Registered Investment Advisors and the GIG Economy
As an Accountant or a Public Accountant, it takes a lot of diligence and commitment to become a certified and professional financial manager that is a Registered Investment Advisor. Becoming certified would include having to place specialization over the various skills that you have acquired over your years of experience. Your skills compared to your level of experience sums up your presumed value to your audience, who are mostly affluent clients that are willing to plan and put structures to their finances. The types of clients that reach out to you are consequently subject to either your sphere of influence or in recent times, your online networking strength.
Technology has thereupon digitalized all forms of services. This would mean that as a service provider, you either directly offer your services remotely or get an invitation to work physically. This is largely dependent on the type of service you are willing to offer. As a service provider, your skills could also be accessed via third-party or intermediary agencies that link, coordinate, and manage services and get paid through commissions for doing so.
This has encouraged the global networking of service providers and their prospective clients. Invariably it has helped many service providers to understand the importance of self-development and a willingness to attain professionalism. Most importantly it has eased off pressure from working in offices for those who are not comfortable with that idea.
Hence, the birth of the GIG economy! This is an online service provider work structure that encourages flexibility, dynamism, and professionalism. Here, freelancers all over the world build their profiles to suit the quality of the skills and services that they are willing to render for agreed amounts. Service providers are also referred to as GIG workers. In this case, as a Certified Accountant and a Registered Investment Advisor, you can use this to access good opportunities and also create a strong network in your field.
The truth is, most affluent clients already know what they want and there is not much convincing that you can do to make them patronize your skill. Consequently, this implies that at every point or the other, you need to widen and boost your proficiency in every skill that you put forth to your prospective clients. The productivity of GIG workers has greatly influenced their work modules and structures, which has generated one of the fastest-growing economies in the world.
The GIG Economy and its Proliferation
Globally, individuals all over the world sign up daily to be freelancers or GIG workers. A lot of people have seized this great opportunity to showcase their prowess in their various fields. This has helped them to gain both physical and remote clients and enhanced their finances. The GIG companies earn commissions from each of the service providers on their platforms. The GIG economy has grown significantly over the years and the tax payments for many GIG companies have been greatly reduced by the government, as means to encourage the growth and stability of the GIG economy.
Invariably, the GIG economy is now stable and one of the most profitable businesses in the world, as its economy is now billions of dollars strong. This implies that the tax policies for GIG workers would have to be updated and inclusive of every service provider such that the country’s revenue can also improve significantly. The payment of tax by all GIG workers would enhance tax transparency and would supplement or boost the Federal Government’s revenue.
The GIG Economy and its Growing Concerns
Initially, when the GIG Economy had not gained a strong foot in the Federal Economy, there seemed to be no need for the collection of data from GIG companies. Hence, over the years, the Federal Government has lost touch with details on the economy of GIG companies. There have been no records for employment and tax payment. Consequently, it has become increasingly difficult for the Federal Government to access the data they need to formulate policies for GIG companies. It is therefore pertinent for GIG companies to give sufficient data to the government for proper structuring, accountability, transparency, and policymaking.
The GIG Economy and its Advantages
Despite the several challenges that GIG companies have from the Federal Government, the GIG economy has proffered more vivid advantages to the economy. It has also solved the problem of unemployment as jobs are now a click away. This has enhanced wealth circulation all over the world, as selections are strictly skill-based and result-oriented. Staying relevant as a GIG worker becomes your sole responsibility.
In this case, as a Public Accountant, one of the ways to attaining certification and enhancing your professionalism and portfolio is self-development. One of the essential steps to self-development would include, taking some professional courses or certification to boost your skillset. Having to know what is required to boost your skillset is therefore cogent.
You don’t want to waste time doing unnecessary courses that do not boost your relevance or productivity— you want to make all your efforts count. Consequently, it is advisable to equip yourself with knowledge on courses that would enhance specialization. Arrowroot Family Office (AFO) is a certified professional finance firm that has contributed to the growth of Accountants all over the world.
AFO initiated the Wealth Management Forward course, which helps you to attain various heights of professionalism within the financial management field. The course enhances certification among Accountants or Public Accountants and you could become a Registered Investment Advisor, drawing affluent clients to your firm. These services could vary from drawing out financial plans to the management of the real estate, to understanding and solving tax-related issues, to ensuring that your clients do not venture into making high-risk investments. As an Accountant, you are therefore exposed directly to specialized fields that would enhance your skillset and invariably boost your portfolio.