Personal Financial Advisors
SOC: 13-2052.00

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.


National Salary Information:

Hourly Statistics:

Annual Statistics:

Source: Bureau of Labor Statistics 2015 wage data.


Employment Projections:

Employment (2014):
249,400 employed

Projected (2024):
323,200 employed

Projected growth (2014-2024)


Source: Bureau of Labor Statistics 2015 2014-2024 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.


Alternate Titles:

  • Account Executive
  • Account Manager
  • Advisor
  • Analyst
  • Asset Analyst
  • Asset Manager
  • Budget Counselor
  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)
  • Credit Counselor
  • Debt Counselor
  • Estate Planner
  • Estate Planning Counselor
  • Finance Consultant
  • Financial Adviser
  • Financial Advisor
  • Financial Agent
  • Financial Consultant
  • Financial Coordinator
  • Financial Counselor
  • Financial Planner
  • Financial Retirement Plan Specialist
  • Fiscal Specialist
  • Individual Pension Adviser
  • Individual Pension Consultant
  • Insurance Adviser
  • Insurance Consultant
  • Investment Advisor
  • Investment Consultant
  • Investment Counselor
  • Investment Representative
  • Investments Manager
  • Money Manager
  • Pension Adviser
  • Pension Consultant
  • Personal Banker
  • Personal Financial Advisor
  • Personal Financial Planner
  • Personal Investment Adviser
  • Portfolio Manager
  • Registered Representative
  • Relationship Manager
  • Securities Consultant
  • Securities Counselor
  • Socially Responsible Investment Adviser
  • Strategist
  • Trustee of Estate
  • Wealth Management Advisor


  • 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.


    Required Skills:

  • Reading Comprehension
  • Active Listening
  • Writing
  • Speaking
  • Mathematics
  • Science
  • Critical Thinking
  • Active Learning
  • Learning Strategies
  • Monitoring
  • Social Perceptiveness
  • Coordination
  • Persuasion
  • Negotiation
  • Instructing
  • Service Orientation
  • Complex Problem Solving
  • Operations Analysis
  • Technology Design
  • Programming
  • Operation Monitoring
  • Quality Control Analysis
  • Judgment and Decision Making
  • Systems Analysis
  • Systems Evaluation
  • Time Management
  • Management of Financial Resources
  • Management of Material Resources
  • Management of Personnel Resources

  • Knowledge Used:

  • Administration and Management
  • Clerical
  • Economics and Accounting
  • Sales and Marketing
  • Customer and Personal Service
  • Personnel and Human Resources
  • Production and Processing
  • Computers and Electronics
  • Engineering and Technology
  • Design
  • Mathematics
  • Psychology
  • Sociology and Anthropology
  • Geography
  • Therapy and Counseling
  • Education and Training
  • English Language
  • Foreign Language
  • History and Archeology
  • Philosophy and Theology
  • Public Safety and Security
  • Law and Government
  • Telecommunications
  • Communications and Media


  • Tasks:

  • 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.
  • 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.
  • Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
  • Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
  • Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
  • Contact clients periodically to determine any changes in their financial status.
  • 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.
  • Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.
  • 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.
  • Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
  • 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.
  • Recruit and maintain client bases.
  • 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.
  • Monitor financial market trends to ensure that client plans are responsive.
  • Recommend financial products, such as stocks, bonds, mutual funds, or insurance.

  • Tools & Technology:

  • 10-key calculators
  • Desktop computers
  • Notebook computers
  • Personal computers
  • Personal digital assistants PDA
  • Tablet computers
  • ACT! ACT4Advisors
  • Advent Axys
  • AdviceAmerica AdvisorVision
  • Advisory World ICE
  • ASI Client Acquisition Solution
  • Asset allocation software
  • Automatic Data Processing ProxyEdge
  • Brentmark Stock Option Risk Analyzer
  • Cabinet NG CNG-SAFE
  • Cheshire Financial Planning Suite
  • ComplianceMAX software
  • Corel QuattroPro
  • CRM Software Junxure
  • CRM Software Junxure-i
  • Cygnus IncomeMax
  • DataViz Beyond Contacts
  • Education planning software
  • EISI NaviPlan
  • eMoneyAdvisor AdvisorPlatform
  • Estate Capitol Needs Analysis
  • Estate planning software
  • ExpenseWatch software
  • EZ-Data Client Data System
  • Finance Logix Education Planner
  • Finance Logix Insurance Planner
  • Finance Logix Retirement Planner
  • Financeware AASim
  • Financeware Finance File Manager
  • Financeware WealthSimulator
  • Financial Planning Consultants Practice Builder
  • Financial planning presentation software
  • Financial planning software
  • Financial Profiles Profiles+ Professional
  • Financial report generation software
  • Fund accounting software
  • Getting Things Done GTD software
  • Host Analytics Host Budget
  • IAS software
  • Ibbotson Analyst
  • Ibbotson Portfolio Strategist
  • IBM Lotus 1-2-3
  • Impact PlanLabX3
  • IMPACT Wealth Distribution Analysis
  • Intuit Quicken software
  • Investigo software
  • Investment and business valuation template software
  • Investment Scorecard software
  • Investment tracking software
  • J&L Financial Planner
  • MasterPlan software
  • Microsoft Access
  • Microsoft Business Contact Manager
  • Microsoft Dynamics software
  • Microsoft Excel
  • Microsoft Money
  • Microsoft Office software
  • Microsoft PowerPoint
  • Microsoft Word
  • MoneyTree Silver Financial Planner (financial analysis feature)
  • MoneyTree Silver Financial Planner (presentation feature)
  • Monte Carlo software
  • Morningstar Principia
  • Needs analysis software
  • Net Worth Strategies Stock Opter Pro
  • OmniPlanner software
  • Optima IAS
  • Oracle Hyperion software
  • Oracle PeopleSoft Financials
  • PIE Technologies MoneyGuidePro
  • Pimlico Software DateBk
  • PlanPlus Pro
  • PlanScan Portfolio Pathfinder
  • Portfolio management software
  • Practice management software PMS
  • ProTracker Advantage
  • Redtail Technology Our Business Online
  • Retirement planning software
  • Sage 50 Accounting
  • Sawhney ExecPlan
  • ScanSoft PaperPort Pro
  • ScenarioNow RetireNow
  • Structured query language SQL
  • SunGard Frontier
  • SunGard LockBox
  • SunGard PlanningStation
  • SunGard WebPlaid
  • Tax planning software
  • Thomson ONE Advisor
  • Torrid Retirement Planner
  • Unger Software Methusaleh
  • WealthTec AllocationPro
  • WealthTec Foundations
  • WealthTec WealthMaster
  • Web browser software
  • Web Information Solutions Pocket Informant
  • WORLDOX software


  • business and financial operations


    industry stats

    SOC: 13-0000

    Total Employed: 7,032,560

    Average Annual Salary: $73,800