Love dealing with money? Build a flourishing career as financial planner

We know you’re good at spending, but what about saving? Do you manage money well? If yes, there is a sea of opportunities and a flourishing career as a Certified Financial Planner (CFP)

Welcome to the world of finance we all want to invest wisely and see our money grown and that’s where a financial planner or advisors depth in if you understand the current regulations what has happened in last year and on october this financial advisor regulation which was we were waiting for last ten years has finally come in now that person has to clearly tell

Whether he’s an advisor or a distributor and in case of an advisor he needs to have certain amount of qualification to be called an advisor and he needs to carry a license to give advice and one of the components of that is financial planning regulations and cfp is amin is a like the topmost you know icon for that crunch analyze process numbers you may but if you

Are looking at a career in financial planning and want people to take your proficiency with money matters anymore seriously you should look at acquiring a cfp certification awarded by ft sv the cfb mark is a global certification which kind of certifies that this individual has gone through a process of extensive education examination is bound by a certain system

Of ethics and is a professional in the retail finance space who puts the interest of the consumers before his own there are various ways to get the certification if financial planning is your calling there are two ways in which a student can become a cfp a certified financial planner one is through the education route you can enroll with an education provider there

Are 40 of them with 150 centers across the country and they will have course where they will have classes and you you know n roll in that you pay whatever it takes and you go through a series of five examination so you have to clear five fairly tough papers to become a cfp certificate goes without saying that a cfp is not an easy certification to earn intensive

Study is needed before the certification can be yours fuels in cfb which includes a introduction to financial planning which is about basic simple mathematics about finance because as you talk about finance number-crunching is one of the first things that comes to the mind then coming on to risk analysis and insurance planning and insurance its integral part while

We are managing the client’s portfolio we need to tell them educate them how they can plan their finances better and manage the risk and then moving on to investment planning moving on to retirement planning talking about the taxation in the clients portfolios and then finally moving on to the advanced financial planning which is actually incubation of lot of case

Studies of real-time nature and complexity about the client so we include all those six modules what if you are already working in the industry and want to take up an advisory role or want to add your impressive list of certifications there must be a quicker way to get the certification there is something else called a challenge status where finance professionals

So you know there could be that there is a chartered accountant if a person who’s done a cfa or simply finance postgraduate who believe that this certification would help them in their work whether it is financial planning or simply doing you know being a professional in the financial sector for their for them there is a challenge status where they can fast-track

Their process of becoming a certificate because they would have the three years experience scouting taxation insurance retirement and estate planning of career and financial planning requires not just the understanding of various such fields but also requires one to be good with people two things some of the things which are really important including the trust

That the financial planner commands from the client and secondly the technical competence both play a very important role because as we talk about managing somebody’s money it is it is required that somebody can believe in you in your advisory so if you can prove that you have the ability to make money for and on for your clients they may never be a looking back

In new delhi with camera person aj joseph and abhishek singh jhooti math word for ndtv right so what does it take to get into this course we are going to get into that with our expert mahesh sharma in just a bit but lets just hear from some students who are pursuing this course and what they find challenging and what is the most exciting thing about becoming a

Financial planner or at least studying to become one we are international college of financial planning and we are joined by a bunch of students who are starting to different financial planning causes post graduate diploma in financial planning of pgd fp and mba financial planning let’s hear it from them what is it that they’re studying and what are their future

Plans so what are you studying yeah hi i’m studying am bfp and it is a two-year integrated program in which after first year we will be given the diploma of the financial planning your reasoning behind going for ambient financial planning because i wanted to make a career in banking and bfs our industry which is banking and financial services industry and so the

Demand of the bfs i industry is the typical deep knowledge of finance and financial planning itself what about you are you interested really interested in earning a cfp eventually or you would rather start walking see in the national stage i wasn’t being from a business family you know starting was the last thing on a vagenda it was just you know i would expand

Your work and everything then one day i hired a doc mr. bajaj and he you know briefed out the coast to me and the details and stuff about it so they grow me so just give it a try so i thought me as well you know do my pg dfp an mba first and along sides that if it interests me i’ll do cfp along with that so is it interesting you as of now as of now yes i hope it

Does in the future as well but as of now the current mode dudes which we guys have done that does interest me we also have someone with us who has cleared three modules of cfb certification that’s hear it from him how difficult was it or how easy it was for him up near teen modules clear carla carla sef pk to oculus ops they are on a college exam speedy a young gay

To a kiss-up says other difference difficulty level may yeah loboc a key level key difficulty collating jumps through of easier but josie offical available cafe tough emmons disk a numerical ziada strongly at least sixty percent of the paper american scalia many investment planning retirement planning and insurance planning teen model clear case you want to have

Your own practice so you want to join a form and work with them well starting with my career like eventually i’ll obviously do the freelancing come up with a form on some experience and i be serious yeah what does that i’ll do for you but the experts in the field suggest that you should not wait for a job so definitely like for now i’m looking for replacements

For that part only like the companies have started coming and we are appearing for the interviews and all so like for 34 years i’ll be i’ll work as an employer i’ll obviously learn as much as possible and because that gives you a base all if you enjoy number crunching way too much and would rather just stick to financial planning then look at anything else best of

Luck to all of you and you forever to earn a cfp certification thank you so much for thank us writing as promised now mahesh with us to take all your queries you’ve got several of them coming in my first cause this is a field that sort of just about opening up and like you were talking earlier that you know my investments in sort of post office schemes or fixed

