There is a need for licensing, experience, and administrative upkeep. If you’re deciding whether or not this is the job for you, explore the pros and cons of being a financial advisor, by understanding the commitment it takes for a long and successful career. Now that you know what kinds of services a financial advisor can provide, it’s time to choose the right type of advisor. Financial advisors can be found through different means and offer various services based on your needs. First, you will need to decide between seeing a one-on-one advisor or using a robo-investing firm.

To sell investment products, advisors must pass the relevant Financial Industry Regulatory Authority-administered exams — such as the SIE or Series 6 exams — to obtain their certification. You can gather more information on an advisor’s history of helping clients build wealth by reviewing testimonials on their site and requesting references. Finally, know that any decision you make does not need to be forever.

How comfortable are you with investing?

Knowing what you’ll be doing also impacts the type of licenses and certifications you need to have so you can legally provide those services. Read more about Financial here. For example, the license to advise clients on stocks is different from the license to advise on mutual funds.

How To Become A Financial Advisor Without A Degree

Our work has been directly cited by organizations including Entrepreneur, Business Insider, Investopedia, Forbes, CNBC, and many others. At Finance Strategists, we partner with financial experts to ensure the accuracy of our financial content. Financial advisors usually have to have licenses before they’re able to do this type of work. For example, if someone needs help with income taxes and tax preparation, they might also need help with bookkeeping and accounting.

Other organizations that may offer free or discounted financial advice include Advisers Give Back, the U.S. Department of Housing and Urban Development, the Financial Planning Association and the Financial Counseling Association of America.

Others may charge fees, meaning they derive only part of their income from third-party commissions. Generally speaking, they have chosen to work under a fee-only model to reduce any potential conflicts of interest. Because their income is from clients, it’s in their best interest to make sure you end up with financial plans and financial products that work best for you. If the financial planner you are considering is a “registered broker,” you can run a quick background check online through the FINRA BrokerCheck at finra.org/brokercheck. This tool can tell you if the professional has done a lot of job-hopping, and whether she or he has been the subject of customer disputes or regulatory action.