What Do Personal Financial Advisor Do?
Personal Financial Advisor Example 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: What Do They Do?
- Manage client portfolios, keeping client plans up-to-date.
- Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds.
- Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
- Contact clients periodically to determine any changes in their financial status.
- 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.
- Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
What a Personal Financial Advisor Should Know
Below is a list of the skills most Personal Financial Advisors say are important on the job.
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.
Related Job Titles
- Financial Solutions Advisor
- Insurance Adviser
- Estate Planner
- Money Manager
What Kind of Personal Financial Advisor Job Opportunities Are There?
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 Average 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 each U.S. state?
|State||Annual Mean Salary|
|District of Columbia||$158,460|
Tools & Technologies Used by Personal Financial Advisors
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
- Practice management software PMS
- Intuit Quicken
How do I Become a Personal Financial Advisor?
What education is needed to be a Personal Financial Advisor?
How many years of work experience do I need?
Personal Financial Advisors Sector
Personal Financial Advisors work in the following industries:
Those thinking about becoming a Personal Financial Advisor might also be interested in the following careers:
Those who work as a Personal Financial Advisor sometimes switch careers to one of these choices:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.