Career Plan for Financial Planner: Development and Challenges Report

This report provides a comprehensive overview of a financial planner's career plan, focusing on personal and professional development. It begins with an introduction to career planning, emphasizing the importance of aligning skills and interests with a specific field. The report then describes the role of a financial planner, outlining responsibilities such as financial strategy formulation, investment recommendations, and retirement planning. It details the educational requirements, including the need for a bachelor's degree in finance or related fields, licensing, and certifications. The report also identifies essential qualities for a financial planner, such as a good reputation and proactive communication skills. Furthermore, it addresses potential challenges, including managing client expectations and extracting accurate information, offering solutions to overcome these obstacles. The report concludes by summarizing the key takeaways and emphasizing the importance of continuous learning and adaptability in the financial planning profession.

Personal and professional
development
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Table of Contents
Career plan.......................................................................................................................................3
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
CONCLUSION................................................................................................................................6
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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
management strategies and tax planning, coordinate estate planning, managing client
relationships, developing and looking for growth opportunities of business, preparing financial
policy and procedure documentation, etc.
Analysis of career planning
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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 independent financial 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
4Illustration 1: role of financial planner

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,
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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
capabilities of a person. The choice is depending over the interest set of person also.
Furthermore, to become a financial planner, there are various skills those needs to be learnt in
order to become successful in this path. An individual should clearly understand the
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.
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