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Duke University

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Unweighted GPA: 3.7
1.0
4.0
SAT: 720 math
200
800
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800

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What does a financial planner do?

I'm interested in finance and thinking about possible career paths like being a financial planner. What are the key responsibilities of a financial planner, and what qualifications and skills should I aim to develop?

a month ago

A financial planner helps individuals and organizations manage their finances and plan for their financial future. They're involved in managing assets, liabilities, and often perform duties such as investment planning, income tax planning, retirement planning, and insurance planning. Here is a more detailed list of their typical responsibilities:

1. Assessing the Client's Financial Needs: They meet with clients to discuss their financial goals and how they can achieve them. This involves understanding the client's income, expenses, insurance coverage, financial objectives, tax status, risk tolerance etc.

2. Creating Tailored Financial Plans: A crucial part of their job is to develop a strategic plan that outlines the steps needed to achieve those financial goals, which may include advice on budgeting and saving, investing, tax planning, and retirement planning.

3. Monitoring Progress: They regularly reassess the financial plan and investments, and update it as life changes occur such as marriage, birth of a child, or job change.

As far as qualifications and skills to develop, most career financial planners have a degree in finance, economics, mathematics, or a similar field. It's also possible to become a Certified Financial Planner (CFP), which requires passing an examination after completing a college-level program of study in personal financial planning or an accepted equivalent, besides having a bachelor's degree and at least three years of full-time personal financial planning experience.

Skills that beneficial in this field include strong communication and problem-solving abilities, analytical thinking, and a good understanding of the financial market. Being detail-oriented and having strong ethics (as you’ll often be handling confidential information) are also highly valued in this profession.

a month ago

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