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.
Personal Financial Advisor Responsibilities
- Monitor financial market trends to ensure that client plans are responsive.
- Devise debt liquidation plans that include payoff priorities and timelines.
- Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
- Analyze financial information obtained from clients to determine strategies for meeting clients’ financial objectives.
- Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
- Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
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Personal Financial Advisor Required Skills
When polled, Personal Financial Advisors say the following skills are most frequently used in their jobs:
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.
Types of Personal Financial Advisor Jobs
- Investment Consultant
- Socially Responsible Investment Adviser
- Insurance Consultant
- Asset Analyst
- Financial Agent
Is There Job 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. Due to new job openings and attrition, there will be an average of 25,500 job openings in this field each 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.
Do Personal Financial Advisors Make A Lot Of Money?
Personal Financial Advisors make between $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 |
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
- Swift
- 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 Long Does it Take to Become a Personal Financial Advisor?
Where Personal Financial Advisors Work
The table below shows some of the most common industries where those employed in this career field work.
Similar Careers
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:
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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