What Is a Financial Planner? Overview, Salary, Roles & Responsibilities

Financial Planner: Ever thought about how people manage their money wisely to secure their future? That’s where a financial planner comes in. They help individuals, families, and businesses plan investments, savings, and taxes to achieve long-term financial goals.  

What is a financial planner’s job? Their role includes assessing clients' income, expenses, and assets to create personalized financial strategies. The function of a financial planner is to provide expert advice on investments, tax planning, retirement savings, and insurance.  

 If you're considering this career, understanding the financial planner job description, required skills, and financial planner salary can help you take the right step toward becoming one.

What is a Financial Planner?

A financial planner is a professional who helps individuals and businesses manage their money and achieve long-term goals. They provide expert advice on investments, tax planning, insurance, and retirement savings. 

For example, they may help a young professional build an investment portfolio or guide a family in saving for their child's education.  

Financial planners differ from accountants, who focus on auditing and financial reporting, and from financial advisors, a broader category that includes brokers and bankers. Their work is regulated based on the services they offer, ensuring clients receive sound financial guidance tailored to their needs.

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Financial Planner Job Description: Roles and Responsibilities  

A financial planner helps individuals, families, and businesses manage their money wisely to achieve long-term financial goals. They provide expert guidance on investments, retirement planning, tax management, and estate planning. 

Their role goes beyond giving advice—they create personalized financial plans, monitor financial health, and offer solutions during financial challenges. Here's what a financial planner does:

1) Understanding Clients’ Financial Health:  

The function of a financial planner is to assess clients’ financial situations by reviewing their income, expenses, assets, and liabilities. This helps in identifying areas for savings, investment opportunities, and risk management strategies.  

2) Developing Personalized Financial Plans:

A financial planner creates short-term and long-term financial strategies based on client goals. Whether it's saving for a child’s education, planning for retirement, or managing debt, they offer tailored solutions to improve financial security.  

3) Providing Investment and Wealth Management Advice:  

Financial planners analyze market trends and recommend suitable investment options based on a client’s risk tolerance and financial goals. They help diversify portfolios to minimize risks while maximizing returns. 

4) Retirement and Estate Planning:

Planning for retirement is a major aspect of a financial planner’s job. They guide clients in choosing the best retirement plans and ensuring they have enough savings. Estate planning involves collaborating with legal professionals to help clients distribute assets efficiently and minimize tax burdens.  

5) Tax Planning and Risk Management: 

A key part of the financial planner job description is advising clients on tax-efficient strategies to reduce liabilities. They also help in choosing the right insurance policies to protect against financial risks like health issues, accidents, or job loss.  

6) Staying Updated with Financial Regulations:

Financial planners keep track of changes in economic policies, tax laws, and investment trends. Staying informed helps them provide the best financial solutions to clients while ensuring compliance with legal requirements.  

7) Managing Client Relationships: 

Building trust is essential in this profession. Financial planners maintain long-term relationships with clients, regularly reviewing financial plans, providing updates, and making necessary adjustments based on changing circumstances.  

A career as a financial planner requires strong analytical skills, market awareness, and a deep understanding of financial management. Their expertise helps clients make informed decisions and work towards a secure financial future.

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Step-by-Step Guide to Becoming a Financial Planner

A financial planner helps individuals and businesses manage their finances, investments, and long-term financial goals. To enter this profession, you need the right education, certifications, and practical experience. Here’s a step-by-step guide to pursuing a career as a financial planner:

Step 1: Get the Right Education  

A strong educational foundation is essential to becoming a financial planner. The minimum requirement is a bachelor’s degree in finance, accounting, economics, or business administration. These courses cover important topics like budgeting, investments, taxation, and financial management, which are crucial for the role.  

Step 2: Gain Practical Experience Through Internships  

Internships provide hands-on experience in financial planning. Working under senior financial planners allows you to apply theoretical knowledge, understand client management, and develop essential skills like portfolio management, risk assessment, and financial analysis.  

Step 3: Obtain Professional Certifications  

Certifications enhance credibility and expertise in financial planning. The most recognized certification is the Certified Financial Planner (CFP), awarded by the Financial Planning Standards Board (FPSB). To obtain this certification, you are required to:  

• A bachelor's degree  

• Completion of the CFP Board’s financial plan development course  

• Passing the CFP exam  

• Work experience of 6,000 hours (standard path) or 4,000 hours (apprenticeship path)  

Other valuable certifications include:  

• Chartered Financial Analyst (CFA) – Focuses on investment management  

• Chartered Alternative Investment Analyst (CAIA) – Specializes in hedge funds and venture capital  

• Financial Risk Manager (FRM) – Covers risk assessment in financial markets  

Step 4: Register with Regulatory Authorities  

In India, financial planners must register with the Securities and Exchange Board of India (SEBI). Completing NISM certifications like Investment Advisor (Level 1 and 2) qualifies you for registration. This ensures compliance with financial advisory regulations.  

Step 5: Start Your Career  

Once certified, you can either join a financial firm or work independently. Job opportunities are available in banks, investment firms, insurance companies, and wealth management firms. You can also build your client base and offer financial planning services.  

A career as a financial planner requires continuous learning and staying updated with financial laws and market trends. With the right education, certification, and experience, you can help individuals and businesses achieve financial security and success.

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Top Skills Required to Become a Financial Planner 

A financial planner needs a combination of technical expertise and interpersonal skills to guide clients in managing their finances effectively. Here are the top skills required for success in this profession: 

Technical Skills

• Financial Analysis: Understanding financial data, creating budgets, assessing risks, and forecasting financial outcomes to help clients make informed decisions.

• Investment Knowledge: Advising clients on investment options such as stocks, bonds, mutual funds, and alternative assets based on their financial goals and risk tolerance.

• Tax Planning: Providing strategies to minimize tax liabilities while ensuring compliance with tax laws and regulations.

• Retirement and Estate Planning: Helping clients secure their financial future by creating retirement plans and managing asset distribution through wills and trusts.

• Insurance Assessment: Evaluating insurance policies to protect clients from financial risks related to health, property, and life events.

• Regulatory Compliance: Staying updated with financial laws and regulations to provide accurate and lawful financial advice.  

Soft Skills 

• Communication and Active Listening: Explaining financial concepts in simple terms and understanding client concerns to provide tailored solutions.

• Empathy and Interpersonal Skills: Building trust by recognizing client emotions and maintaining strong professional relationships.

• Problem-Solving and Foresight: Identifying financial challenges, predicting potential risks, and offering effective strategies to mitigate them.

• Attention to Detail: Ensuring accuracy in financial planning, investment analysis, and policy documentation to prevent costly mistakes.

• Ethics and Integrity: Maintaining high professional standards and acting in the best interest of clients.  

A successful financial planner balances financial expertise with strong interpersonal skills to provide effective guidance and build long-term client relationships.

Financial Planner Career Opportunities and Salary in India

A financial planner can explore various career paths in India, ranging from wealth management to investment advisory roles. With increasing demand for financial planning services, job opportunities in this field continue to grow.  

Financial Planner Salary in India

The salary of a financial planner in India depends on experience, location, and job role. The table below provides an estimated salary range:

Note: Salary figures are estimates based on online sources and may vary based on company policies, job performance, and location.  

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Career Opportunities for a Financial Planner 

Financial planners have diverse career options depending on their skills and the services they offer. Here are some prominent roles in this field:

1. Wealth Manager:

A wealth manager works with high-net-worth individuals to manage and grow their financial assets. They develop investment strategies, create estate plans, and minimize risks to ensure long-term financial security. Their role often involves working closely with tax advisors and legal professionals to provide comprehensive financial solutions.  

2. Investment Adviser:

An investment adviser helps clients develop personalized investment strategies based on their financial goals. They assist with retirement planning, tax efficiency, and managing investment portfolios to maximize returns while minimizing risks. Their expertise ensures that clients make informed financial decisions.  

3. Financial Analyst: 

A financial analyst researches market trends, evaluates investment opportunities, and provides insights that help financial planners and advisors make data-driven decisions. Their role involves analyzing financial statements, assessing risks, and identifying profitable investment options.  

4. Financial Consultant:

A financial consultant offers personalized financial advice tailored to a client’s needs. They assess financial situations, recommend suitable investment opportunities, and guide clients in making informed financial decisions to achieve their long-term goals.  

5. Certified Financial Planner (CFP):

A Certified Financial Planner (CFP) assists clients in financial planning, including tax strategies, retirement savings, and insurance selection. They stay updated on market trends, conduct financial research, and provide expert guidance to help clients effectively manage their wealth.

Companies Hiring Financial Planners

Several companies in India hire financial planners, including:

•  Ameriprise  

• Accenture  

• Citi  

• Udaan  

• Valenta  

• HCLTech  

• Genpact  

With rising financial awareness, the need for financial planners is increasing, making it a promising career in India. These professionals assist individuals and businesses in managing finances, investments, and risks. Pursuing a finance-related degree, obtaining certifications like CFP or CFA, and gaining practical experience can help build a successful career in this field.

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