Personal Financial Advisors

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$95,390 Median Wage (2022)
25,600 Projected job openings (2022-2032)
12.80% Projected growth (2022-2032)

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.

Experience Requirements Overview

  • Job Zone Four: Considerable Preparation Needed
  • A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
  • Most of these occupations require a four-year bachelor's degree, but some do not.
  • Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Education, Training and Experience

Required Level of Education: Bachelor's Degree

Related Work Experience: Over 2 years, up to and including 4 years

On-Site or In-Plant Training: Over 6 months, up to and including 1 year

On-the-Job Training: Over 1 year, up to and including 2 years

Detailed Work Activities

  • Assess financial status of clients.
  • Correspond with customers to answer questions or resolve complaints.
  • Interview clients to gather financial information.
  • Implement financial decisions.
  • Prepare financial documents, reports, or budgets.
  • Interpret financial information for others.
  • Advise others on financial matters.
  • Educate clients on financial planning topics.
  • Confer with others about financial matters.
  • Compute debt repayment schedules.
  • Disburse funds from clients accounts to creditors.
  • Recommend investments to clients.
  • Develop business relationships.
  • Identify strategic business investment opportunities.
  • Analyze market conditions or trends.

Work Values

Achievement

Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.

Working Conditions

Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.

Recognition

Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.

Relationships

Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.

Support

Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.

Independence

Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.

Tasks

  • 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.
  • Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
  • Manage client portfolios, keeping client plans up-to-date.
  • Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.
  • 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.
  • Contact clients periodically to determine any changes in their financial status.
  • Investigate available investment opportunities to determine compatibility with client financial plans.
  • Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.
  • Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
  • Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
  • Monitor financial market trends to ensure that client plans are responsive.
  • Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
  • Recruit and maintain client bases.
  • Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
  • Devise debt liquidation plans that include payoff priorities and timelines.
  • Open accounts for clients, and disburse funds from accounts to creditors as agent for clients.
  • Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds.
  • Inform clients about tax benefits, government rebates, or other financial benefits of alternative-fuel vehicle purchases or energy-efficient home construction, improvements, or remodeling.
  • Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.

Work Styles

Achievement/Effort

Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.

Persistence

Job requires persistence in the face of obstacles.

Initiative

Job requires a willingness to take on responsibilities and challenges.

Leadership

Job requires a willingness to lead, take charge, and offer opinions and direction.

Cooperation

Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.

Concern for Others

Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.

Social Orientation

Job requires preferring to work with others rather than alone, and being personally connected with others on the job.

Self-Control

Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.

Stress Tolerance

Job requires accepting criticism and dealing calmly and effectively with high-stress situations.

Adaptability/Flexibility

Job requires being open to change (positive or negative) and to considerable variety in the workplace.

Dependability

Job requires being reliable, responsible, and dependable, and fulfilling obligations.

Attention to Detail

Job requires being careful about detail and thorough in completing work tasks.

Integrity

Job requires being honest and ethical.

Independence

Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.

Innovation

Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.

Analytical Thinking

Job requires analyzing information and using logic to address work-related issues and problems.

Data Source: This page includes information from the O*NET 28.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. This page includes Employment Projections program, Occupational Employment and Wage Statistics program, U.S. Bureau of Labor Statistics.