Mack Prioleau on Considerations Businesses Make when Choosing a Financial Analyst

The role of the financial analyst is incredibly important and these professionals must take their responsibility seriously. Financial analysts like Mack Prioleau I have identified a number of Key things businesses tend to look for in there analysts. He feels that it is important that businesses look for these qualities because of the high levels of responsibility does an analyst holds. It is particularly important that businesses investigate the potential skills and credentials of the analysts if they are not a CFA (Chartered Financial Analyst).  Having CFA designation almost instantly proves skill.

Mack Prioleau Advises Businesses on Key Strengths of a Financial Analyst

A good financial analyst should have extensive planning credentials. The CFA designation previously mentioned is a good one but so is the CFP (Certified Financial Planner) and the PFS (Personal Financial Specialist) Having any kind of credentials means that the individual is committed to being the best it can be.

Financial analysts should also be experts in their subject matter. Often, they choose a specific area of finance to focus on and obtain credentials in those areas. For instance, they could be focused on accounting, taxes, budgeting, investments, and so on. It is important to understand that anyone who sells securities or focuses on investments and anyone who files reports with the SEC (Securities and Exchange Commission) must be certified.

Furthermore, a good financial analyst should be able to specialize in certain types of clients. It is quite common that the best ones pick a very specific profile. For instance, they may focus on a certain stage of life, those who hold certain professions, those who have a certain amount of net worth, and so on. While some people think that taking on this type of specialization is limiting, the reality is that it proves that they are highly knowledgeable in relevant areas.

If a financial analyst is brought in for a certain project rather than a permanent member of staff, the business should also look for a transparent fee structure. Some financial analysts charge fees for their advice, offering a flat fee either for the project or per hour. Others will also add other financial incentives such as referral fees and commissions. Generally speaking, financial analysts who only charge a flat fee to be the most unbiased because it means that they cannot earn more by working in a different manner.

Finally, the financial analyst should be available. It is quite common for organizations to require the skills of these types of professionals quite immediately, so there is no point finding the best analyst around if they are incapable of coming into the business straight away. On the other hand, availability should not override quality of work. At the end of the day, finances are the bread and butter of any business and it is not possible to cut corners in this. Thankfully, many good financial analysts also have high availability and can come into a business as and when required.

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