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Personal Financial Advisors

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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.

  • 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.

Forecasted Number of Jobs for Personal Financial Advisors in U.S.

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.

Salary Ranges for Personal Financial Advisors

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

Personal Financial Advisor Sectors

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

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