What Does it Take to Be a Personal Financial Advisor?
Example of Personal Financial Advisor Job 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
- Explain to clients the personal financial advisor’s responsibilities and the types of services to be provided.
- Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.
- Analyze financial information obtained from clients to determine strategies for meeting clients’ financial objectives.
- Review clients’ accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
- Devise debt liquidation plans that include payoff priorities and timelines.
- Monitor financial market trends to ensure that client plans are responsive.
Qualities of a Personal Financial Advisor
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.
Other Personal Financial Advisor Job Titles
- Pension Adviser
- Finance Consultant
- Financial Coordinator
- Investment Consultant
- Personal Investment Adviser
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 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 different U.S. states?
|State||Annual Mean Salary|
|District of Columbia||$158,460|
Tools & Technologies Used by Personal Financial Advisors
Below is a list of the types of tools and technologies that Personal Financial Advisors may use on a daily basis:
- 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 to Become a Personal Financial Advisor
What education or degrees do I need to become a Personal Financial Advisor?
How many years of work experience do I need?
Where Personal Financial Advisors Are Employed
Below are examples of industries where Personal Financial Advisors work:
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Those thinking about becoming a Personal Financial Advisor might also be interested in the following careers:
Career changers with experience as a Personal Financial Advisor sometimes find work in one of the following fields:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
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