Deposit but perhaps the only options i had earlier now you know you wherever you look whether it’s you know magazines tv radio etc ads and mutual funds are everywhere so the market is opening up but as you’re saying slowly but surely it still has an open down we are still a very saving nation which focuses on investments which are safe but never beats inflation so

It’s invariably fixed deposits all or at best posters national savings certificates that is where majority of india still saves but with the inflation galloping it at eight nine percent that won’t work so unless we change the way we look at money and how forgiving it is and where it can earlier the maximum returns you not make it work for you right and financial

Planning is the way to go but industry has isn’t opened up to financial plan you know we as in a third person sort of comes in yes and says they say when the right looks at your money and tells you how which is we have to go he’s you’re not even open to it so most climbers even today are basically insurance agents insurance is only investments we have it i mind

And coach hogya turkish forget my hair right beyond that what is a mutual for not more than half a percent of the country invest in mutual funds stock markets are are invested people in about four percent of the total savers have a certain investments in stock markets so our markets are very nascent when it comes to their potential so financial planning as a domain

Will will pick up as the economy or so gross right like mutual funds are not heard of before 1991 ridiculous in them so me uti nothing everywhere that is a visible and financial planning as a domain is exceptionally important because at each stage of your life your financial goals are different your needs are different right so an expert comes in and tells you

What is an ideal combination of saving products pro for you right so you’re in your 20s 30s 40 so on and so are your needs are changing i have six you grow older you want to do more for your health so yeah you know and i right you might have a house buying gold right to lose great so it’s almost like having a family doctor right exactly right so let’s get started

Aishwarya has the first question go ahead aishwarya my name is ish peter chen i would like to ask you how is financial planning as a career right so you know we were just talking we heard ashbyers question they were just talking about how it’s just about opening up but she seems someone who is who could perhaps be keen so what would you say to her see i believe

What she must do is that in before even she goes for a certified financial planning certification she must have a basic degree in commerce or a degree in an mba an mba is more suitable because you understand the business dynamics of it better with a finance rationalization once she has that she understands different products different aspects of saving difference

Between investments in saving so on and so forth then once she gets a cfp along in a inner fold ability to assess you as an investor and advise who becomes very good i see instead of letting em be a compliment yes an mba acts as a base right and cfb then acts as a tool to make your good advice say okay well ex parte i do hope that helps i have another question here

Saying after doing my certification in financial planning what is a better option joining a financial planning firm or starting your own practice would imagine a firm to get some experience of what would you say no i say that’s interesting because you know when you when you start off firm because i’m interesting my money to you i would i would expect you to have a

Certain amount of experience with handling money so unless you have that level of credibility i society in which you operate right i mean our is gonna be difficult yes so it is also imperative that you work enough fur get an experience you know that will i advise someone who’s in his 20s for most talks will advise someone who’s in his 40s for more adventures are

Questions which you you do by trial and error correct spread over 10 12 via right once you do that you’ll have built up their notion of contacts of clients who will have the faith in you overtighten eso the trust factor again because it’s money you all the trust factor being being very killing it you know that’s that’s an important thing to keep in mind get that

Experience work with the big names work with the big guys that are of course so many big guns now in this field you can take your pick and like my saying the sector gist of course just about opening up so that score should help ananya has the next question let’s hear from ananya i am currently pursuing my postgraduate diploma in financial planning i would like

To ask if this is my current correct field because i have issues with interacting with people but i am quite good with the technical part so is it the right way to go for me or should i switch to a cfa right so that’s that’s interesting and i said that you sort of assess herself very well and very honestly you know so it may be people skills not being that good

And it matters a lot matters a lot yes you know is ruffling mia today my money to you trust me trust me right exactly so what would you say what if she has a major people and so it can be acquired it is not as if you cannot wear people skills but if he genuinely feels that she doesn’t have it in her to interact with people and and get their trust in her then she

Definitely is better off doing a cfa i see because the cfa involves lot of high-end technical analysis okay which is essential for doing financial products for any consumer okay so it’s one step behind a financial planner i see without a good financial product a planner has nothing to sell so if she has that ability each other so that therefore that is no harm in

Doing a cfa and it’s a good certification okay shubham has the next question go ahead shubham how cfp will enhance our career there is no other way to go about it first and foremost is there isn’t that the minimum that yes perhaps have to do whether you not mandatory right now but has become mandatory in the coming days so right now what is mandatory mind nothing

Honestly so i can just go out there and say hey listen i know how to yes what is the stockbroker do what are the stock / has been doing in this country for ages he has a skill and he says the skills to you so per se the certification really didn’t matter until very recently now because of sebi and crisil playing a larger role they’re making it mandatory in the

Coming days right but just let’s quickly recap this the top three things that you need to keep in mind if this is for you of course first as always with anything have genuine interest in all of this even though certification not essential at the moment go for it because very soon it will be and that might just be a sort of a big stumbling block and get training

With a well-known financial planning firm so the top three things that you need to keep in mind there let us know how it goes for you thanks very much manage to coming in and sharing your time and thoughts with us well on that note we’re slipping into a quick break now coming up after that how to make a financial plan well obviously it’s going to try tractor

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Love dealing with money? Build a flourishing career as financial planner By NDTV