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Financial Consulting: The Hottest Granted in Town

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In recent years, many professionals have taken the big leap and gone on to become independent financial consultants. For the many who have the right combination of skills and experience, the rewards have been very fulfilling financially and personally. If you'd like to join those leaving the security of corporate employment and get into the growing industry of financial consultancy, here are some things you must consider seriously:

1. Education and Training. Financial consulting is a technical field; there is no substitute to formal education and training. In fact, this highly dynamic industry requires continuing education. If you don’t already have a degree in accounting or finance, you need to get one.

2. Experience and passion. In any type of consulting, experience spells the difference. Fresh graduates rarely, if at all, succeed when embarking on a solo career. Experience gives practitioners the gut feeling to call the shots when needed. It takes actual participation in the market to actually get a feel of how it works and be comfortable with it. Of course, that alone requires the kind of dedicated attention only those with real interest in the field can give.



3. Acquire and polish people and other skills. Whether you intend to specialize in corporate finances or provide personal finance consulting services, you need people skills. That’s probably the most important of all skills and is a common requirement for all consultants. That and other critical skills like business management, client relations and quality management can be acquired and honed. You’re selling a service; your skills are your inventory. Stock up on the best quality there is.

4. Get certified. Finance industries are strictly regulated industries. Most practices require special licenses and certifications administered by state and other regulatory bodies. Often, these licenses would require continuing education credit units. Check with your industry association and the appropriate licensing authorities for the requirements.

5. Write your business plan. When you’re ready with the paperwork and are certain your personality fits your choice of industry and you’ve got the skills necessary, it’s time to write down your game plan. You need to organize and structure your business. Consultants can only be effective financial advisors if they successfully organize structure and manage their businesses.

6. Build your clientele. Many use the internet to gain visibility and target clients. Your marketing goal however, should be two-fold: to build a solid clientele and a reputation as an expert. Many find that they can do both by writing books and giving lectures, trainings and hosting course-seminars. This allows for projecting expertise and is a proven way to build a solid reputation as an expert.

7. Hire a good lawyer. Finance consulting involves a significant level of business risk. That’s in addition to the many rules and regulations affecting the industry and the practitioners. It’s important to have an experienced attorney to provide legal advice and prepare your legal documents.

Obviously, financial consultancy is not a business for the faint-hearted. Besides the intricacies of the industry itself and the statutory regulations you have to contend with, this business is directly affected by volatile economic situations. To succeed as a financial consultant, you need to be on top of your game all the time.
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 continuing education  managers  financings  consultants  accounting  substitutes  personal finance  gut feelings  rewards  finance industry


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