Interviewer: Good morning Sir.
Interviewee: Good morning! How can I help you?
Interviewer: Sir, for better understanding for job role of financial advisor I want to ask some questions and associated factor.
Interviewee: Ok. Go ahead.
Interviewer: Thanks. From how many years or month you are working as a financial advisor?
Interviewee: From past five years I am providing financial assistance to public and prior to that I was in banking company for serving similar post.
Interviewer: According to you what is role of financial advisor?
Interviewee: Financial advisors play an important role in assisting individuals in utilizing their best of financial assets and help them in knowing their own investment and savings alternatives by building reasonable and suitable financial strategies. A financial advisor is a person who is involved in operating with clients to know their short-long term objectives, lifestyles, and their risk capability so as to provide personalized advice and improvise their financial plans so they can meet financial goals and objectives.
Interviewer: So they are directly associated with the clients?
Interviewee: Financial advisors have a direct link with their clients but sometimes they might recommend financial planner so they can work together to prepare financial plan for their client. This structure of teamwork seems to be depended on the strategy and design of an organization for both role and experience of financial advisor.
Interviewer: Will you tell me the reason?
Interviewee: It is sometimes complicated to manage investments, individual is not able to invest on its own, so there is a need for expertise financial advisor. They can assist in creating a sophisticated financial plan which is inclusive of considering the current performance and determination of current and future requirement and goals. Further they give advice regarding the best financial product by evaluating and updating investments over time. Selecting the right advisor at the right time totally rely on what help is required.
Interviewer: What qualification this role required apart from academics?
Interviewee: The role also needs a powerful entrepreneurial character as Financial Advisors has to sell services and products to get new clients. Financial advisor career is based on maintaining and improving better relationship with its clients by giving them proper advice and satisfaction, this part plays a significant in attaining success in the career of financial advisor. Financial advisor can give advice on various financial products relying on the financial institution type they are associated with.
Interviewer: What kind of services and product you provide to public?
Interviewee: As a whole financial advisors provides following type of services;
Investment decisions: Most of the financial advisors provide assistance in making investment decisions by considering financial goals of clients and their earnings. For them, they develop investment portfolio through which optimised return and capital value can be earned with taking minimum risks.
Insurance Products And Services: These financial advisors are associated with insurance companies and sell insurance products and services to clients by giving them various options on the basis of their requirements of risk and return.
Wealth management Services: In these firms financial advisors are licensed to sell products to several companies. For example, they cans sell funds from different mutual fund companies and can provide a variety of products and options while advising clients. Financial advisors with investments or securities traders are classically licensed permitted to sell different ssecurities that are inclusive of bonds or stocks. Further licensing necessities should be satisfied to sell derived products.
Interviewer: Do you think all individual need financial advice?
Interviewee: Not all but almost all people need financial assistance at some point of life as they have several mistakes due to which they make major financial mistakes.
Interviewer: Can you specify major mistakes?
Interviewee: The most common mistakes made by Canadians is not maintaining a proper financial plan as without financial planning they are spending more than they earn. Further, they do not appropriately consider their requirements and market situation simultaneously. However, they also do not have insurance plan or have wrong plans which will not provide them desired protection. Canadians also do not make use of tax shelters due to which they are required to pay higher tax charges. Canadians also face high risk of debt crises and issues as they do not allocate their funds properly and they abuse credit cards and the major mistake they make is taking debt at higher interest rate. In this situation they need expertise advice from financial advisors. Further they do not have any backup plans for emergency and crises. They also not maintain a portfolio for themselves regarding their savings and future.
Interviewer: From your working experience, what advice you will provide to Post secondary students and average Canadians
Interviewee: As per my working experience; Post-secondary students and average Canadians are required to consider following aspects in order to make improvement in their financial outlook:
- Budget should be developed on regular basis to manage their financial resources to achieve desired goals. These budgets must be developed by considering realistic life goals instead of having hypothetical dreams.
- Viable loans and credit cards should be used as per their financial status and risk bearing strategies.
- Maintaining a balanced budget to ensure that they are not spending more than their earnings.
- Backup plan must always be there for emergency and crises.
- There should be stability and balance in every financial aspect.
Interviewer: I will apply this strategies in my life and will recommend the same to my acquaintances.
Interviewee: That would be great.
Interviewer: Thanks for your time. I will take leave now.
Interviewee: Happy to help you.
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