What Do Personal Financial Advisor Do?
Personal Financial Advisor Definition 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.
Life As a Personal Financial Advisor
- Monitor financial market trends to ensure that client plans are responsive.
- Manage client portfolios, keeping client plans up-to-date.
- Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
- Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
- Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
- Recruit and maintain client bases.
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Personal Financial Advisor Required Skills
Below is a list of the skills most Personal Financial Advisors say are important on the job.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
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.
Speaking: Talking to others to convey information effectively.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Service Orientation: Actively looking for ways to help people.
Other Personal Financial Advisor Job Titles
- Estate Planning Counselor
- Individual Pension Consultant
- Relationship Manager
- Financial Counselor
- Personal Financial Advisor
Is There Job Demand for Personal Financial Advisors?
In the United States, there were 271,900 jobs for Personal Financial Advisor in 2016. 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. There will be an estimated 25,500 positions for Personal Financial Advisor per year.
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.
Personal Financial Advisor Salary
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 different U.S. states?
| 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
Becoming a Personal Financial Advisor
What education or degrees do I need to become a Personal Financial Advisor?
How Long Does it Take to Become a Personal Financial Advisor?
Where Personal Financial Advisors Work
Personal Financial Advisors work in the following industries:
You May Also Be Interested In…
Those interested in being a Personal Financial Advisor may also be interested in:
Career changers with experience as a Personal Financial Advisor sometimes find work in one of the following fields:
References:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
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