This document discusses personal and professional development, including the creation of a career plan. It also explores the role of a financial planner and the skills required for success in this field.
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Personal and professional development 1
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Table of Contents Career plan.......................................................................................................................................3 INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 CONCLUSION................................................................................................................................6 2
Career plan INTRODUCTION This presentation is related with the overall development of a person in an organisation. This overall development includes personal and professional development. This presentation is throwing light upon preparation of a career plan while discussing concepts like, First part of preparation of career plan involves steps like identification of a specific area of study according to skills and capabilities of an individual. Furthermore, next step is to analyse related planning for chosen career option. There is next step of identification of qualities and capabilities that will complement the completion of project. There is detailed discussion regarding challenges faced by an individual in the process of carer planning and also about the possible solutions that can be taken in order to overcome these challenges. TASK 1 Describe a given professional field Money is the backbone of any country and also business sector. To manage the flow of money and also to carry out the procedure of planning in money matters is important. For this purpose, role of financial planners come in force (Timmerman and Volkov, 2020). In this report career planning is done in context of a very important job role and that is financial planner. A financial planner is an individual who is helps in formulating strategies that will assist in securing future in financial terms and also ensures current financial stability. In this role, a financial planner reviews financial plans of clients and also recommend for making investment and also suggest suitable saving plans.The plan can concentrate on various aspects such as investment growth, wealth preservation or tax planning. Most financial planners work in either comprehensive organizations or privately-held firms. Roles and responsibilities of a financial planner are- providing services related to financial planning and also advisory services, doing research and then presenting strategies related to investment, retirement is a big stage in an individual's life and thus, financial planner plans for suitable retirement plans, implementing risk managementstrategiesandtaxplanning,coordinateestateplanning,managingclient relationships, developing and looking for growth opportunities of business, preparing financial policy and procedure documentation, etc. Analysis of career planning 3
To become a financial planner, first step is to complete a bachelor's degree administration or in specialized field like financial management and accounting. In this course, an individual will have to study subjects like operations management, marketing, finance and accounting. Subjects those needs to be covered under this career are investments, financial planning and risk management. In order to become an independentfinancial planner, marketing skills should be developed so that financial planner himself can connect to the prospective clients and than can serve services to them (Rothwell and et.al., 2015). After earning bachelor's degree, a financial planner will have to also attain licence and this licensing is attained in accordance with the experience and type of role. A financial planner should also gain various certifications from several institutes so that they can gain proper knowledge of various theories and models. This will help them to provide more efficient services to their clients. One more quality of good financial planner is that they they should have good knowledge of financial market in country, so that strategies can be formulated in more efficient manner. Graph showing roles of a financial planner and advisor 4Illustration1: role of financial planner
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Determination of qualities that assist in obtaining objectives of career plans A financial planner should possess following qualities: Good reputation:Financial planner is a person that should have a good reputation in the market place. As this is a role which is generally delegated to a person who holds high credibility and trust value. If a person is not having high value than, obviously he will not get any references from other sources like family and friends. It is very important to build good network plans in the society. Pro active approach:Good financial planners have strong communication skills and they follow open gate policy for their clients. This helps to understand every scenario in detail and also to take actions in advance for any possible future issue. This help them to exploit opportunities and overcome problems in more efficient manner. Minimum panic:To find a financial planner who is patient and do not panic is important, therefore, it is important for a financial planner to develop a quality of being calm even in situations of stress. They should not divert from the actual plan. They should be focusing on putting forward the best solution for their clients and should not pump off in situations of difficulty (Poynton, Lapan and Marcotte, 2015). Identification of possible challenges and discussion regarding possible solutions Every role in professional life holds some challenges and in the case of financial planner following are some of the major issues: Maintaining client requirements:Many clients have unrealistic expectations in relation with returns of investments. To manipulate with client psychology and make them understand the reality of investment market is a crucial task to do. Financial planners do face serious issue in this regard. Thus, it becomes imperative that planner communicates well with the customer and do tell that person abut the real situation. Extracting accurate information from the client:Before a Financial Planner begins his actual planning work, he requires honest details of his clients’ financial position, their financial goals and their current set of commitments. Sometimes the clients are not straightforward and do not share the exact details due to scepticism. A Financial Planner faces the challenge of designing ways to extract this crucial information. Usually, 5
Financial Planners design a customized template wherein the client can fill in all the details and ensures complete confidentiality. Once he has this information he can create his own database and design a well-suited plan for them. CONCLUSION According to this report, it can be elucidated that there are several alternatives available with an individual that can be chosen. This choice is made in accordance of skills and capabilitiesofaperson.Thechoiceisdependingovertheinterestsetofpersonalso. Furthermore, to become a financial planner, there are various skills those needs to be learnt in ordertobecomesuccessfulinthispath.Anindividualshouldclearlyunderstandthe requirements and also about roles and responsibilities that a financial planner has to perform in professional part. A proper analysis of challenges and benefits should be made so that person can pro actively prepare himself and act accordingly. 6