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What You Need to Know About 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.

List of Personal Financial Advisor Job Duties

  • Recruit and maintain client bases.
  • Meet with clients’ other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients’ financial goals and circumstances.
  • Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
  • 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.
  • Review clients’ accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.

Personal Financial Advisor Required Skills

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

  • Personal Financial Advisor
  • Debt Counselor
  • Investment Advisor
  • Portfolio Manager
  • Account Executive

Is There Going to be Demand for Personal Financial Advisors?

In 2016, there was an estimated number of 271,900 jobs in the United States for Personal Financial Advisor. 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.

Forecasted Number of Jobs for Personal Financial Advisors in U.S.

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.

Salary for a Personal Financial Advisor

Personal Financial Advisors make between $41,590 and $208,000 a year.

Salary Ranges for Personal Financial Advisors

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 & Technology 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 is needed to be a Personal Financial Advisor?

Personal Financial Advisor Degree Level

What work experience do I need to become a Personal Financial Advisor?

Personal Financial Advisor Work Experience

Personal Financial Advisors Sector

Personal Financial Advisor Sectors

The table below shows the approximate number of Personal Financial Advisors employed by various industries.

Personal Financial Advisor Industries

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

More about our data sources and methodologies.

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