Personal Financial Advisors
Overview
SaveJob 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, conservation scientists, 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.
Yearly Salary
| High: | $208K |
| Median: | $89K |
| Low: | $44K |
Demand
Core Tasks
- Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
- 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.
- 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.
- 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.
- Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
- Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.
- Contact clients periodically to determine any changes in their financial status.
- Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
- Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.
- Investigate available investment opportunities to determine compatibility with client financial plans.
- Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
- Open accounts for clients, and disburse funds from accounts to creditors as agent for clients.
- Monitor financial market trends to ensure that client plans are responsive.
- 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.
- Inform clients about tax benefits, government rebates, or other financial benefits of alternative-fuel vehicle purchases or energy-efficient home construction, improvements, or remodeling.
- Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds.
- 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
89%
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
82%
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
English Language
79%
Knowledge of the structure and content of the English language including the meaning and spelling of words, and rules of composition and grammar.
Mathematics
75%
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Psychology
62%
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.
Administration and Management
58%
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Sales and Marketing
58%
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.
Computers and Electronics
57%
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Law and Government
55%
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administrative
53%
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
Top 10 Skills
Active Listening
83%
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
83%
Understanding written sentences and paragraphs in work-related documents.
Speaking
80%
Talking to others to convey information effectively.
Writing
78%
Communicating effectively in writing as appropriate for the needs of the audience.
Critical Thinking
75%
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Complex Problem Solving
73%
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Judgment and Decision Making
73%
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Mathematics
73%
Using mathematics to solve problems.
Service Orientation
73%
Actively looking for ways to help people.
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.
Inductive Reasoning
78%
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Deductive Reasoning
75%
The ability to apply general rules to specific problems to produce answers that make sense.
Near Vision
75%
The ability to see details at close range (within a few feet of the observer).
Number Facility
75%
The ability to add, subtract, multiply, or divide quickly and correctly.
Written Expression
75%
The ability to communicate information and ideas in writing so others will understand.
Mathematical Reasoning
73%
The ability to choose the right mathematical methods or formulas to solve a problem.
Top 10 Work Activities
Getting Information
96%
Observing, receiving, and otherwise obtaining information from all relevant sources.
Analyzing Data or Information
94%
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Working with Computers
93%
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Establishing and Maintaining Interpersonal Relationships
92%
Developing constructive and cooperative working relationships with others, and maintaining them over time.
Making Decisions and Solving Problems
92%
Analyzing information and evaluating results to choose the best solution and solve problems.
Processing Information
90%
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Updating and Using Relevant Knowledge
90%
Keeping up-to-date technically and applying new knowledge to your job.
Communicating with People Outside the Organization
85%
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.
Interpreting the Meaning of Information for Others
85%
Translating or explaining what information means and how it can be used.
Documenting/Recording Information
81%
Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
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.
Education
Interests
Enterprising
84%
Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.
Conventional
80%
Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
Social
60%
Work involves helping, teaching, advising, assisting, or providing service to others. Social occupations are often associated with social, health care, personal service, teaching/education, or religious activities.
Investigative
46%
Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service.
Artistic
25%
Work involves creating original visual artwork, performances, written works, food, or music for a variety of media, or applying artistic principles to the design of various objects and materials. Artistic occupations are often associated with visual arts, applied arts and design, performing arts, music, creative writing, media, or culinary art.
Realistic
15%
Work involves designing, building, or repairing of equipment, materials, or structures, engaging in physical activity, or working outdoors. Realistic occupations are often associated with engineering, mechanics and electronics, construction, woodworking, transportation, machine operation, agriculture, animal services, physical or manual labor, athletics, or protective services.
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.
Colleges
SAGE Scholars Member Schools that offer majors leading to this career.
Check out the College Search to see the full list of schools with majors for this career.