The Philippines is an emerging economy and has been a major destination for Overseas Filipino Workers. A Financial Advisor for OFWs is growing in demand as the Philippine economy continues to grow.
They provide financial advice to the OFWs, who are employed abroad and send money back to their families in the Philippines. In order to become a financial advisor for OFWs, you need to have a degree in finance or accounting and be fluent in English.
Those Financial Advisors for OFWs are expected to provide financial planning for their clients, advise on important changes in their life and finances, and develop a long-term plan to meet their goals. Some of the work that the advisors might be required to do includes: Financial Advisors must also be willing to work long hours and travel extensively.
What is an OFW?
OFWs are the backbone of the Philippines. They work hard to provide for their families back home. These workers are often away from their families for months and even years at a time. They take on jobs that require them to be away from their family and friends, sometimes for years at a time. OFWs are often unskilled laborers that work in dangerous conditions. They may not have any formal education or training, but they are still able to provide for their families back home in the Philippines.
What Does a Typical Day Look Like for a Financial Advisor for OFWs?
Financial advisors for OFWs work to help the OFWs who have worked abroad and have returned to their home country. They provide advice on how to manage their finances and prepare for retirement, as well as help them with the repatriation process.
A typical day for a financial advisor for OFWs is spent helping out the OFWs in various ways – from providing financial advice, helping them with the repatriation process, or even providing legal assistance. Some of the many responsibilities of a financial advisor for OFWs includes:
- Helping OFWs with the repatriation process
- Providing advice and support on how to manage their finances
- Providing help in managing their investments and retirement planning
- Helping them apply for social security benefits at home
- Providing legal assistance
- Conducting seminars and workshops to help OFWs understand their rights and how to protect themselves from scams
- Helping them find employment opportunities in their home country
- Providing education on retirement planning, investing, social security benefits
The role for a financial advisor for OFWs is not limited to just the above tasks. Many financial advisors are already working with Overseas Filipino Workers.
The Skills Necessary to Become a Financial Advisor for Overseas Filipino Workers (OFWs)
Financial advisors for OFWs are the ones who provide financial and investment advice to Overseas Filipino Workers (OFWs). They are responsible for managing the finances of their clients, which includes helping them with their investments and providing assistance on how to manage their money.
The skills necessary to become a financial advisor for OFWs include a bachelor’s degree in finance, economics, or business administration. Knowledge of basic accounting principles is also needed. Skills in communication, interpersonal relations and computer skills are also needed for this career. The knowledge of basic accounting principles will allow the financial advisor to understand how investment portfolios are monitored and managed.
The finance degree will teach students about investing and economics, which is important as analysts must be able to understand the financial markets. Knowledge of statistics is a must for understanding investors’ risk levels. Finally, effective communication skills are needed because it’s important to be able to explain complex financial concepts in plain language that OFWs will understand.
How Much Does Becoming a Financial Advisor From Overseas Filipinos Pay?
Financial advisers help overseas Filipinos and their families in the Philippines get through the financial hurdles. They are a great resource for OFWs and their families. Becoming a financial adviser is an excellent and rewarding career for those who want to help OFWs with their finances. This job is not easy, but it pays well, and you can work from home or anywhere in the world, as long as you have an internet connection. Earning minimum wage, Average yearly income for financial advisers: $30,000-60,000. Top earners makeover $200,000 per year.
Financial advisors are responsible for providing advice on how to manage their clients’ finances. They help people with their financial decisions and offer guidance on how to save, invest, and plan for the future. If you would like to learn more about OFW investing content, please visit OFW Investing!