An investment consultant works with clients, whether they are individuals, companies or organizations, to develop and help implement financial plans. Here is a look at the kind of duties or responsibilities you would have and what the average investment consultant salary is.
Your main concerns include;
- Identifying and bringing in new clients with marketing skills via personal contacts, advertising or mailing lists for example.
- Discussing with potential clients what their needs are, getting their information and details and going over service you can offer them.
- Determining what assets a client has, their liabilities, insurance coverage, taxes and cash flow.
- After analysis of a client’s status offering a financial plan and discussing their options with them.
- Buying and selling securities.
- Making sure your clients understand trading practices and stock market terms.
- Advising clients on selling or buying.
- Keeping clients abreast of any fluctuations that may affect their plans or accounts.
- Taking care of all the paperwork involved in implementing financial plans.
- Making sure all transactions are documented and recorded accurately and that this is sent to the client.
- Review bond and stock reports, publications that are relevant to the business, financial periodicals and so on so that you are able to offer up to date advice and information.
- Make sure all transactions are accurate and fall in with regulations.
- Work out commission and billing costs.
- Prepare and share financial reports on your clients.
- Know when the optimum times are to carry out secure transactions by studying the conditions of the market.
- Monitor client accounts, read reports and work out ratios that offer the best chance at an optimum profit on purchases of stock.
- Have long term and short term strategies in play.
Skills and requirements
To become an investment consultant you would usually need at least a bachelor’s degree, ideally in a related field such as business, finance or investment and securities. A Masters degree would be preferable and to advance in your career would certainly then be a requisite. You need to have excellent communication skills, verbally as well as written, this means being able to translate the jargon that your clients may not be familiar with. Investment consultants also have a good general knowledge about various types of investments and areas of the industry such as mutual funds, bonds, shares, commodities and so on. In order to get the clients strong marketing and sales skills are also important as is the ability to be creative and be likeable!
An idea of an investment consultant salary
When you look at the statistics while there are variations from region to region in the United States, the average yearly wage for an investment consultant is $70,000. If you work on the Eastern side in states like New York or Connecticut for example the range is higher at $120,000 to $140,000. Those who work on the West side have a range that is a bit lower. An investment consultant salary is affected not just by region but by whether you work for yourself or a large firm, how much experience you have, the type of clients you have and the kind of commission you are able to earn.