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Personal Financial Advisor

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What is a 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.

What Do Personal Financial Advisors Do On a Daily Basis?

  • Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
  • Explain to clients the personal financial advisor’s responsibilities and the types of services to be provided.
  • Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
  • Monitor financial market trends to ensure that client plans are responsive.
  • Contact clients periodically to determine any changes in their financial status.
  • 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.

Things a Personal Financial Advisor Should Know How to Do

When polled, Personal Financial Advisors say the following skills are most frequently used in their jobs:

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

  • Investments Manager
  • Registered Representative
  • Financial Professional
  • Financial Coordinator
  • Chartered Financial Analyst (CFA)

Job Opportunities for Personal Financial Advisors

In the United States, there were 271,900 jobs for Personal Financial Advisor in 2016. 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. There will be an estimated 25,500 positions for Personal Financial Advisor per year.

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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?

The average yearly salary of a Personal Financial Advisor ranges between $41,590 and $208,000.

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Personal Financial Advisors who work in New York, District of Columbia, or New Jersey, make the highest salaries.

Below is a list of the median annual salaries for Personal Financial Advisors 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?

Are there Personal Financial Advisors education requirements?

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How Long Does it Take to Become a Personal Financial Advisor?

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Where Personal Financial Advisors Work

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The table below shows some of the most common industries where those employed in this career field work.

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Similar Careers

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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