Personal Financial Advisors in Puerto Rico
Thinking about a career as a Personal Financial Advisors in Puerto Rico? Below are the key facts. 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. May also buy and sell financial assets for clients. Excludes “Securities, Commodities, and Financial Services Sales Agents” (41-3031).
What do Personal Financial Advisors Make in Puerto Rico?
For a personal financial advisors working in Puerto Rico, wages run about $47,330 per year (or roughly $22.75/hour).Annual wages span from $30,410 at the 10th percentile to $91,210 at the 90th percentile.
| Wage Statistic | Annual | Hourly |
|---|---|---|
| 10th percentile | $30,410 | $14.62 |
| 25th percentile | $32,770 | $15.75 |
| Median (50th) | $47,330 | $22.75 |
| 75th percentile | $61,560 | $29.60 |
| 90th percentile | $91,210 | $43.85 |
Location quotient — how concentrated this career is in Puerto Rico nationwide is 0.22, indicating fewer personal financial advisors per worker than the national average.
National Wage Comparison
Nationally, personal financial advisors earn a median of $91,777 per year ($44.12/hour), below the Puerto Rico median.
Employment Outlook
National employment for 291,292 personal financial advisors nationwide. In Puerto Rico alone, about 360 people work in this role. That’s fewer than the typical state, which employs around 2,400 personal financial advisors.
Top Puerto Rico Metros for Personal Financial Advisors
These are the Puerto Rico metros with the most personal financial advisors in Puerto Rico.
| Metro Area | Number Employed | Annual Median Salary |
|---|---|---|
| San Juan-Bayamon-Caguas, PR | 330 | $47,290 |
Top States for Personal Financial Advisors Employment
The table below shows the states where the most personal financial advisors work.
| State | Number Employed |
|---|---|
| California | 34,070 |
| New York | 28,820 |
| Florida | 21,230 |
| Texas | 17,570 |
| North Carolina | 12,850 |
| Pennsylvania | 12,370 |
| Illinois | 10,410 |
| Ohio | 10,210 |
| Georgia | 7,540 |
| Massachusetts | 7,410 |
| Arizona | 7,190 |
| New Jersey | 6,830 |
| Washington | 6,510 |
| Minnesota | 6,360 |
| Michigan | 6,030 |
| Colorado | 5,930 |
| Maryland | 5,560 |
| Virginia | 5,560 |
| Indiana | 5,370 |
| Wisconsin | 5,240 |
Highest-Paying States for Personal Financial Advisors
Where personal financial advisors earn the most: personal financial advisors.
| State | Annual Median Salary |
|---|---|
| New York | $167,970 |
| Idaho | $136,440 |
| California | $128,650 |
| Delaware | $128,170 |
| New Jersey | $123,690 |
| South Dakota | $123,380 |
| Maryland | $122,510 |
| Wisconsin | $115,680 |
| Washington | $112,020 |
| Connecticut | $107,030 |
Skills
Top personal financial advisors skills, rated on an importance scale of 0 to 5:
Knowledge Areas
Core knowledge areas for this occupation, rated on an importance scale of 0 to 5:
Abilities
Top abilities for personal financial advisors, rated on an importance scale of 0 to 5:
Daily Tasks
Day-to-day, personal financial advisors typically:
- 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.
- Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
- Answer clients' questions about the purposes and details of financial plans and strategies.
- Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
- Manage client portfolios, keeping client plans up-to-date.
- Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
- Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
- Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.
- Contact clients periodically to determine any changes in their financial status.
- Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
- Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.
- Investigate available investment opportunities to determine compatibility with client financial plans.
Work Activities
- Getting Information
- Analyzing Data or Information
- Working with Computers
- Making Decisions and Solving Problems
- Establishing and Maintaining Interpersonal Relationships
- Processing Information
- Updating and Using Relevant Knowledge
- Interpreting the Meaning of Information for Others
- Communicating with People Outside the Organization
- Documenting/Recording Information
- Organizing, Planning, and Prioritizing Work
- Evaluating Information to Determine Compliance with Standards
Tools & Technology
Technologies frequently used: Hot technologies: Microsoft Access, Microsoft Excel In-demand technologies: Microsoft Excel
What Major Will Prepare You For This Career?
Related college programs include:
- Finance & Financial Management
- Family & Consumer Economics
Featured schools near , edit
Related Careers
Other careers like personal financial advisors include:
- Financial Managers
- Treasurers and Controllers
- Investment Fund Managers
- Management Analysts
- Accountants and Auditors
- Budget Analysts
Also Known As
Account Manager, Asset Analyst, Asset Manager, Budget Counselor, Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Client Advisor, Credit Counselor, Debt Counselor, Estate Planner, Estate Planning Counselor, Estate Trustee, Finance Consultant, Financial Advisor, Financial Advisor Associate.
References
- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics — https://www.bls.gov/oes/
- O*NET Online — https://www.onetonline.org/
- BLS Employment Projections — https://www.bls.gov/emp/
- O*NET-SOC code: 13-2052.00
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