How to Become a Financial Advisor in India
As India is expected to grow rapidly only to become the country with the third-largest economy by the end of the next decade, wealth management firms may contribute at least 10% to its GDP by then. The expanding Indian wealth management industry is opening up many career opportunities for the young. Wealth management firms offer financial services to affluent individuals or the ones who are about to touch the boundary of the high-net-worth club. Basically, financial advisors assist individuals, which generally are big entrepreneurs, executives, public figures, lawyers, etc., in a risk-free financial market. The financial advisor guides them regarding tax planning, quick loan online, instant cash loans from banks or NBFCs, retirement planning or simply estate planning on the basis of clients' financial requirements.
Responsibilities of a Financial Advisor in India
The job of delivering personalized financial services involves the responsibilities of both a relationship manager and an investment professional. Like a client relationship manager, the financial advisor must know the client and the nature of his business to clearly understand his/her financial needs. On the other hand, he should also examine the type of investment; probable risks and returns that the client is vulnerable to. Thus, he has to manage the relationship with clients apart from educating them on various investment projects. They are also required to guide their clients on the way to business expansion and success.
With the steady expansion of NBFCs, there is also an increasing demand for the financial advisors. Their base packages bloom up to rs 1 crore a year with additional commissions in the projects. Until now, investment banking has always been the mainstream career choice for millennials. Such heavy salary packages and additional benefits in the financial advisory are alluring them to make a career in it.
Job type in wealth management
The job profile involves the work of immense responsibility, honesty, and agility. Even the slightest mistake is not accepted in the profession as it can cause a great loss to the hard-earned wealth of a person. There lies loads of pressure on the shoulders of financial advisors as they have to constantly stay in touch with the volatile finance industry trends and suggest the clients’ most profitable options without even landing them in trouble. Loads of paperwork or net surfing, in-depth study of company & finance laws along with meeting a variety of brokers, investors, loan seekers, etc., is a part of a financial advisor’s daily work. Both the work struggle and the salary package increase as the experience level of professionals start increasing.