Life As a Personal Financial Advisor
Job Description & Duties Advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients’ assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives.
Daily Life Of a Personal Financial Advisor
- Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.
- Explain to clients the personal financial advisor’s responsibilities and the types of services to be provided.
- Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
- Meet with clients’ other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients’ financial goals and circumstances.
- Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
- Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
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What a Personal Financial Advisor Should Know
Personal Financial Advisors state the following job skills are important in their day-to-day work.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Speaking: Talking to others to convey information effectively.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Service Orientation: Actively looking for ways to help people.
Types of Personal Financial Advisor Jobs
- Chartered Financial Analyst (CFA)
- Financial Solutions Advisor
- Personal Financial Planner
- Credit Counselor
- Debt Counselor
Is There Job Demand for Personal Financial Advisors?
There were about 271,900 jobs for Personal Financial Advisor in 2016 (in the United States). New jobs are being produced at a rate of 14.9% which is above the national average. The Bureau of Labor Statistics predicts 40,400 new jobs for Personal Financial Advisor by 2026. The BLS estimates 25,500 yearly job openings in this field.
The states with the most job growth for Personal Financial Advisor are Colorado, Delaware, and Arizona. Watch out if you plan on working in Maine, New Jersey, or Massachusetts. These states have the worst job growth for this type of profession.
Do Personal Financial Advisors Make A Lot Of Money?
The salary for Personal Financial Advisors ranges between about $41,590 and $208,000 a year.
Personal Financial Advisors who work in New York, District of Columbia, or New Jersey, make the highest salaries.
How much do Personal Financial Advisors make in each U.S. state?
| State | Annual Mean Salary |
|---|---|
| Alabama | $117,350 |
| Alaska | $93,530 |
| Arizona | $107,160 |
| Arkansas | $96,600 |
| California | $128,730 |
| Colorado | $103,540 |
| Connecticut | $131,280 |
| Delaware | $126,880 |
| District of Columbia | $158,460 |
| Florida | $122,840 |
| Georgia | $121,420 |
| Hawaii | $81,700 |
| Idaho | $104,640 |
| Illinois | $126,640 |
| Indiana | $111,330 |
| Iowa | $105,540 |
| Kansas | $93,720 |
| Kentucky | $85,470 |
| Louisiana | $92,300 |
| Maine | $135,170 |
| Maryland | $110,080 |
| Massachusetts | $128,140 |
| Michigan | $102,010 |
| Minnesota | $99,490 |
| Mississippi | $102,820 |
| Missouri | $85,830 |
| Montana | $102,730 |
| Nebraska | $85,890 |
| Nevada | $108,540 |
| New Hampshire | $105,010 |
| New Jersey | $127,150 |
| New Mexico | $133,500 |
| New York | $164,260 |
| North Carolina | $134,860 |
| North Dakota | $100,360 |
| Ohio | $102,300 |
| Oklahoma | $74,340 |
| Oregon | $117,730 |
| Pennsylvania | $109,250 |
| Rhode Island | $112,430 |
| South Carolina | $89,830 |
| South Dakota | $77,490 |
| Tennessee | $89,960 |
| Texas | $110,820 |
| Utah | $88,440 |
| Vermont | $85,150 |
| Virginia | $121,250 |
| Washington | $109,870 |
| West Virginia | $95,210 |
| Wisconsin | $115,820 |
| Wyoming | $135,340 |
What Tools do Personal Financial Advisors Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Personal Financial Advisors:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Web browser software
- Microsoft Access
- Structured query language SQL
- Microsoft Dynamics
- FileMaker Pro
- Salesforce software
- Oracle E-Business Suite Financials
- Oracle Hyperion
- Sage 50 Accounting
- IBM Domino
- Oracle PeopleSoft Financials
- Fund accounting software
- IBM Lotus 1-2-3
- Swift
- Practice management software PMS
- Intuit Quicken
How to Become a Personal Financial Advisor
Are there Personal Financial Advisors education requirements?
How many years of work experience do I need?
Personal Financial Advisors Sector
Below are examples of industries where Personal Financial Advisors work:
Similar Careers
Those thinking about becoming a Personal Financial Advisor might also be interested in the following careers:
Are you already one of the many Personal Financial Advisor in the United States? If you’re thinking about changing careers, these fields are worth exploring:
References:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
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