Life As a Personal Financial Advisor
Personal Financial Advisor 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.
A Day in the Life of a Personal Financial Advisor
- Investigate available investment opportunities to determine compatibility with client financial plans.
- Devise debt liquidation plans that include payoff priorities and timelines.
- Monitor financial market trends to ensure that client plans are responsive.
- Manage client portfolios, keeping client plans up-to-date.
- Meet with clients’ other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients’ financial goals and circumstances.
- Contact clients periodically to determine any changes in their financial status.
Personal Financial Advisor Skills
Below is a list of the skills most Personal Financial Advisors say are important on the job.
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.
Related Job Titles
- Financial Professional
- Investment Representative
- Wealth Advisor
- Account Manager
- Individual Pension Consultant
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. There will be an estimated 25,500 positions for Personal Financial Advisor per 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.
Personal Financial Advisor Average Salary
The salary for Personal Financial Advisors ranges between about $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 each U.S. state?
|State||Annual Mean Salary|
|District of Columbia||$158,460|
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
- 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 many years of work experience do I need?
Where Personal Financial Advisors Are Employed
Below are examples of industries where Personal Financial Advisors work:
Other Jobs You May be Interested In
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Those who work as a Personal Financial Advisor sometimes switch careers to one of these choices:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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