What is Financial Advising?
A common confusion the industry faces is the difference between financial advising and financial management. While the areas have several areas of common interest, the core difference is their client focus. Financial management is primarily targeted at businesses and high-net-worth individuals. It involves the risk management of investments and aims to produce the highest possible gains for clients.
Financial advising is more individualised. Advisors generally work in a one-on-one capacity to deeply understand their client’s position, goals and challenges. The advice provided is tailored to everyone and encompasses estate planning, superannuation and retirement, social security, budgeting, investment planning, risk management and insurance to protect a client’s current financial position and to achieve future financial wellbeing and freedom. Unlike financial management, there is no minimum wealth amount you must have before seeing a financial advisor.
An in-depth knowledge of law, regulations and financial policy is also an important part of a financial advisor’s role.
As the individual or team responsible for finances, financial advisors must ensure the enterprise is compliant with all governmental and legal responsibilities. This generally involves liaising with other departments or consultants and, potentially, regulatory bodies.
The analysis of data has increasingly become a core aspect of financial advising. Financial managers interpret and analyse data to create modelling for various scenarios. The information they provide empowers clients to make decisions that support their ideal financial futures.
What does a financial advisor do?
Financial advisors are in high demand, as more and more individuals and small businesses seek to take charge of their financial futures. In an uncertain economy, people are always keen to work with those who can help ensure financial stability.
A number of financial advisors choose to work for themselves as business owners. They maintain control over their client list and can deliver personalised support to those who engage them. Whether the clients are dealing with small or large estates, financial advisors are flexible and can adapt to their needs. Relationship building is key here, as you foster long term relationships and rapport.
Other financial advisors often put their skills to use by working for financial advising firms or large insurance companies. Here, you may be involved in facilitating the everyday operations necessary to support clients in personal and business matters. You may work as part of a department, focusing on meeting key financial goals, or you may engage with clients and help them plan their needs.
Wherever you choose to work within financial advising, a core part of your role will be providing a helping hand for those who want to improve their financial knowledge and money management.
Investments can be a prime source of income for individuals and businesses. Financial advisors who provide support for investment portfolio management have a strong understanding of market trends and use this knowledge to increase the profits of their clients. Working in investment portfolio management requires strong decision-making skills, as your choices can have significant implications for your clients.
If you have the desire to influence the financial futures of many, financial policy may be for you. Those who work in financial policy draw on their complex analytical and high-level communication skills to research areas of financial concern, propose solutions and advocate for policy change. Those who have dual interests in interrelated fields such as economics, law or trade can be particularly drawn to these roles.
If you’re passionate about managing money, and assisting others to meet their financial goals, financial advising is for you. With significant flexibility in the way you can work, you’ll find a career pathway that works for you.
What jobs are there in financial advising?
The finance sector is constantly changing, as it adapts to developments in government policy and the wider economic climate. This means that the positions available to financial advisors has the potential to evolve over time.
Financial advisors can take on roles in private corporations, for government departments or even set up their own business and work for themselves. Your opportunities are only limited by your interests.
Although most graduates choose to apply JCU’s Tropics focus to financial roles within Australia, as the finance sector becomes increasingly globalised, you will find a growing number of opportunities overseas.
With a JCU Bachelor of Commerce, majoring in Financial Advising, you could explore opportunities including:
- Financial advisor/planner
- Chief financial officer
- Investment banker/manager
- Corporate financial manager
- Financial policy advisor.
Why study Financial Advising at JCU?
The JCU Bachelor of Commerce, majoring in Financial Advising, provides students with foundational concepts in economics, business, markets, law and management necessary to succeed in the sector.
Develop the skills for professional decision-making relevant to large corporations and individual clients. You will learn how to critically analyse quantitative and qualitative data, make judgements, and communicate your recommendations effectively.
JCU students also emerge with a sound understanding of ethical, sustainable and socially responsible methods of financial advising, and the confidence to implement these wherever they go.
All students have access to the JCU Work Integrated Learning program, where you’ll finish off your degree with professionally supported work experience. Integrate your knowledge into your practice as you learn alongside experts in your chosen field. The JCU Bachelor of Commerce is designed to help you develop the skills you need to make an impact within the finance sector sooner.
You’ll have the flexibility to study when and how you want. JCU Commerce students often balance study with industry-relevant employment. We’re here to support you with options to study online, and in a manner that suits your circumstances.
Finish this degree with the potential to become accredited as a financial advisor. The final steps include a professional year and a professional standards examination to become fully qualified.