Personal Financial Advisors
13-2052.00
Bright Outlook Updated 2024

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.

Sample of reported job titles: Certified Financial Planner (CFP), Financial Advisor, Financial Consultant, Financial Counselor, Financial Planner, Investment Advisor, Portfolio Manager, Wealth Advisor

Occupation-Specific Information

Tasks Save Table: XLSX CSV

ImportanceCategoryTask
95
 
Core
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.
94
 
Core
Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
93
 
Core
Manage client portfolios, keeping client plans up-to-date.
91
 
Core
Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.
90
 
Core
Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
90
 
Core
Answer clients' questions about the purposes and details of financial plans and strategies.
89
 
Core
Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
84
 
Core
Contact clients periodically to determine any changes in their financial status.
82
 
Core
Investigate available investment opportunities to determine compatibility with client financial plans.
81
 
Core
Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.
75
 
Core
Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
75
 
Core
Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
72
 
Core
Monitor financial market trends to ensure that client plans are responsive.
71
 
Core
Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
68
 
Core
Recruit and maintain client bases.
68
 
Core
Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
63
 
Core
Devise debt liquidation plans that include payoff priorities and timelines.
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Worker Requirements

Education

How much education does a new hire need to perform a job in this occupation? Respondents said:

  • 52%
     
    Bachelor’s degree required
  • 35%
     
    Post-baccalaureate certificate required
  • 4%
     
    Less than high school diploma required

Worker Characteristics

Interests Save Table: XLSX CSV

Occupational InterestInterest
81
 
Enterprising — 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.
76
 
Conventional — 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.
53
 
Social — 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.

Workforce Characteristics

Wages & Employment Trends

Median wages (2022)
$45.86 hourly, $95,390 annual
State wages
Local wages
Employment (2022)
327,600 employees
Projected growth (2022-2032)
Much faster than average (9% or higher)
Projected job openings (2022-2032)
25,600
State trends
Top industries (2022)
Finance and Insurance (83% employed in this sector)

Source: Bureau of Labor Statistics 2022 wage data and 2022-2032 employment projections . “Projected growth” represents the estimated change in total employment over the projections period (2022-2032). “Projected job openings” represent openings due to growth and replacement.

Job Openings on the Web

State job openings
Local job openings