The best place to work for financial advisors

Looking for a great career? Why not consider entering the financial services industry? If you like challenges, then this field may be for you. Working in this field can also be very rewarding-both from a personal level and from a financial point of view. In fact, depending on the position and your years of experience, the earning potential may be unlimited. But how do you start?

Learn more about how to become a financial adviser, choosing a job location, and some of the top companies in the financial sector.

Key points

  • Financial advisors provide financial advice to clients.
  • There are many places where you can act as a consultant, including banks, brokerage companies, insurance companies, and wealth management companies.
  • As the aging population will require more financial planning services, the demand for financial advisors is expected to increase between 2020 and 2030.
  • If you decide to develop independently as an independent consultant, you may need some experience.

What is a financial advisor?

Financial advisors provide clients with financial advice on different services, no matter how to manage their investment, how to manage and plan their estate, or how to prepare for their taxation.

The term financial advisor is often rather vague. This is because different financial professionals fall into this broad category, including bankers, estate planners, insurance agents, investment managers, stockbrokers, and tax professionals. Therefore, you can find them working in any number of financial companies, from banks to brokerage companies and insurance companies, and even wealth management companies.

The first responsibility of financial advisors is to their clients. This means that they must first consider the best interests of their customers. Therefore, they comply with certain standards and must follow ethical guidelines.

As a financial advisor, your first responsibility is to serve the best interests of your clients.

Most financial advisors have undergraduate degrees in accounting, finance, economics, mathematics, or business. Some people may have a graduate degree, and if they choose to specialize in a subject, such as estate planning, risk management, tax preparation, or portfolio management, they may also take a specific course. Some consultants may also seek special titles, including Certified Financial Planner (CFP), Certified Public Accountant (CPA), etc.

Salary and job prospects

According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary of personal financial advisers in 2020 is $89,330. The top 10% of this field have incomes of more than US$208,000, while the bottom 10% have incomes of less than US$44,100. Financial advisors may also receive bonuses, but these figures are not included.

The BLS report states that there will be 275,200 jobs in this field in 2020. The employment prospects in this field are positive, and it is expected that the demand for financial advisors will change by about 5% during the 10-year period from 2020 to 2030. This increase is mainly due to the aging of the population and the need for more financial planning services.

So where should you work? If you are looking for a good starting point, consider joining a large company. The best companies reflect your personal preferences. Although financial compensation may not be that high, retail banking is also a good place to start your financial advisor’s career.

People who like to make their own decisions independently may be best suited to places like Raymond James (RJF), which provide consultants with multiple types of affiliation. Or, you may be looking for the advantages of working for a well-known company such as Fidelity Investments or Charles Schwab (SCHW).

If you want to freely choose when and how to work, then working independently may achieve some success. But keep in mind that it will take some time to complete this operation. After you have accumulated several years of experience, this option may be better. That’s because you need to build your reputation and customer base.

Questions to ask yourself

How do you choose? A lot of research, interviews with employees, and some self-reflection. Ask yourself:

  • Which type of environment do you prefer-leisure or company?
  • Do you like flying alone or do you like the hustle and bustle of a big company?
  • Where do you want to be geographically?
  • What types of customers are you interested in serving?
  • What kind of work do you want to do?
  • What type of service will you provide?

Wealth list

Every year, “Fortune” magazine publishes a list of the 100 best companies for work-a widely acclaimed survey that examines factors such as the credibility of the company’s management, employee job satisfaction, and employee friendship. Many financial services companies, investment companies, and insurance companies have received ratings and may provide ideas on the best places to work as financial advisors.

The following are the top 10 companies in the financial industry in the 2021 list:

Bottom line

There are many factors that need to be screened for job applicants looking for financial advisory positions. Keep in mind that many large financial services companies have offices across the country, and these offices may provide employees with different working environments and benefits. Make sure you do your homework. Talk to current and former employees (if possible) about their experiences. Investigate work practices and research any violations of ethics.

In addition, conduct some background research on the cost structure and corporate culture. Finally, what is the best company for financial advisors? It is the one that matches your skill set and personal preferences.

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