Career Exploration Report

I have chosen a personal financial consultant as my career. The motivation at the back of this preference is the truth that I noticed shut household friends mismanage their finances, and they ended up losing their home and businesses. During the global financial crisis of 2007-2008, some of my relatives misplaced all their retirement financial savings due to the fact of making some negative investment decisions. My journey is that there are a lot of humans who require help with their lifestyle, financial, and investment dreams and my purpose as a personal economic marketing consultant is to get them on the proper track.
A private monetary consultant gives economic recommendation on troubles related to tax, investments, insurance, actual estate, retirement, mortgages, and college savings. The typical job duties include conducting interviews with the clients to evaluate the state of their income, expenses, tax, and other information necessary to prepare a personal financial plan. Another task is recommending strategies in insurance, retirement savings, and investment planning. Also, the job involves performing a comprehensive analysis of client’s financial information to develop and implement strategies to help them achieve their financial goals.A PFA requires a bachelor's degree, but no work experience since most of it is acquired on the job. To advance in the occupation, it is essential for an individual to acquire a certification such as a certified financial planner or a personal financial specialist. Knowledge on customer and personal service such as identifying needs and providing quality service is crucial. Also, an individual must have knowledge of accounting, finance, and economic principles. It is also vital to have in-depth expertise in sales and marketing, for instance, product promotion and selling techniques. Succeeding as a PFA requires active listening skills where you give the client full attention, asking the right questions, and ensuring you understand their topic ("Personal Financial Advisors", 2017). Critical thinking skills are also valuable since the job requires the use of reason and logic in evaluating the pros and cons of different alternatives ("13-2052.00 - Personal Financial Advisors", 2017). Crucially, a PFA must have sound judgment and decision making skills necessary to reach unbiased conclusions and recommendations. Technological skills on the use of software performing customer relationship management and financial planning is crucial in this interconnected world ("13-2052.00 - Personal Financial Advisors", 2017). A PFA should have the ability to think deductively; arrive at sensible answers to specific problems by applying specific rules. Also, a PFA should have the ability to use inductive reasoning; form conclusions by combining different and complicated information pieces. A PFA should have well developed oral comprehension abilities essential in listening and understanding information from the client. The median salary of a PFA in 2016 was $90,430 per year or $43.53 per year. Projections show that the employment of PFA will grow by 14% from the year 2016 to 2026, a rate higher than the average for all the other occupations ("Personal Financial Advisors: Occupational Outlook Handbook: U.S. Bureau of Labor Statistics", 2017). As people get older, and with the increases in life expectancy, the demand for personal financial services will continue to grow. An advantage of this career is that it is financially rewarding and the earnings increase with experience and certifications. Also, it offers great flexibility where the PFA makes decisions on the working hours. Also, it offers the opportunity to work with a lot of different people, and it is a source of fulfillment when the PFA makes a positive financial difference in a client. The disadvantage is the rapid growth of artificial intelligence where there are now saving and budgeting applications as well as robot-advisors (Martin, 2017). There is a debate on the whether artificial intelligence will replace the human PFA’s. My personality strengths that match this career are understanding which is crucial in listening and asking clients the right questions. Also, I am an empathetic person which helps in encouraging clients to open up and building trust. I am also a thoughtful individual, and this is essential in developing a plan for the future since this is the primary service a PFA offers. My family is from Houston, and some of my memories are the hurricanes that hit this area leaving many people homeless. I have an interest in working with people and making a difference in their lifestyles and finances. A PFA career gives me the opportunity to work with people from diverse fields such as investment analysis, law, information technology, insurance, and tax. From my childhood experiences, while growing up in Houston, I realized that people require financial advice and my goal is to offer quality advice to get their lives back on track. In ten years’ time, I will be running my own business as a personal financial advisor in my hometown of Houston. For a student taking the HUMD class, I would advise them to attend all the lectures and most importantly, complete the projects following the professor’s instructions. Works Cited"13-2052.00 - Personal Financial Advisors." Onetonline.Org, 2017, https://www.onetonline.org/link/summary/13-2052.00.Martin, Chuck. "Consumer View Of A Connected Future: 'A Little Weary' To 'Scared Senseless'." Mediapost.Com, 2017, https://www.mediapost.com/publications/article/309689/consumer-view-of-a-connected-future-a-little-wea.html."Personal Financial Advisors." Careeronestop.Org, 2017, https://www.careeronestop.org/toolkit/careers/occupations/Occupation-profile.aspx?keyword=Personal%20Financial%20Advisors&onetcode=13205200&ES=Y&EST=personal+finance+advisors."Personal Financial Advisors : Occupational Outlook Handbook: : U.S. Bureau Of Labor Statistics." Bls.Gov, 2017, https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm.