Financial Counselors help individuals, groups, families and organizations develop sound financial strategies. They advise clients on issues such as saving for retirement, decreasing debt, managing investments and income tax preparation. An academic background in accounting or finance and superb analytical skills are some of the tools prospective counselors need to get started in this profession. Financial Counselors help clients understand insurance policies, mutual funds, stocks, bonds and tax returns. By analyzing a client's accounts and financial needs, they can help strategize a financial plan for the future. These workers must know how to seek new customers, in addition to maintaining their old clientele. If licensed, Financial Counselors can also sell stocks, bonds and other investment products to their clients. Some financial counselors can also be private bankers to clients with notable wealth. They may work with a client's team of accountants, lawyers and financial analysts in order to manage the client's funds. Financial counselors may work in investment companies, banks, securities/commodity brokers and insurance carriers. They may also work for themselves in independent financial consulting firms. The duties of Financial Counsellor includes to interviews client with debt problems to determine available monthly income after living expenses to meet credit obligations, counsels client on financial problems, such as excessive spending and borrowing of funds, establishes payment priorities to plan payoff method and estimate time for debt liquidation. They also explains to individuals and groups financial assistance available to college and university students, such as loans, grants, and scholarships. It also includes to open account for client and disburses funds from account to creditors as agent for client, prepares required records and reports, authorizes release of funds to students and assists in selection of candidates for specific financial awards or aid.