Narrative of a “professional financial planner” career  responsibilities, & duties,
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Narrative of a “professional financial planner” career responsibilities, & duties, Document Transcript

  • 1. Narrative of a “professional Financial Planner” career- Responsibilities, & Duties, Summary: Financial planning designations offered by the insurance and accounting industries, respectively. Even if your planner has one of these designations, you're not home free. It generally takes years of experience and ongoing education not to mention integrity and ethics to become a truly good planner A financial planner helps the client in risk management by assisting him/her in choosing suitable insurance schemes. He helps plan for future by providing well-suited investment options. A financial planner helps the client ensure financial independence on retirement What is financial planner? A financial planner is a professional who helps a person deal with his/her financial issues. A financial planner helps a person in areas such as personal financial planning, investment planning, risk management and insurance as also his/her cash flow management. About the financial planner A personal financial Planner is entrusted with the job of evaluating the performance of companies or that of a portfolio of securities and providing valuable guidance to individuals regarding the suitability of investments. In other words, a financial Planner is responsible for asset management and financial planning. Analysis and forecasting as well as budget and grant preparation and accounting. The incumbent will prepare periodic budget vs. actual analyses, will monitor and analyze research grant spending and plans for future spending, and will prepare financial reports for funding agencies Financial Planner Career Overview: A Financial Planner advises individuals on setting personal financial goals and strategies. Many work independently or in small firms, though larger financial services firms either are adding Financial Planners to their staffs or are insisting that their Financial Advisors (or Financial Consultants) also become certified as Financial Planners Education: A Bachelor's Degree is expected for a Financial Planner. Coursework in finance, accounting and/or economics is helpful, though not required. Strong quantitative and analytic skills are essential. An MBA may be valuable in the hiring process, depending on the firm. Certification: Requirements to function as a Financial Planner vary by state. Even in jurisdictions where it is not mandated by law, passing the exam to become a Certified Financial Planner (CFP) is highly advisable. The CFP designation increases credibility and marketability, both to employers and to clients.
  • 2. Generally Salary Range: As per the Princeton Review, average salaries for Financial Planners can range from $20,000 starting to $40,000 for those with 5 years' experience, to $90,000 for those with 10-15 years’ experience Responsibilities & Duties of a professional Financial Planner: Under the direction of the Chief Technology Officer, this position provides planning, guidance, and oversight of the IT department’s budget development, license and asset management, legal and contractual adherence, performance monitoring and improvement, operational and financial reporting, and internal financial controls. The position serves as a high-level advisor on a broad range of financial and management matters for the department. The position directly supervises clerical staff, and provides indirect guidance to staff department-wide. This is a “hands-on” supervisory position in a diverse and fast-paced environment. What are the duties of a financial planner? Duties and responsibilities of a financial planner are as follows A Financial Planner helps clients create personal budgets, control expenditures, set goals for saving and implement strategies for accumulating wealth. He or she may have working relationships with Financial Advisors, Investment Managers and/or Mutual Fund Companies, utilizing these specialists for the actual investment of their clients’ funds. The job requires keeping current about developments in financial products, tax laws and strategies for personal financial management, particularly with respect to retirement plans and estates. Success also requires sales ability, both in the acquisition of new clients and in the development of new ideas to improve the financial situation of existing clients. A financial planner studies the different aspects of the financial picture of his/her client and provides a suitable financial solution. Some financial planners deal with the various facets of personal finance, while others specialize in fields like risk management or retirement planning. The job of a financial planner can be described by means of a 6-step process given by the ISO. • The first step is of setting financial goals with the client. • The second step includes the gathering of relevant financial information from the client. The •Third step is of analyzing the gathered information, which is followed by the creation of a financial plan. •The last two steps include tasks such as implementing the plan’s strategies and monitoring the implementation of the plan. Financial planning is one of the most speedily growing industries as it deals with the management of the most important means of living, which is money In Details:
  • 3. The primary responsibilities of this role are to provide the financial information and associated analysis necessary to manage and optimize company manufacturing performance. This is a global role and reports to the Commercial Finance Director of the company with dotted lines to two other senior corporate officers. The selected candidate must be willing to proactively engage with senior managers to constructively challenge them in the development of their plans and to assist them in managing performance to deliver these plans. Specific responsibilities include A. Budgeting, Forecasting and Planning 1. Coordinate the production of a zero-based, bottom-up Annual Budget and long range company plan for the various manufacturing locations 2. Co-ordinate three in-year re-forecasts to the same level of detail as the annual budget 3. Ensure all manufacturing locations update monthly full year forecasts 4. Ensure that the numbers produced by the Global FP&A team are recognized throughout the organization as the ultimate reference point B. Performance Management 1. Work with global functional leaders of Commercial Finance, Operations, Supply Chain and IT/MIS to identify. 2. Continuously monitor and improve the quality of the Period Management Accounts (PMA) report in order to ensure that relevant, actionable information is headlined. 3. Coordinate the monthly PMA review process, ensuring insightful commentary and analysis is delivered in standardized form, from all manufacturing locations 4. Provide monthly analysis and commentary on the company’s operations consolidated financial and commercial performance, for distribution to senior management, in the form of a monthly performance pack C. Decision Support 1. Driving appropriate financial disciplines, developing financial capabilities and providing training, coaching and mentoring of finance skills to non-finance management 2. Contributing to the development of appropriate management information systems and reporting The FP&A manager must establish a collaborative working relation with his/her peers and other members of the Global Finance Team, comprising other members of the Commercial Finance team, Group Financial Control; regulatory, legal, fiscal and socio- economic developments. At a glance: 01. Approves payments, purchase authorizations and other financial transactions to ensure compliance with staff rules, financial rules and implementing instruments /authority. 02. Supervises the preparation of the end of month accounts before forwarding them to Headquarters;
  • 4. 03. In close coordination with Field/Sub Offices/Programmed Section, maintains a system to monitor and forecast cash requirements to meet administrative and project expenditures. Establishes monthly cash requirements for the office and requests timely replenishments from Headquarters. 04. Constantly reviews banking arrangements to ensure timely transfer of funds and minimize exchange loses and bank charges; 05. advises the head of office on all budgetary and financial matters; 06. Briefs new staff members or staff assigned to the Field on finance matters; 07. In close coordination with Field Offices, coordinate replies to finance related audit comments 08. Normally supervises and coordinates the work of GL staff; 09. Undertakes other duties as required. 10. Performs other duties/projects as assigned/required Conclusion: To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Previous experience accounting for grants and contracts (Government, Foundations and Private) is required. Must be self motivated with the ability to work independently and to deal with complex accounting issues with little supervision Familiarity with government grant guidelines