What Do Personal Financial Advisor Do?
Position Description 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
- Explain to clients the personal financial advisor’s responsibilities and the types of services to be provided.
- Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
- Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
- Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.
- Answer clients' questions about the purposes and details of financial plans and strategies.
- Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
What Skills Do You Need to Work as a Personal Financial Advisor?
These are the skills Personal Financial Advisors say are the most useful in their careers:
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
- Relationship Manager
- Estate Planning Counselor
- Finance Consultant
- Asset Analyst
- Trustee of Estate
Personal Financial Advisor Employment Estimates
There were about 271,900 jobs for Personal Financial Advisor in 2016 (in the United States). 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.
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.
How Much Does a Personal Financial Advisor Make?
The average yearly salary of a Personal Financial Advisor ranges between $41,590 and $208,000.
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|
What Tools & Technology do Personal Financial Advisors Use?
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
Becoming a Personal Financial Advisor
Individuals working as a Personal Financial Advisor have obtained the following education levels:
How Long Does it Take to Become a Personal Financial Advisor?
Personal Financial Advisors Sector
The table below shows the approximate number of Personal Financial Advisors employed by various industries.
Other Jobs You May be Interested In
Those thinking about becoming a Personal Financial Advisor might also be interested in the following careers:
Are you already one of the many Personal Financial Advisor in the United States? If you’re thinking about changing careers, these fields are worth exploring:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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