Personal Financial Advisors
Overview
Salary
Demand
Core Tasks
Technology Skills
Tools Used
Top 10 Knowledge Required
Top 10 Skills
Top 10 Abilities
Top 10 Work Activities
Detailed Work Activities
Work Context
Education
Majors
Interests
Top 10 Work Styles
Work Values
Related Careers
Overview
Job Zone Four: Considerable Preparation Needed
Experience
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.
Education
Most of these occupations require a four-year bachelor's degree, but some do not.
Job Training
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Examples
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.
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.
Salary Salary
Salary at 10th Percentile: $44K
Salary at 25th Percentile: $59K
Median Salary: $89K
Salary at 75th Percentile: $157K
Salary at 90th Percentile: $208K
Demand
Core 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.
Manage client portfolios, keeping client plans up-to-date.
Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
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.
Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
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.
Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
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.
Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
Recruit and maintain client bases.
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.
Technology Skills
Technology
Example
Hot Technology
Tools Used
Tool
Example
Top 10 Knowledge Required
Customer and Personal Service
90%
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Economics and Accounting
81%
Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
English Language
80%
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Mathematics
73%
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Psychology
70%
Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
Sales and Marketing
67%
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Law and Government
64%
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Clerical
53%
Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Computers and Electronics
53%
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Education and Training
53%
Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Top 10 Skills
Active Listening
80%
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
80%
Understanding written sentences and paragraphs in work related documents.
Speaking
80%
Talking to others to convey information effectively.
Writing
80%
Communicating effectively in writing as appropriate for the needs of the audience.
Critical Thinking
78%
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making
78%
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Complex Problem Solving
75%
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Service Orientation
75%
Actively looking for ways to help people.
Persuasion
73%
Persuading others to change their minds or behavior.
Social Perceptiveness
73%
Being aware of others' reactions and understanding why they react as they do.
Top 10 Abilities
Oral Comprehension
80%
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Oral Expression
80%
The ability to communicate information and ideas in speaking so others will understand.
Speech Clarity
80%
The ability to speak clearly so others can understand you.
Written Comprehension
80%
The ability to read and understand information and ideas presented in writing.
Written Expression
80%
The ability to communicate information and ideas in writing so others will understand.
Deductive Reasoning
78%
The ability to apply general rules to specific problems to produce answers that make sense.
Inductive Reasoning
78%
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Near Vision
78%
The ability to see details at close range (within a few feet of the observer).
Speech Recognition
78%
The ability to identify and understand the speech of another person.
Mathematical Reasoning
75%
The ability to choose the right mathematical methods or formulas to solve a problem.
Top 10 Work Activities
Getting Information
95%
Observing, receiving, and otherwise obtaining information from all relevant sources.
Establishing and Maintaining Interpersonal Relationships
93%
Developing constructive and cooperative working relationships with others, and maintaining them over time.
Making Decisions and Solving Problems
90%
Analyzing information and evaluating results to choose the best solution and solve problems.
Updating and Using Relevant Knowledge
90%
Keeping up-to-date technically and applying new knowledge to your job.
Communicating with Persons Outside Organization
89%
Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
Analyzing Data or Information
86%
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Evaluating Information to Determine Compliance with Standards
84%
Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Interacting With Computers
84%
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Processing Information
84%
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Communicating with Supervisors, Peers, or Subordinates
83%
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
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 Context
Electronic Mail
How often do you use electronic mail in this job?
Indoors, Environmentally Controlled
How often does this job require working indoors in environmentally controlled conditions?
Telephone
How often do you have telephone conversations in this job?
Frequency of Decision Making
How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?
Spend Time Sitting
How much does this job require sitting?
Face-to-Face Discussions
How often do you have to have face-to-face discussions with individuals or teams in this job?
Impact of Decisions on Co-workers or Company Results
What results do your decisions usually have on other people or the image or reputation or financial resources of your employer?
Importance of Being Exact or Accurate
How important is being very exact or highly accurate in performing this job?
Contact With Others
How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
Deal With External Customers
How important is it to work with external customers or the public in this job?
Education
Majors
Major
Interests
Enterprising
96%
Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Conventional
81%
Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Social
53%
Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Investigative
43%
Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
Artistic
19%
Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
Realistic
15%
Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.
Top 10 Work Styles
Integrity
100%
Job requires being honest and ethical.
Dependability
94%
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Attention to Detail
87%
Job requires being careful about detail and thorough in completing work tasks.
Analytical Thinking
86%
Job requires analyzing information and using logic to address work-related issues and problems.
Concern for Others
86%
Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
Achievement/Effort
85%
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Cooperation
84%
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Initiative
83%
Job requires a willingness to take on responsibilities and challenges.
Self Control
82%
Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
Persistence
81%
Job requires persistence in the face of obstacles.
Work Values
Independence
77%
Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Achievement
72%
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.
Recognition
67%
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.
Working Conditions
67%
Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Relationships
62%
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
53%
Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
