Specialists who deal with estate planning are usually referred to as financial planners or financial consultants. These workers use their knowledge of investments, tax laws, and insurance to help recommend different financial options to their clients in accordance with their short-term and long-term goals. In addition to estate planning, financial planners also address other issues such as retirement, funding for college, and other general investment options. These professionals offer advice on a wide range of topics. However, some specialize in one of these specific areas.
In estate planning, the advisor will consult with the client regarding their finances and financial goals. The advisor will then develop a comprehensive financial plan that helps identify problem areas, makes recommendations for improvement, and selects appropriate investments that would be compatible with their client's goals and other factors. After verbally giving advice to their client, these professionals usually meet with their clients at least once a year to update them on potential investments and to see if their clients have been through any life changes such as marriage, divorce, disability, or retirement. These issues could affect their client's financial goals. In addition, some workers who deal in estate planning may buy and sell financial products such as mutual funds or insurance.
Employers require estate planners to have a bachelor's degree. They usually do not require a specific field of study, but a degree in accounting, finance, economics, business, mathematics, or law will provide good preparation for this type of occupation. In addition, courses taken in the areas of investment, tax, and risk management would also be helpful in this career.
Publish date: February 10, 2011