Platform to Become a Financial Advisor

Reliable and Trustworthy Platform to Become a Financial Advisor

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The everyday person is oblivious to many measures to help save or grow their wealth. Even if they are aware of those money-saving or wealth-generation methods, they will hit a roadblock due to a lack of understanding of the financial subject. But who can blame them, since managing one’s own finances can be very challenging due to the inherent complexity of the financial system? An everyday person may not have the time and energy to focus on their 9-5 job and understand their finances. Therefore, it is very likely that they will require some assistance to deal with debts, investments, taxes, and savings. They reach out to a financial advisor or advisory firm for that assistance.

So, in a country like India, where a significant amount of the population is still not literate, let alone financially literate, financial advisors will always be in demand. So, suppose you happen to be someone who, for a change, is passionate and interested in the subject of finance and investments. In that case, you could consider the career of becoming a financial advisor. In the remainder of this article, we will discuss how you can become a financial advisor through a reliable and trustworthy platform.

How to become a Financial Advisor 

To become a financial advisor, you must fulfill specific prerequisites. The first is regarding your education qualification. The education requirements can vary from firm to firm. However, the minimum qualification accepted by most firms is the Higher Secondary School Certificate (10+2). Although, a bachelor’s and master’s degree in a finance-related stream will surely help. In terms of work experience, you will have to intern with a financial institution. Besides that, you will also require some good communication and organizational skills.

There are two types of financial advisors — fee-only advisors and commission-based advisors. A fee-only advisor directly imposes their clients a fee for providing advisory services. In comparison, a commission-based partner with a larger financial organization, and for their services, the organization compensates them through commissions.

If you wish to become a fee-only financial or investment advisor in India, obtaining the registered investment advisor license from SEBI (Securities and Exchange Board of India) is a must. However, regardless of which type of investor you wish to become, you must clear some exams based on the financial product. For example, to become a mutual fund selling advisor, you must pass the NISM (National Institute of Securities Markets) Series V-A: Mutual Fund Distributors Exam.

Finding a Reliable Platform to Start Your Career as a Financial Advisor

A financial advisor should have no trouble securing a job in a bank, brokerage house, or issuance company. They could even go ahead and establish their advisory firm. However, few people have the capital and network to establish and run an advisory firm. So, it is more common to approach a financial organization to begin your career as a financial advisor.

The previous section dealt with what you must do to become a financial investment advisor. This section deals with what you should consider while selecting a platform to help you start your financial advisory career. You would only want to work with or partner with a financial institution that is reliable and trustworthy. So, ensure that the financial institution or platform is registered as SEBI Registered Investment Advisor. You can also research and learn about the reputation of the firm.

Responsibilities of a Financial Advisor

The primary responsibility of a financial advisor is to provide the best-suited financial advice to their clients to help them achieve their financial goals. So, a financial advisor may be required to assist clients with planning for their retirement lives. Or, the financial advisor may have to provide assistance to them to start an investment for their child’s future education.

So, if you want to become a financial advisor, you will have to help your clients with the following:

  1. Allocate appropriate portions of their wealth into investments (stocks and mutual funds)
  2. Plan out debt repayments
  3. Make decisions regarding insurance schemes,
  4. Understand tax laws
  5. Save money and manage risk efficiently

A financial advisor will only succeed if there must be a healthy relationship between the financial advisor and the client. That is only possible if the financial advice is unbiased and provided solely to benefit the client. IIFL Securities is one of the top trustworthy SEBI registered financial institutions you can partner with to kick-start your career as a financial advisor. By partnering with a leading brand like IIFL, you can access cutting-edge technology and risk management systems.

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