Career as a Financial Advisor can be very lucrative, and as well as competitive.  Understanding the financial advisor requirements and what it takes in becoming a financial advisor is the first critical step.

Today, most financial advisors have a college education and have a good understanding of the complex financial markets and a good command over financial subjects in general. However, in view of the ever-growing complexity of the financial industry, a good grasp of the economy is essential to conduct technical financial analyses. This is an integral part of the job of a successful financial advisor. You must also be able to build deep relationships and gain the trust of your clients.

Financial Advisor Licensing Requirements

Obtaining a license is a must for a financial advisor career. To qualify for the license, there are specified examinatoin that need to be taken and passed. Once the license is obtained, it becomes eligible to represent clients. The license is issued by the state, though there may be some minor differences in the licensing requirements of different states. It is common that most states require applicants to be sponsored by a brokerage firm, such as American Express or Fidelity.

Financial Advisor Licensing Examinations

The licensing examination is conducted by 'National Association for Security Dealers' or the NASD. The examination is also referred to as the General Securities Registered Representative Examination or the Series 7 Examination. After passing this examination, the candidate is expected to work with a registered brokerage firm for at least four months, before they can work independently. Many states require the advisor to pass a secondary examination. This is known as the Uniform Securities Agents State Law Examination. This examination is designed specifically to test the candidate's general knowledge in securities and stock business and knowledge and understanding of customer protection laws, procedures and liabilities. It also covers record keeping and administrative procedures.

Although in-person training classes are available, the mode of study preferred by most candidates is through the Internet or correspondence courses.

Average Salary Of A Financial Advisor - So what is the earning potential of a financial advisor

Career as a financial advisor does have its share of risks; any career where you are solely working on commission can be risky. The fact remains that people who choose to pursue a career in this field are usually possessed with a strong belief in the success rate and work independently only after they have gained in-depth knowledge of the business. Brokers that are new to the business can benefit by approaching clients of large firms, as well as friends and family. A great number of the client base of a financial advisor is won through referrals.

Successful career as a financial advisor takes a great deal of persistence - you simply can't take 'no' for an answer, particularly when you are just starting out in this business. However, once you are well established in your career, your earnings can rise well into the six-figure range and higher.

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Retailers willingly spend millions of dollars studying consumer buying behavior and understanding the consumer buying motives. With short margins and large amounts of inventory, any retailer worth his salt would be crazy not to pay attention to what consumer buying motives. He also needs to know what turns off consumers, so he can avoid losing customer sales. So just what sort of information are retailers willing to pay to know so as to plan the consumer behavior marketing campaign?

Shopping at the grocery provides a good snapshot of the sort of consumer buying behavior data gathered in these studies. Every grocery store has weekly sales data. Everyone loves a sale, right? These days, food is costly and consumers are looking for ways to save money. Let's say you see chicken is on sale at the ABC grocery. It's a good buy and almost every customer eats chicken at least once a week. Consumer buying behavior indicates that if he can get you into the store to buy the chicken, which he may just be breaking even on, it's likely you'll do all your shopping there. Thus the grocer can make up his loss on chicken profit with regularly priced produce.

When you do your grocery shopping, you're probably running a number of other errands as well and you don't want to make a day's work of it all. When you reach for a jar of mayonnaise, the jar right in front of you, at eye level, is the one you're most likely to put in your basket. This is a well known consumer buying habit. What you may not know is that an equal quality, but cheaper mayonnaise is sitting on the lower shelf.

Here's another example of a consumer buying habit we all demonstrate: there you are at the checkout, waiting your turn. You've got the kids with you. Since you have nothing to do but wait, your eyes fall on what's before you - magazines, little recipe booklets and candy. The kids start nagging you for a candy as you peruse that recipe booklet. Neither item was on your store list, but impulse strikes just as you're heading to the cash register. The result? A couple more items are tacked on to your burgeoning bill.

With all we have to do on shopping day, few of us will make a separate stop at the discount store for shampoo. Grocers know of this consumer buying behavior too. You'll typically pay 75 to 100% more for the shampoo at the grocery over the discount store price. You probably never even thought of it, but the consumer buying behavior studies reveal this fact to the grocer who pays for this information.

Next time you are out shopping, take a closer look at how the goods are organized and displayed. You'll probably gain a fresh perspective on how retailers market the products and sell to you, the consumer.

Tags: consumer, consumer buying behavior