Financial Advisor

Tips for the Young Professional Who Is Considering Becoming a Retirement Management Advisor

We all know that there is a massive problem with how we approach retirement. It’s something that is coming sooner rather than later for everyone and it’s something that needs to be addressed sooner rather than later. If you are someone who wants to make a career out of helping people manage their retirement, you may want to look into becoming a Retirement Management Advisor (RMA).

This is an emerging field and one that will only continue to grow in the coming years. Since this role requires so much specialized knowledge, it can seem like a daunting task to take on while also trying to balance your personal life or other career goals. However, if this sounds like something you would be interested in, here are some tips for you as you move forward.

What exactly is a Retirement Management Advisor?

A Retirement Management Advisor essentially helps people manage their retirement accounts. This can be through advice on the best retirement account for a client or assistance with the actual account itself. RMA’s generally work with individuals who are looking to save for retirement through an employer-sponsored plan such as a 401(k) or 403(b).

They also may work with individuals who are looking to save for retirement through an IRA. RMA’s work in a variety of capacities, from working full-time for an employer helping their employees save for retirement through a plan, to working as a consultant helping individuals decide on and set up the best account for them.

How to become an RMA?

If you are interested in becoming a Retirement Management Advisor, the first step is to make sure you have the right background and the right education. For the right background, you need a relevant financial background and experience. This will depend on the type of work you want to do but can include things such as being an investment analyst or working in financial services in a sales or advisory role.

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You will also want to make sure that you have at least a bachelor’s degree, with the vast majority of employers looking for either a bachelor’s degree in business with a focus on finance or a degree in a related field such as economics or math. Having the right education is important, but it is also just as important to build the right skills and experience.

It will also be important to build your network as you move forward. This can include things such as volunteering with organizations, joining a trade organization such as the American Retirement Association, or taking advantage of networking opportunities such as conferences, seminars, or webinars.

3 steps to becoming an RMA

Decide if this is the right career path for you. While this is the first step to any career, it is especially important to make sure this is the right fit for you. Make sure you have all the right qualifications and experience. If you don’t have what you need yet, now is the time to get started. Begin building your network.

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This is so important for any career, but especially for a new and emerging field such as this one. Reach out to people in the field to find out how you can get involved, who you can talk to, and how you can learn more about the field.

2 things you must know before becoming an RMA

First, you must know that this is a career path that can be very rewarding, but it is also a very challenging one. It will take a lot of hard work and perseverance to succeed in this field, and there will be times when you will encounter challenges. You must be prepared to face these challenges head-on.

Second, you must know that this is a very competitive field. There are only so many positions out there, and far more people are interested in this career path than there are positions available. This means you need to be prepared to put in the work to set yourself apart from everyone else who is interested in this career path.

3 more things you need to know before becoming an RMA

Retirement planning is not a one-size-fits-all process. For any individual, retirement planning is unique and will depend on factors such as their salary, how much they have saved, their expected lifespan, how their investments are performing, and more. This means there is no one-size-fits-all solution for an RMA and each day could bring something new and different.

Retirement planning is a process that must be constantly monitored and updated. This means that while it is important to have a strategy when you begin this process, it is also just as important to revisit that strategy and make sure it is still the right fit for you. This also means that even if you do have the right strategy, your retirement planning must be a constant, lifelong process that you never stop working on.

Retiring is not the end goal of retirement planning, it is simply the beginning.

Wrapping up

If you are interested in the field of retirement planning, becoming a Retirement Management Advisor may be a great fit for you. While this is an emerging field, it is also one that will only continue to grow as baby boomers continue to retire and millennials continue to get closer to retirement.

If this sounds like something you would be interested in, make sure you have the right background and the right education before you move forward. Then, follow these three steps to start your journey toward becoming an RMA.

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