Life As a Personal Financial Advisor

Occupation 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.

List of Personal Financial Advisor Job Duties

• Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
• Contact clients periodically to determine any changes in their financial status.
• 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.
• Manage client portfolios, keeping client plans up-to-date.
• Monitor financial market trends to ensure that client plans are responsive.

What a Personal Financial Advisor Should Know

Below is a list of the skills most Personal Financial Advisors say are important on the job.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

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.

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.

Related Job Titles for this Occupation:

• Estate Planning Counselor
• Strategist
• Investment Consultant
• Pension Consultant
• Fiscal Specialist

Job Demand for Personal Financial Advisors

In the United States, there were 271,900 jobs for Personal Financial Advisors in 2016.

New jobs are being produced at a rate of 14.9% which is lower than average. The Bureau of Labor Statistics predicts 40,400 new jobs for Personal Financial Advisors 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 Advisors are New York, Florida, and Texas.

Watch out if you plan on working in Maine, Alaska, or Wyoming. These states have the worst job growth for this type of profession.

What is the Average Salary of a Personal Financial Advisor

The salary for Personal Financial Advisors ranges between about $41,590 and $208,000 a year. The median salary is $88,890.

How much do Personal Financial Advisors make in each U.S. state?

Annual Mean Salary by State

State	Annual Mean Salary
New York	$164,260
District of Columbia	$158,460
Wyoming	$135,340
Maine	$135,170
North Carolina	$134,860
New Mexico	$133,500
Connecticut	$131,280
California	$128,730
Massachusetts	$128,140
New Jersey	$127,150
Delaware	$126,880
Illinois	$126,640
Florida	$122,840
Georgia	$121,420
Virginia	$121,250
Oregon	$117,730
Alabama	$117,350
Wisconsin	$115,820
Rhode Island	$112,430
Indiana	$111,330
Texas	$110,820
Maryland	$110,080
Washington	$109,870
Pennsylvania	$109,250
Nevada	$108,540
Arizona	$107,160
Iowa	$105,540
New Hampshire	$105,010
Idaho	$104,640
Colorado	$103,540
Mississippi	$102,820
Montana	$102,730
Ohio	$102,300
Michigan	$102,010
North Dakota	$100,360
Minnesota	$99,490
Arkansas	$96,600
West Virginia	$95,210
Kansas	$93,720
Alaska	$93,530
Louisiana	$92,300
Tennessee	$89,960
South Carolina	$89,830
Utah	$88,440
Nebraska	$85,890
Missouri	$85,830
Kentucky	$85,470
Vermont	$85,150
Hawaii	$81,700
South Dakota	$77,490
Oklahoma	$74,340

Tools & Technologies Used by Personal Financial Advisors

Although they’re not necessarily needed for all jobs, the following technologies are used by many Personal Financial Advisors:

• Fund accounting software
• Swift
• Microsoft Dynamics
• Microsoft Word
• Oracle Hyperion
• Microsoft Excel
• Microsoft PowerPoint
• Oracle PeopleSoft Financials
• Microsoft Access
• Structured query language SQL

Where Personal Financial Advisors Are Employed

Related Careers

Those thinking about becoming Personal Financial Advisors might also be interested in the following careers:

• Auditors
• Compensation and Benefits Managers
• Customs Brokers

Career changers with experience as a Personal Financial Advisor sometimes find work in one of the following fields:

• Tax Preparers

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons