Introduction
Greetings! My name is Rahul, and I’m from Delhi, India. Currently, working as a Financial Planning and Investment Research Analyst in the Financial Services and Personal Financial Planning industry with a passion for helping people who are in a financial bind and can use a helping hand in navigating the intricacies of personal money management. Very early on in life, drawing from personal experiences and people around me, I couldn't help but notice how bad financial decisions and choices have impacted families, businesses, and career paths. Right from my high school days, I was interested in Accounting, Economics, and Business Studies. This inclination further led me down the path of pursuing a diploma in Personal Financial Planning from Delhi, India. Prior to this, I completed my Bachelor's In Business administration degree from Delhi, India. Right out of college, I was able to land a job with a Financial Services company based out of Minneapolis with a corporate office in India having a core competency in building goal-based personal financial plans. This company got me all excited and further ignited the fuel of seeing myself doing this for the rest of my life. I started working as an Associate assisting in report creation and analysis of the individual financial situation of each client. We worked with multiple financial advisors based in the US collaborating with them in data analysis and comprehension and creating reports to summarize the fine details of understanding the status of a client’s financial situation and formulating strategies to help achieve goal completion. During my days with the company, I got promoted to Team Leader and was entrusted with the responsibilities of heading a team of individuals with specialized skills in insurance planning, investment research, Investment policy statement development, and offering advanced advice to advisors in the US. The journey did not stop there. With the quality of work and the skills attained during my career with the company, one of the Financial Advisors I worked with wanted to have all of my time and attention in catering to his client’s needs exclusively versus overseeing multiple advisors' teams and extended me the offer to come to Dallas, Texas. The proposal was to work with him on expanding his business and building models and processes to streamline the current business structure to where we could expand the business to what at that time was not logistically possible for him. Back in April 2016, I came to the US and immediately started loving the projects and duties I was entrusted with. With being right at the center of business activities vs more like a backend support while I was in India and working for financial advisors in the US, I very quickly recognized that what I did back in India was just the tip of the iceberg. After coming to the US, I completed my Chartered Retirement Planning CounselorSM - CRPC® and Accredited Portfolio Management AdvisorSM - APMA® designations. Also, I completed my General Securities Representative Qualification exam and Life, Accident, Health, and HMO General Lines Agent License. This allowed me to become fully licensed in being able to offer financial and investment advice to clients directly. During my tenure with my current employer, we increased business productivity and bottom-line multifold over 3 years. This is when I got closer to being able to help individuals, businesses, and families with goal-based, personalized, and hands-on financial advice allowing them to convert what they wished they could do to ‘I finally did it.’ Seeing the results our clients were able to achieve instilled a great level of satisfaction in the work I have been doing over these years. I found a career in the financial services and individual goal-based financial planning industry can be very fulfilling and given the current dynamics of the US population dominated by baby boomers and people wanting to make decisions around the next stages of their life and legacy planning, creates a huge opportunity set for people wanting to make a career in this industry.
Finance Fellow
career options
Below you will find a sample of personal financial planning industry career options.
Finance Fellow
skills
What are the main hard skills you use on a daily basis in your current job?
Statistics for business and financial modeling would allow you to identify trends and anomalies in the data being presented. Since this line of business relies on computational capabilities the most, business statistics plays a vital role in being able to accomplish the task at hand. Financial modeling is a highly valued skill in financial analysis. It involves combining historical and projected financial information to make informed business decisions. The primary goal of financial modeling is to forecast a company’s or a portfolio of investments’ future financial performance. For example, more often than not we are presented with client’s investment portfolios that may have worked for them in the past, however, considering the current economic and business cycle, we have to forecast and estimate the potential impact on portfolio performance and deploying risk mitigation strategies to help protect the portfolio on the downside. This uses both the statistical data and risk and return metrics and prepares scenarios for varying market conditions.
Being proficient at understanding the fundamentals of the Time Value of Money. It asserts that a sum of money today is worth more than the same sum in the future due to its potential to earn returns over time. Money invested today can grow over time through compounding interest. Conversely, if money is not invested, its value erodes due to inflation and missed opportunities. Choosing to receive money later (delayed payment) means forgoing potential investment gains. This is a very valuable concept and skill required when you are faced with trying to accumulate funds and resources for a future financial need or when trying to identify what a future sum of money will be in today’s dollars. When working on a client’s situation, you will be often faced with the question - “Do I have Enough” to accomplish the desired goals? In addition, we often get asked if a certain stream of income is designed and positioned well to sail through the ups and downs of the market without derailing from the ultimate goal. Understanding TVM helps individuals and businesses make informed financial decisions by considering the time dimension of money.
A thorough understanding of financial products is crucial in identifying potential solutions for both portfolio management and goal achievement. Mutual Funds, Stocks, Annuities, Cash Value Life Insurance, Commodities, Currency, Certificate of Deposits, Structured Products, Unit Investment Trusts, Fixed Income Securities, Exchange Traded Funds, Private Equity, Hedge Funds, Real Estate, Business Development Companies are among a few investments vehicle often used to aid in this process. The Financial Services industry is heavily regulated, and no blanket recommendation or investment solution would apply to every client situation. Understanding these investment products and their dynamics helps in crafting a portfolio solution that is in the client's best interest.
What are the main soft skills you use on a daily basis in your current job?
This is a valuable skill that contributes to personal and professional growth. We professionals can digest and comprehend large quantities of information and bring out meaningful insights from the same. The same is not always true for the clients and businesses we are working with and for. Being able to communicate intricate details in layman's language and in terms they could understand is of paramount importance. This is true for both verbal and written communication. Visuals such as graphs, charts, and images help convey complex information in bite-sized details. Effective visuals enhance understanding and engagement. Good communication fosters positive relationships with colleagues, managers, and clients and in addition, helps resolve conflicts and misunderstandings.
Working in the financial services industry would often require you to work with other professionals such as Realtors, Tax Accountants, and Estate Attorneys. Collaboration is a more formalized process where individuals with different expertise come together to solve problems or create something new. It involves working with others who have varying skill sets to produce shared ideas, complete tasks, or achieve common goals. Collaboration can foster innovation, increase job satisfaction, and develop excellent soft skills. Even when not working with other professionals, teamwork and working with your colleagues on projects would allow you to share the workload, and bounce ideas off each other, and using a tag team approach allows you to demonstrate the reliability of the actions you take for your clients.
Our jobs would require us to be in front of the client. Presentation skills are essential for both your personal and professional life. They involve the abilities and qualities necessary to create and deliver compelling presentations that effectively communicate information and ideas. Whether you’re speaking at a conference, explaining a project to your team, or pitching a new business idea, honing your presentation skills is crucial. Whether you’re addressing a large audience or having a one-on-one conversation, effective presentation skills make it easier to convey your ideas and achieve success.
Rahul
’s personal path
Tell us about your personal journey in
Finance Fellow
:
Right out of school, my inclination toward finance in general and personal financial planning in specific led me down the path of pursuing a career in this industry. When I was pursuing my Post Graduate Diploma in Financial Planning, there were not many companies in India offering jobs or career paths in this domain. At that time, you could have still pursued a career in this line of business, but it was not holistic and dealt with only branches or subcategories of what a fully certified financial advisor would do. With that in mind, I started my job hunt even when I was only halfway through my diploma since I knew it would not be easy to find exactly what I was looking for. One thing that worked in my favor was the fact that the educational institution with which I was pursuing my diploma had connection and placement cells with various companies in this domain. Also, I was able to connect with the ex-students to help understand how their job hunt went and the companies they ended up taking the job with. Through this networking, I was able to land a job with a company that offered back-end operation services to financial advisors in the US. There were multiple rounds of interviews from general to technical to demonstrating the ability to dissect and comprehend data and use of business statistics and understanding portfolio management techniques in solving real life problems. Though this job was still not exactly what I hoped for, it still was in the same direction as I wanted to see myself growing from a career standpoint.
After working with the company for about 5 years, one of the financial advisors I worked with extended an offer for me to come to the US and work directly with him instead of having my time, knowledge, and resources being dispensed among other advisory practices I used to support at the time. This is when I knew that it would be a significant boost to my career working directly with clients, which I was unable to do in my current role. At the time, I was working with around 30-35 financial advisors and about 40-50 of their staff members with the Advance Advice Team I used to head. Having made connections with different people and surrounding myself with folks from the industry really propelled my search for an ideal position in this domain. Had it not been for the connections and network I was able to build at my job then, it would have been difficult and tedious to find the opportunity I was presented with.
After coming to the US, it still was not a cakewalk for me to start offering services to clients directly. It took me about 2 years to be fully certified while I continued to assist the financial advisor with administrative and para-planner duties. With that, it now has been about 13+ years in this industry and I still cannot get enough of what I do. The ever-changing and dynamic nature of my job keeps me motivated to continue to learn, enhance, and deliver on the responsibilities and reliance I have been entrusted with.
What would you tell your younger you regarding building your current career?
I was to a certain extent an introvert person. With that, many people ask me how I can do what I do since my job involves seeing a lot of people, talking with them, offering financial guidance, and collaborating with other stakeholders and professionals. This did not come easy, and I had to make a shift in my personal behavior and keep it separate from my professional behavior. If I were to go back and tell my younger self the one thing to do differently would be to open up to meeting people, and new experiences, expanding my horizon beyond not being willing to openly share. Had I been the new person I am today; I would have landed a job very early in this line of business.
Final thoughts & tips
A career in the financial services industry is fulfilling, knowing you can make a difference in other people's lives through your actions and guidance. We have had a client who came to us on the verge of bankruptcy to now planning their first world cruise. This career has also allowed me to integrate the same practices in my personal life as I would recommend to others making me more financially wise than I was a few years ago. In this or any career, the key is to continue to hone your skills, learn new ones, and most importantly be able to pass them on to others. Keep in mind though, as much as you would love to see yourself excel in any career, but mindful of keeping some time for yourself and reflecting on your actions.
Resources to dig in more
CFP
CFP to keep yourself updated on the latest industry insights, reports and statistics, and all things revolving around personal financial planning. Certified Financial Planner™ (CFP®) is the highest certification in the personal financial planning industry.
Financial Advisor Magazine
Financial Advisor Magazine is known for being a critical part of the financial advisory toolkit when it comes to identifying sophisticated planning strategies and best practices. The Financial Advisor approach is designed for marketing to and understanding affluent clients, while also giving advisors resources to build their firms.
Wall Street Journal
The Wall Street Journal is a source of news and information through the lens of business, finance, economics and money, global forces that shape the world and are key to understanding it.
Bloomberg Markets
Bloomberg Markets is another great source of information and data surrounding markets, economics, industries, tech, and politics.
