Are you looking for a career that will allow you to have time flexibility, run a small business, write your own pay check and be able to help people in a way that makes a big difference in their lives? Well folks, this is what part and parcel of what a being a financial adviser is.

USNews.com listed the financial advisory business as the top 15 Best Small Businesses to start in 2009 and CNN Money listed the Financial Adviser as the top 10 careers to pursue. This is taking into consideration the compensation, job fulfilment as well as quality of life.


The compensation for financial advisers is generous given the time flexibility of the career. According to the US Bureau of Labour Statistics, the mean annual wage of financial advisers was US$89,000 per annum. (In Singapore, average income of financial planners was S$5,283 per month in 2007) Top financial advisers get almost 3 to 4 times as much, while the work hours are a relatively low average 44 hours a week. If you treasure Work-Life balance, this is certainly one career to consider.The nature of the financial advisory business is built upon relationships, and gets easier over the years, when the client-base has been established. Seasoned and good financial advisers make as much as 90% of their business through referrals by satisfied clients.

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Most financial advisory compensation models have also recurrent income arising from rolled-over commissions, asset-under-management income or renewals of investment or insurance plans. In the US, UK and Australia, there are also fee-based income models, which make this a truly remarkable business to own.

Since the enactment of the Financial Advisers Act in Singapore in Aug 2002, the profession of the financial adviser came under tighter scrutiny, regulation and raised the professional standards required. Taking a reference from similar tracks in US, UK and Australia, the prestige and compensation associated with financial advisers in Singapore is still in its infancy.
Hence, there are great opportunities for new entrants equipped with the necessary attitude and business skills, while the older incumbents struggle with higher professional standards required and dealing with energized and creative challengers.

The financial adviser professional also play a very important fiduciary role in helping their clients make good financial decisions so that they can be financially secure and successful. Financial advisers are frequently in a power position, possessing more professional knowledge than their clients, and in the wrong hands can potentially bring disrepute to the financial advisory profession.

This is also an interesting career that embraces personal development as an important success factor. Successful financial advisers have to cultivate highly effective personal habits (as described by Steven Covey in The 7 Habits of Highly Effective People), be an expert in communication and networking and have excellent marketing and sales skills, in order to promote one’s services. As the business grows beyond the financial adviser’s time, he also has to adopt best business practices and possibly hire staff and run it like a professional outfit.

There are many people that got into the financial planning field with the intent to help and guide people as best they possibly can, to get their clients into a better financial position than they were in before they sought professional help. There is nothing boring or mundane about this field in the least. It will be challenging but fulfilling. You will also find out that you are going to get a great deal of enjoyment in the process of helping people to make better financial decisions, and running a profitable business.

Find out next about “What does a Financial Adviser do?”



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