Odd Culture

Do You Have What it Takes to Advise on People’s Finances?

posted by Chris Valentine

On the face of it the role as a financial advisor seems like a pretty simple task, telling people where and when to invest their money with apparently no risk to your own finances. The truth of the matter however is very different and being a financial advisor is actually a highly technical, difficult and risky business to get into. When advising people or companies on what to do with their fortunes you are essentially risking your reputation each time and a mistake could cost you and your clients dearly.


For this reason, this profession is not for everyone and in order to be successful at it like Adam Rosenfeld Miami based advisor and wealth manager for financial services giant Merrill Lynch, you need to ensure that you have all of the necessary skills.Let’s take a quick look at what Adam does for Merrill Lynch and then see what skills it takes to work in this profession.

Adam Rosenfeld

Adam’s role within Merrill Lynch is as a wealth manager but during his 16 years in the industry he has sat a variety of exams which means that he can not only practice in an advisory role but also as a FINRA certified broker. Having multiple talents such as this is what makes Adam such a key asset to Merrill Lynch and he also offers his clients a range of services. Along with financial planning, Rosenfeld advises on securities portfolio management, pension planning, portfolio management for individuals and businesses as well as other advisory roles. Having featured in the Barrons list for top financial advisors Adam manages some of Merrill Lynch’s biggest clients and manages millions of dollars worth of assets.

Could You Do It?

In order to follow a profession in financial advice you not only need to have a firm grasp of the industry and a ready eye on market movements. You must be able to read and compute vast sums of data and statistics in order to offer advice and have an idea on the way things might move so that your clients can make profits from their investments.

This high level capability when it comes to the world of financial markets and global economies needs to be coupled with other skills in order to make you vital to a particular company in the way that Adam is.

You will of course be measured heavily on your results which brings with it a great deal of pressure an you will need to be able to work under this intense pressure at all times. You will also need to have excellent communication and relationship management skills in order to gain the loyalty and trust from your clients. It is important to remember that from your clients’ points of view, you will be essentially gambling with they money so they need to be able trust in your ideas and your advice. Relationship management is one of the key parts of becoming a financial advisor as the industry is highly competitive and keeping clients is key.

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