To become a Certified Financial Planner, a financial adviser must first get a BCom Honours or a postgraduate diploma in Financial Planning from one of the recognised higher education institutions. Write and pass a certification test at the postgraduate level.
Obtain at least three years of experience in the field of financial planning.
Commit to the Financial Planning Institute’s Code of Ethics and Professional Responsibility, knowing that violations will result in disciplinary action.
Every year, complete 35 hours of continuing professional development.
They are required to have indemnity insurance.
In South Africa, financial advisers are required to obtain indemnity insurance. This protects them and you from unanticipated losses and lawsuits caused by carelessness or bad judgement.
What courses should I do to become a financial planner?
While it is possible to become a financial adviser without a degree, a recognised university education in commerce, finance, accounting, or economics is required to enter the financial planning field.
Are financial advisors in high demand in South Africa?
“Employment of personal financial advisers is predicted to expand 4% from 2019 to 2029, approximately as fast as the average for all occupations,” according to the Bureau of Labor Statistics. Demand for financial planning services should rise as the population ages and life expectancies rise.”
Is it worthwhile to pursue a career as a financial planner?
The advantages of becoming an adviser include the opportunity to design one’s profession, infinite income potential, and a flexible work schedule. High stress, the hard labour required to create a customer base, and the constant need to fulfil regulatory standards are all disadvantages.
What exactly is the distinction between a financial planner and a financial advisor?
A financial planner is a specialist who assists individuals and businesses in developing a long-term financial strategy. The term “financial adviser” refers to a larger group that includes brokers, money managers, insurance agents, and bankers. There is no one regulatory authority in control of financial planners.
Can I work as a financial counsellor without a college degree?
University degrees are not necessary for financial counselors. To guarantee advisers are competent, they must pass specific tests issued by the Financial Industry Regulatory Authority, or FINRA, which is responsible for supervising dealings between the investing public and brokers.
How long does it take to become a financial advisor?
Depending on your path, being a financial advisor might take anywhere from five to seven years. The quickest way is to get your series licences from FINRA, which need no prior employment experience.
