There’s lots going on right now; from the emergence of artificial intelligence, to the increased cost of living. How stories like these pan out in years to come will affect people’s lives and their finances.
We wanted to find out what skills the financial adviser of tomorrow might need to be prepared; not only to enjoy a successful career, but to help people in a meaningful way. So if you’re considering a career as a financial adviser, our insight could help paint a better picture of the attributes you might need to thrive. Here’re some of the skills and behaviors we pinpointed as useful, and which we thought you’d find good to know.
Talking about money doesn’t exactly come naturally to people. Asking someone how much they earn, or what they have in the bank, isn’t usually discussed at the dinner table. And yet conversations like these are what people face when they ask for financial advice. Because of this, the ability to listen, relate and empathizing can go a long way.
There’s a common perception that being a financial adviser is all about crunching numbers, but the softer skills are often overlooked. And at a time when there’s greater strain on families’ finances, these are now more important than ever.
In a nutshell, you’ll need to have excellent relationship building and interpersonal skills. Possessing these traits should encourage people to feel more at ease, helping them to open up more. In turn, this will allow you to develop a better understanding of their financial circumstances and what they really want to achieve.
This may seem like an obvious one. Of course you’d expect a financial adviser to have brilliant knowledge on topics like saving, investing and tax. But it’s worth emphasizing how important this is.
This may seem daunting, especially if you don’t have any prior experience. But it really shouldn’t be. Knowing the ins and outs of things like financial products can be taught, which we can support you with.
While technical knowledge is essential, what’s equally important is the ability put this into a tailored plan that complements a particular person. There’s no one size fits all here, so having a knack for problem solving and being detail orientated are skills that can support you find the best way forward.
The world today looks very different to what it did 20 years ago, mainly on the technological front. Because of the internet, people are used to accessing information about practically anything, instantly.
And there’s an expectation that financial advice be delivered in much the same way – after all, not many people want to spend hours prying over their finances with a financial adviser.
Being flexible and willing to adapt with digital trends can make a big difference here. Not only will these behaviors show to clients that you’re eager to evolve with the times, but will highlight that you’re striving to provide them with the best possible service.
The responsibility involved with being a financial adviser shouldn’t be taken lightly. Your actions can have a huge impact on people’s lives, so their best interests must be at the absolute heart of everything you do.
Great communication skills can help you uncover someone’s vulnerabilities, allowing you to act as a guardian of their financial situation in the most ethical way. Vulnerability comes in many different shapes and forms, and could be something as simple as a limited understanding of how money works.
Being an excellent communicator will also help you explain why you’re making certain recommendations with someone’s money, ensuring they feel part of the journey. You’ll also need to be risk aware, calculating the potential consequences of your actions, and how these could affect someone. Using best judgement is key here; so you’ll need to remain level headed to make carefully considered decisions.
You may feel like you already have some of these skills and behaviors, and that’s fantastic if you do. But if you don’t, it really doesn’t matter. What’s more important is your potential to learn and develop.
Enthusiasm and a genuine eagerness to make a difference will go a long way, and is what we keep a lookout for at the M&G Wealth Advice Academy.
You don’t need to have any financial background whatsoever to enter the career. In fact, we actively welcome those who don’t. With more financial advisers from different walks of life, ages, genders and ethnicities, comes a better reflection of those we’re aiming to help.
So if you’re looking to start a new, exciting and rewarding career, we’d love to hear from you. Click here to take your first steps today.
Find out more about the opportunities with M&G Wealth Advice Academy, check out their Featured Company Profile page.
You can also connect with M&G Wealth Advice Academy by editing your profile and updating your connect with featured companies preferences to start a conversation.
Read another article from M&G Wealth Advice Academy, “Four Top Tips for Changing Careers” below.
