After my last financial net worth update, Calvin asked me several questions about my job as a financial planner. In a few words, he wanted to know what a regular day as a financial planner might include. Instead of making a daily schedule (because there is no two days that look alike), I have decided to list my main tasks as a financial planner. So here we go:
I tend to make most of my calls at the beginning of the week and between 9h30 and 11h30 each morning. People are usually more receptive at this time of the day and I know I am sharper in the morning (thx to the gym!). I make 2 kinds of calls:
#1 calling existing clients to take care of follow ups (renewals, retirement plans, updates, other products that could help them, etc.)
#2 calling external clients (cold calls). This is where I try to set appointments with new clients by offering them custom financial planning solutions.
I like making calls because it is challenging and very rewarding when you book appointments. However, it is also one of the hardest parts of my job as you always need to be sharp in order to setup your meeting.
Meeting with clients:
I usually meet 2 clients per day on average. While this does not seem to be a lot, I can tell you it is more than enough to run a good business, bring in the numbers and take care of all your clients. Since I work a lot by phone, I can get more done than through one-on-one meetings.
A good meeting usually lasts about an hour where you can discuss 1 or 2 topics. I try to always take enough time to answer my clients’ questions while I offer them alternatives to help achieve their financial goals.
Paperwork is a pain in financial planning. You need to write down all your follow-ups with your clients, opening accounts and I also do credit applications for them. Therefore, I spend a lot of my day doing paperwork (and giving most of it to my assistant ). While all this paper is necessary to make sure everybody is compliant and the job is done properly, I can tell that it is still a pain!
Creating financial plans / reading financial articles
Another thing I really like about my job is creating financial plans and reading financial articles. It is important to know what is going on in the stock market, the economy and about new investment/tax strategies.
Creating retirement plans is a lot of fun too. You get to know your clients better and you offer them a truely value added service as a financial planner; a global overview of their financial situation.
Pre-requisites to Become a Financial Planner
If you are looking to become a financial planner, here are the few requirements you need to have according to my experience:
– You enjoy challenges/pressure
– You like people and talking to them (read listening to them)
– You are analytical
– You are able to communicate financial reality
– You are a go getter
– You are able to close a sale
– You are honest and transparent
– …anything else?
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