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Summary Report for:
13-2052.00 - Personal Financial Advisors

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.

Sample of reported job titles: Account Executive, Analyst, Certified Financial Planner (CFP), Financial Advisor, Financial Consultant, Financial Counselor, Financial Planner, Investment Advisor, Portfolio Manager, Registered Representative

View report: Summary  Details  Custom

Tasks  |  Tools & Technology  |  Knowledge  |  Skills  |  Abilities  |  Work Activities  |  Work Context  |  Job Zone  |  Education  |  Credentials  |  Interests  |  Work Styles  |  Work Values  |  Related Occupations  |  Wages & Employment  |  Job Openings  |  Additional Information

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.
  • Answer clients' questions about the purposes and details of financial plans and strategies.
  • 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.
  • 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. Green Task Statement
  • Manage client portfolios, keeping client plans up-to-date.
  • 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.
  • Recruit and maintain client bases.

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Tools & Technology

Tools used in this occupation:

Desktop computers
Notebook computers
Personal computers
Personal digital assistant PDAs or organizers — Personal digital assistants PDA
Tablet computers

Technology used in this occupation:

Customer relationship management CRM software — ACT! ACT4Advisors; Microsoft Business Contact Manager; Redtail Technology Our Business Online; Web Information Solutions Pocket Informant
Document management software — Cabinet NG CNG-SAFE; Financeware Finance File Manager; SunGard LockBox; WORLDOX software
Financial analysis software — Finance Logix Retirement Planner; Ibbotson Portfolio Strategist; SunGard PlanningStation; WealthTec Foundations
Spreadsheet software — Corel QuattroPro; IBM Lotus 1-2-3; Microsoft Excel
Word processing software — Automatic Data Processing ProxyEdge; Financial report generation software; Microsoft Word

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Knowledge

Customer and Personal Service — 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 — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Sales and Marketing — 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.
Administration and Management — 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.
Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Psychology — 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.
Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Education and Training — Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

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Skills

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.
Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
Speaking — Talking to others to convey information effectively.
Service Orientation — Actively looking for ways to help people.
Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Writing — Communicating effectively in writing as appropriate for the needs of the audience.
Persuasion — Persuading others to change their minds or behavior.
Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.

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Abilities

Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
Written Comprehension — The ability to read and understand information and ideas presented in writing.
Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Written Expression — The ability to communicate information and ideas in writing so others will understand.
Speech Clarity — The ability to speak clearly so others can understand you.
Speech Recognition — The ability to identify and understand the speech of another person.
Near Vision — The ability to see details at close range (within a few feet of the observer).

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Work Activities

Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.

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Work Context

Electronic Mail — 89% responded “Every day.”
Indoors, Environmentally Controlled — 93% responded “Every day.”
Telephone — 81% responded “Every day.”
Spend Time Sitting — 57% responded “Continually or almost continually.”
Contact With Others — 57% responded “Constant contact with others.”
Importance of Being Exact or Accurate — 48% responded “Very important.”
Face-to-Face Discussions — 63% responded “Every day.”
Frequency of Decision Making — 57% responded “Every day.”
Impact of Decisions on Co-workers or Company Results — 43% responded “Important results.”
Level of Competition — 56% responded “Highly competitive.”

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Job Zone

Title Job Zone Four: Considerable Preparation Needed
Education Most of these occupations require a four-year bachelor's degree, but some do not.
Related 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.
Job Training Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Job Zone Examples Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, database administrators, teachers, chemists, art directors, and cost estimators.
SVP Range (7.0 to < 8.0)

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Education


Percentage of Respondents
Education Level Required
57   Bachelor's degree
21   Post-baccalaureate certificate Help
11   Professional degree Help

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Credentials

Find Training Find Certifications Find Licenses

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Interests

Interest code: ECS

Enterprising — 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 — 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 — Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.

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Work Styles

Integrity — Job requires being honest and ethical.
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.
Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
Persistence — Job requires persistence in the face of obstacles.
Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Initiative — Job requires a willingness to take on responsibilities and challenges.
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.

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Work Values

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

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Wages & Employment Trends

Median wages (2013) $36.21 hourly, $75,320 annual
State wages Local Salary Info
 
Employment (2012) 223,000 employees
Projected growth (2012-2022) Much faster than average (22% or higher) Much faster than average (22% or higher)
Projected job openings (2012-2022) 96,400
State trends Employment Trends
 
Top industries (2012)

Source: Bureau of Labor Statistics 2013 wage data external site and 2012-2022 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2012-2022). "Projected job openings" represent openings due to growth and replacement.

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Job Openings on the Web

Find Jobs Job Banks

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Sources of Additional Information

Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.

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