Financial Planning Job Description

November 25, 20110 Comments

Financial Planning Job profile and Description

The Financial Planner needs to do the financial planning as the name sounds. The main responsibility of a financial planner is to assist people in handling personal financial issues and so they are hired by the people when they easily cannot identify the way of balancing their finances. They provide the advice about the proper financial planning in the areas of investment, risk management, financing education, and managing cash flow in a business, planning for succession in business and estate planning. The main responsibility is to create a detailed strategy known as the financial plan which fits each client’s financial goals.

Duties and Responsibilities

There are the following duties and responsibilities of a financial planner which are expected to be fulfilled by him or her:

  • The prime responsibility is to advise the clients about the implication of specific financial decisions.
  • He or she needs to understand the goal of the clients properly and advise them by using the guide posts.
  • He or she needs to gather the data to ensure that the best and with the minimum risk advice offered to a client.
  • The planner has the responsibility to analyze the resources by using the information gathered as a reality check to the client.
  • He or she has to make sure that the client has the sufficient resources to meet his or her goals within a specified time limit.
  • It is also necessary to envisage the probable constraints and devising ways of overcoming such should they occur.
  • The financial planner has the duty to consider the client’s current lifestyles to minimize the chances of the financial plan failing.
  • He or she needs to advise the clients about the proper management of the risk posed in the e cash flow.
  • The planner also has the responsibility of advising the client about the best insurance techniques to reduce risks.
  • It is necessary to formulate a proper and effective retirement plan and tax plans as well for informing about the tax liabilities for a client when needed.
  • It is needed to ensure that the tax liabilities for the client are reduced thus freeing some of the cash that could have been tied up in taxes.
  • He or she also needs to formulate the estate plans also to create, accumulate and conserve assets.

Skills and Specifications

The required skills and specifications are as follows:

·         The person should have the excellent communication skills.

  • He or she should have the ability to put a keen attention to detail work.
  • The person needs to have an analytical bent of mind and should have the skills as well.
  • The person should have the planning abilities to do the effective planning.

Education and Qualifications

  • The basic degree required to do the job is a degree in Financial Accounting and Mathematics to do the job.
  • It will be an added advantage for the person having a CPA or an MBA degree.

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