Investment Consultants provide investment advice to public and private entities. They can also help you prepare for life events, such as buying a home or a car. The services of investment consultants are needed by individuals, companies, public agencies, communities and other organizations. They offer a broad spectrum of financial services, such as designing retirement strategies for large companies, arranging audits, managing collective investments, and giving individual asset allocation guidance. These consultants can also help people who have lost their jobs due to economic circumstances. In many cases, they act as intermediaries between employees and management.
Most personal financial planners work independently, while investment consultants generally work for a firm or organization, which employs them on a contractual basis. The majority of investment consultants work in the fields of insurance, banking, real estate and investments. Most work with groups of clients, while some work independently. Most specialize in a specific area such as family planning, asset protection and retirement accounts.
All investment consultants have a set of professional qualifications. Usually, they have bachelor’s degrees in business or economics, but many have master’s degrees as well. They typically hold strong credentials in accounting, finance, statistics, investment management, estate planning, asset management and portfolio analysis. Depending upon the specific area of expertise, they may also have specialized certifications such as those found with the American Planning Association or the National Association of Security Dealers.
Many investment consultants may seek to start their own practices. In most states, they need to be licensed through the state securities regulators. Others may become full-time employees of brokerage firms. However, some choose to start their own consulting firms after obtaining a college degree and working for several years in the field.
Investment consultants earn a commission on the assets they manage for their clients. Some also receive an annual bonus based upon the performance of their clients’ funds. However, they are not allowed to recommend any specific investment products. This would include products involving financial planning, like retirement and wealth management. Consultants are only allowed to discuss products which are suitable for their client’s needs.
A number of investment consultants operate online. These firms connect people who have similar professional goals. The firms help the clients manage their money by providing them with information about their options, developing investment plans, and helping them make financial decisions. As part of their service, these firms provide investment guidance. Some well-known money managers and investment consultants include Robert Kiyosaki, Charles Kiyosaki and Todd Rosenbloom.