You maintain the checkbook and the household budget and pay all the bills. Not only do you like the job — but you’re also really good at it. Perhaps it’s time to consider turning that personal talent into a professional career as a financial planner or advisor.

Financial planners are the ultimate quality-of-life specialists. They help individuals and families assess their current financial situation and plan for the future. They might offer a wide range of options to assist them in reaching their short- and long-term goals, as well. Some financial planners specialize in specific areas such as estate planning, college-funding options, or risk management.

To conduct business, planners usually meet face-to-face with clients to obtain information about their status quo, risk tolerance, and goals. After assessing the situation, planners then discuss potential problem areas with the client and make suggestions for improvements. They also can recommend financial products or services that could help clients reach their goals.

Planners and clients can meet on an annual or semiannual basis or anytime there is a change in the family demographic, such as a new baby, a retirement, a disability, a marriage, or a divorce.

Being a financial planner or advisor is a career path well suited to spouses living a mobile military lifestyle, because wherever you go, your career can go with you.

“I wake up every day and look forward to going to work,” says Kelly Buchfink, a military spouse of 12 years who has been a financial planner for the past six years.

“Every single day I have the opportunity to make a positive difference in the lives of others. To me, that is huge,” she said.

Successful financial planners are mature, highly people-oriented, outgoing, and assertive. They are unafraid of challenges and hard work. They have excellent communication skills and are able to explain complex strategies in everyday language. In some cases, planners work on a commission-only basis; others work for salary plus commission. They might work as an employee of a particular company or as a sole proprietor. In either setup, the planner has a relationship with a broker. Income potential is excellent, and the job outlook is promising with more people turning to financial planners rather than their employers to assist them in retirement planning. According to the Bureau of Labor Statistics, the latest reported median annual earnings of personal financial advisors came to $62,700. That figure, however, can vary significantly from planner to planner.

“I work as hard as I want to, and how hard I work determines my income,” says Buchfink, adding that grossing $100,000 or more the first year is not uncommon for some who choose this path. Planners also might receive bonuses in addition to their salary and commissions based on how well they do in their sales.

“It’s not just about the money, though. You have to have a passion for what you do, and you have to be sincere about helping people in their lives. Clients will know it if you are just in it for the money,” advises Buchfink.

Financial planners are essentially self-employed and must know how to run their own businesses. This includes knowing how to operate and grow an enterprise.

“You have to be an excellent record-keeper and scheduler. You have to know how to prepare cash-flow statements and process the employee payroll if you have anyone working for you. You have to have an employee identification number and comply with state and federal income tax laws,” says Buchfink.

In addition to managing the paperwork, you have to have a solid client base and the ability to attract new clients. This is where your networking skills come into play big time. Without positive referrals, you can forget growing your business.

Depending on your agreement with an associated broker and on specific state licensing requirements, you might be able to service your clients from wherever you are stationed.  

Financial planners are not required to have a college education or a license to work; however, there is no disputing the fact that those two items are big selling points for attracting potential clients. Also, planners and advisors who wish to sell stocks, bonds, mutual funds, insurance, or real estate might need licenses. 

Generally speaking, a bachelor’s degree in accounting, finance, economics, business, math, or law provides a solid basis for entering this field. Any type of coursework related to financial planning is helpful to have under your belt.

To make yourself even more marketable in this field, consider earning the designation of Certified Financial Planner, often abbreviated as CFP. This credential is issued by the Certified Financial Planner Board of Standards Inc. and requires that you possess at least three years of relevant full-time work experience, have a bachelor’s degree in any field of study, adhere to a code of ethics, and undergo a background check  — and pay your fees. Before being awarded the credential, you must pass an examination that tests your knowledge on a variety of subjects to include the financial planning process, insurance and risk management, employee benefits planning, taxes and retirement planning, and investment and estate planning.

Another option for planners is to obtain a credential of Chartered Financial Consultant, often abbreviated as ChFC. This credential is issued by The American College after successful completion of eight courses.

Janet Farley is author of Jobs and the Military Spouse (Impact Publications, 2004) and The Military-to-Civilian Career Transition Guide (Jist, 2004). She also writes a career advice column for the Stars and Stripes newspapers.