do not have to feel this stress. There are many ways to decrease it. By following these tips, you can become more effective at your job and have less stress.

FAQ

Why it is important that you manage your wealth

The first step toward financial freedom is to take control of your money. You must understand what you have, where it is going, and how much it costs.

You also need to know if you are saving enough for retirement, paying debts, and building an emergency fund.

If you fail to do so, you could spend all your savings on unexpected costs like medical bills or car repairs.

How To Choose An Investment Advisor

Selecting an investment advisor can be likened to choosing a financial adviser. You should consider two factors: fees and experience.

This refers to the experience of the advisor over the years.

Fees refer to the cost of the service. You should compare these costs against the potential returns.

It's crucial to find a qualified advisor who is able to understand your situation and recommend a package that will work for you.

Who should use a Wealth Manager

Anyone who is looking to build wealth needs to be aware of the potential risks.

Investors who are not familiar with risk may not be able to understand it. Poor investment decisions can lead to financial loss.

Even those who have already been wealthy, the same applies. Some people may feel they have enough money for a long life. This is not always true and they may lose everything if it's not.

Every person must consider their personal circumstances before deciding whether or not to use a wealth manager.

Statistics

According to Indeed, the average salary for a wealth manager in the United States in 2022 was $79,395.6 (investopedia.com)
US resident who opens a new IBKR Pro individual or joint account receives a 0.25% rate reduction on margin loans. (nerdwallet.com)
As previously mentioned, according to a 2017 study, stocks were found to be a highly successful investment, with the rate of return averaging around seven percent. (fortunebuilders.com)
A recent survey of financial advisors finds the median advisory fee (up to $1 million AUM) is just around 1%.1 (investopedia.com)