"I always thought I could do a better job of handling my money than the
people I had handling it," says John Mallet. So Mallet became a registered
financial planner. Now he handles other people's money along with his
own!
"I have absolutely no regrets about choosing financial planning as a career,"
says Mallet.
"There are unlimited opportunities in this area and the industry will continue
to grow. In fact, in the next few years financial planners will be more in
demand, and we have the opportunity to shape the industry."
Another financial planner also has a bright view of her industry.
"I'm confident that this field will keep growing in the next few years
at least," says Nicole Whitton, a financial planner in Seattle. "After all,
nobody wants a money shortage, and we're here to prevent just that for
our clients!"
Financial planners are becoming true entrepreneurs, says Mallet. They often
run their own businesses under the umbrella of a larger organization.
"This allows us to grow and develop in our own way and serve our clients
in a way that we think they will benefit from the most," Mallet explains.
"It is possible for a financial planner to have up to 600 clients if you
have the resources and support that is needed. The most important point, however,
is to give your clients the best, most personalized service that you can.
If you don't, these clients could be walking the plank in the future."
Whitton says planners need to take a "holistic approach" to their clients'
needs. That includes taking into account the clients' personalities and
attitudes towards money, as well as their current financial situations.
"Some people refuse to invest in certain types of funds. Others take risks
that some might avoid," Whitton says.
"I need to consider these things when I'm working with them in order
to keep them comfortable with me as their planner. Half of this job is client
relations, but that's a big part of the reason I love it. I'm a
real people person, and here I can really help people out while working in
a dynamic environment."
To become a good financial planner, you must have an interest in and sympathy
for people, notes Mallet. It's helpful to understand how people act,
react and make decisions.
"Quite often, people will come in and together we work out a strategy,"
he says.
"When they leave the office, however, they will do something completely
different. Many come back in a few months and they've created a real
mess! I can't say, 'I told you so.' We just have to set up
a new plan and start over again. That can be very frustrating."
Whitton and her four partners run a consulting firm specializing in long-term
financial planning and investments for both older and younger people.
"You really have two distinct groups here," she points out. "There's
the baby boomers, who are planning for their retirement, and then you have
the up-and-coming generation who are trying to accumulate or preserve wealth
for the future. It certainly provides variety."
This underscores the need for a financial planner to take a personal approach
with each client. On top of that, a planner must stay in touch with changes
in the world of finance.
"It's important to read where your clients are in their life and what
they want to happen," says Mallet. "Every person has a comfort zone and as
their financial planner, you have to respect that. If you don't, they
won't be your clients for long."