To be a financial planner in the world of banking is serious business. Financial planners are there to help with matters like assets, insurance, and proper money management.
They are different to financial advisors (retail, personal, private and business bankers), because they don’t deal with the day-to-day financial management of clients – they help people with the big changes in life, like when you:
get married (and suddenly have to merge your finances)
have children (and have to plan for their future)
get divorced (and have to pay maintenance)
plan for your retirement
face a financial crisis
buy or sell your house, business or any other property (and need advice and information on the tax implications)
get an unexpected financial profit or gain (and you need advice on the best ways to invest), or
have lost a loved one (and need to make quick financial decisions during a time of trauma).
While financial planners work hand-in-hand with various other financial advisors, financial planners will gather your personal and financial information and use it to make recommendations unique to your situation. It is a strategic and specialised role that requires a business degree (in economics, accounting, commerce or even marketing), together with a financial planning qualification that is line with the regulations of the Financial Services Board in South Africa.
Financial planners determine their own career success. At Standard Bank there are executive roles in financial planning, supporting various business units of retail, personal, business and private banking, as well as wealth divisions. Having a passion for people and a genuine inherent ability to want to help people is one of the cornerstones of being a successful financial planner, and this ‘people’ factor is tested through many rounds of interviews, together with the required qualification.
Financial planners could of course also ‘privatise’ and become entrepreneurs with their own businesses with unlimited earning potential.
To find out more about a career at Standard Bank, vsit our careers site or catch up with one of our financial planners in the video below: