According to a 2011 study by a local life insurance company. most Filipinos don't know enough about investing, following a budget or making a financial plan. They know that they need to save but its not worked into budget. Where there are savings it is normally seen as an end in itself instead of as a means to an end.
Regina E. Kibir, 66, is a certified public accountant who has practiced financial advising for more than 20 years, and finds it both a profession and responsibility whenever she gives advice. Financial advising is more than about money, she says. "As a financial adviser, you are part of the client's success and failure. As much as possible, supervise them and give the best help. I dig deeper until I get a lot of data about them, even down to their behavior."
Knowing about bookkeeping and accountancy can help people become financially literate, but even accountants fail at financing when they are just focused on money matters and forget the business world at large. "I had clients that wanted me to be their internal financial adviser. They were hard workers and knew how to make money, but they didn't know how to make it work for them," Kibir says.
How to become one
Involvement in business like banking and selling insurance has some financial literacy training worked into it, and so do college courses like business administration and accountancy. Some financial consultants get by with business savvy and experience and build a reputation and client base through referrals.
Still, if you want to get into business of financial consulting, getting trained and certified gives you a competitive edge. Self-regulating bodies like the Registered Financial Planners Institute (www.rfp-philippines.com) and the Institute of Financial Consultants (www.ifcphilippines.com) offer training and certification.
It is not uncommon for individuals to enter into financial advising as a second or third job. Competition in the field may be stiff, but the rewards--both financial and personal--can be very fulfilling."If the advising involves a multimillion project or transaction, it is common to ask 3 percent to 8 percent of the project cost," Kibir reveals. And where there are satisfied costumers there are repeats and referrals. She says she get clients just by word of mouth. "Satisfied clients make good advertisers."
Keeping your edge
People in finance know that the market is fickle and that investments strategies should be dynamic. But what can catch even financial advisers unaware is how fast the rules of the game change. "I don't assume to be a know-it-all. I need to be updated. "Surefire solutions' of yesteryear may be inadequate today," says Kibir. So it pays to keep learning.
She warns against antiquated financial advice that does not take into account new trends like e-commerce and social networking. When these avenues are ignored, startups become a formidable threat and may even overtake established players.
Source: Entrepreneur Magazine
Regina E. Kibir, 66, is a certified public accountant who has practiced financial advising for more than 20 years, and finds it both a profession and responsibility whenever she gives advice. Financial advising is more than about money, she says. "As a financial adviser, you are part of the client's success and failure. As much as possible, supervise them and give the best help. I dig deeper until I get a lot of data about them, even down to their behavior."
Knowing about bookkeeping and accountancy can help people become financially literate, but even accountants fail at financing when they are just focused on money matters and forget the business world at large. "I had clients that wanted me to be their internal financial adviser. They were hard workers and knew how to make money, but they didn't know how to make it work for them," Kibir says.
How to become one
Involvement in business like banking and selling insurance has some financial literacy training worked into it, and so do college courses like business administration and accountancy. Some financial consultants get by with business savvy and experience and build a reputation and client base through referrals.
Still, if you want to get into business of financial consulting, getting trained and certified gives you a competitive edge. Self-regulating bodies like the Registered Financial Planners Institute (www.rfp-philippines.com) and the Institute of Financial Consultants (www.ifcphilippines.com) offer training and certification.
It is not uncommon for individuals to enter into financial advising as a second or third job. Competition in the field may be stiff, but the rewards--both financial and personal--can be very fulfilling."If the advising involves a multimillion project or transaction, it is common to ask 3 percent to 8 percent of the project cost," Kibir reveals. And where there are satisfied costumers there are repeats and referrals. She says she get clients just by word of mouth. "Satisfied clients make good advertisers."
People in finance know that the market is fickle and that investments strategies should be dynamic. But what can catch even financial advisers unaware is how fast the rules of the game change. "I don't assume to be a know-it-all. I need to be updated. "Surefire solutions' of yesteryear may be inadequate today," says Kibir. So it pays to keep learning.
She warns against antiquated financial advice that does not take into account new trends like e-commerce and social networking. When these avenues are ignored, startups become a formidable threat and may even overtake established players.
Source: Entrepreneur Magazine
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