Personal Financial Advisors: Job 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. May also buy and sell financial assets for clients.
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What Do Personal Financial Advisors Do?
The core tasks performed by personal financial advisors span:
- 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.
Skills and Knowledge
Top personal financial advisors draw on a mix of skills and domain knowledge.
Key Skills
The abilities most central to this role, rated on an importance scale of 0 to 5:
Knowledge Areas
Related Job Titles
This career also goes by job titles like:
- Account Manager
- Asset Analyst
- Asset Manager
- Budget Counselor
- Certified Financial Planner (CFP)
- Chartered Financial Analyst (CFA)
- Client Advisor
- Credit Counselor
How Many Personal Financial Advisors Are There?
There are roughly 291,292 personal financial advisors working in the United States today. Employment is projected to grow by +6.8% over the projection horizon.
Salary for Personal Financial Advisors
| Statistic | Value |
|---|---|
| Annual median | $91,777 |
| Hourly median | $44.12 |
| 10th percentile | $66,161 |
| 25th percentile | $78,969 |
| 75th percentile | $104,585 |
| 90th percentile | $117,393 |
Pay can vary substantially based on experience, location, and industry.
Pay by State
| 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 |
| Illinois | $104,310 |
| Pennsylvania | $103,290 |
| Indiana | $101,670 |
| Massachusetts | $101,320 |
| Rhode Island | $100,880 |
| District of Columbia | $100,840 |
| Kansas | $100,810 |
| Virginia | $99,990 |
| North Dakota | $98,990 |
| South Carolina | $98,900 |
| Michigan | $98,830 |
| Georgia | $98,490 |
| Montana | $96,670 |
| Minnesota | $94,420 |
| Tennessee | $89,390 |
| Florida | $88,040 |
| Colorado | $85,580 |
| Arizona | $85,150 |
| Missouri | $84,040 |
| New Hampshire | $82,530 |
| Texas | $82,180 |
| Ohio | $82,100 |
| Nevada | $81,940 |
| Iowa | $81,790 |
| Vermont | $81,360 |
| Oregon | $80,190 |
| Alabama | $79,600 |
| Kentucky | $79,100 |
| Louisiana | $78,150 |
| West Virginia | $77,790 |
| New Mexico | $77,710 |
| Hawaii | $75,680 |
| Arkansas | $75,150 |
| Nebraska | $74,040 |
| Oklahoma | $73,020 |
| Utah | $67,210 |
| Mississippi | $65,150 |
| Puerto Rico | $47,330 |
Pay by U.S. Region
Pay for personal financial advisors vary by region. Top regions by median wage:
| Region | Median annual wage | Share of U.S. jobs | Location quotient |
|---|---|---|---|
| Middle Atlantic | $142,020 | 20.2% | 1.41 |
| Far Western US | $121,718 | 16.5% | 1.03 |
| Great Lakes | $98,555 | 13.7% | 0.97 |
| New England | $94,907 | 5.8% | 1.23 |
| Plains States | $90,393 | 7.2% | 1.07 |
| Rocky Mountains | $83,597 | 3.8% | 1.00 |
| Southwest | $82,424 | 9.8% | 0.85 |
| Southeast | $71,079 | 22.8% | 1.05 |
Highest-Paying Metro Areas for Personal Financial Advisors
| Metro area | State | Median annual wage | Employment |
|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ | NY | $168,350 | 28,950 |
| Boise City, ID | ID | $167,940 | 530 |
| San Francisco-Oakland-Fremont, CA | CA | $157,510 | 8,830 |
| Pinehurst-Southern Pines, NC | NC | $155,950 | 60 |
| Barnstable Town, MA | MA | $135,000 | 110 |
| Pittsfield, MA | MA | $132,170 | 70 |
| Macon-Bibb County, GA | GA | $131,420 | 110 |
| Bridgeport-Stamford-Danbury, CT | CT | $130,290 | 2,040 |
Top Industries Employing Personal Financial Advisors
The largest employers of personal financial advisors are concentrated in the following sectors:
| Industry | Employment | Median annual wage |
|---|---|---|
| Finance and Insurance | 252,560 | $103,200 |
| Professional, Scientific, and Technical Services | 8,940 | $85,000 |
| Management of Companies and Enterprises | 4,490 | $85,750 |
| Health Care and Social Assistance | 1,430 | $50,050 |
| Other Services (except Public Administration) | 300 | $96,260 |
| Educational Services | 220 | $46,070 |
| Retail Trade | 210 | $78,180 |
| Information | 130 | $81,600 |
Below are examples of industries where personal financial advisors work:
Software Personal Financial Advisors Use
- Data base user interface and query software: Microsoft Access (hot technology)
- Spreadsheet software: Microsoft Excel (hot technology)
- Office suite software: Microsoft Office software (hot technology)
- Electronic mail software: Microsoft Outlook (hot technology)
- Presentation software: Microsoft PowerPoint (hot technology)
- Project management software: Microsoft Project (hot technology)
- Data base user interface and query software: Microsoft SQL Server (hot technology)
- Development environment software: Microsoft Visual Basic (hot technology)
- Word processing software: Microsoft Word (hot technology)
- Customer relationship management CRM software: Salesforce software (hot technology)
- Data base user interface and query software: Structured query language SQL (hot technology)
- Object or component oriented development software: Swift (hot technology)
What the Workplace Is Like
Daily working conditions for personal financial advisors reflects the following characteristics:
- Indoors, Environmentally Controlled
- Importance of Being Exact or Accurate
- Telephone Conversations
- Spend Time Sitting
Education and Training
Most personal financial advisors positions require a bachelor’s degree as the typical entry-level education. This occupation sits in Considerable Preparation Needed (Job Zone 4), indicating the level of preparation typically expected.
Related Careers
Similar Occupations
- Financial Managers (Primary-Long)
- Treasurers and Controllers (Supplemental)
- Investment Fund Managers (Primary-Short)
- Management Analysts (Supplemental)
- Accountants and Auditors (Primary-Long)
- Budget Analysts (Supplemental)
- Credit Analysts (Supplemental)
- Financial and Investment Analysts (Primary-Short)
Degree Programs
Aspiring personal financial advisors typically earn programs in:
Business, Management, Marketing, and Related Support Services
2 programs across 1 majors
About the Data
This profile draws on the following authoritative sources:
- U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OEWS) for employment and wage data by state and industry.
- BLS Employment Projections for total employment and growth forecasts.
- O*NET (Occupational Information Network) for skills, knowledge, tasks, work activities, work context, technology, and education-zone data.
SOC code: 13-2052.00 (Personal Financial Advisors).
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