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 Life Planner, Financial Planner, Investment Advisor, Portfolio Manager, Wealth Advisor, Wealth Manager

Occupation-Specific 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.
  • 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.
  • 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.
  • 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.
  • Open accounts for clients, and disburse funds from accounts to creditors as agent for clients.
  • 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.
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Technology Skills

  • Accounting software — Fund accounting software; Sage 50 Accounting
  • Analytical or scientific software — Monte Carlo simulation software
  • Calendar and scheduling software — Pimlico Software DateBk
  • Communications server software — IBM Domino
  • Compliance software — ComplianceMAX
  • Customer relationship management CRM software — ACT! ACT4Advisors; Microsoft Business Contact Manager; Salesforce software Hot technology ; Web Information Solutions Pocket Informant; 9 more
  • Data base user interface and query software — FileMaker Pro; Microsoft Access Hot technology ; Microsoft SQL Server Hot technology ; Structured query language SQL Hot technology ; 1 more
  • Development environment software — Microsoft Visual Basic Hot technology
  • Document management software — Cabinet NG CNG-SAFE; ScanSoft PaperPort Pro; SunGard LockBox; World Software Corporation Worldox; 1 more
  • Electronic mail software — Microsoft Outlook Hot technology
  • Enterprise resource planning ERP software — Microsoft Dynamics Hot technology ; Oracle Hyperion; Oracle PeopleSoft Financials
  • Financial analysis software — Finance Logix Retirement Planner; Ibbotson Portfolio Strategist; Oracle E-Business Suite Financials; WealthTec Foundations; 51 more
  • Internet browser software — Web browser software
  • Object or component oriented development software — Swift Hot technology
  • Office suite software — Microsoft Office software In-Demand Hot technology
  • Presentation software — Financial planning presentation software; Microsoft PowerPoint In-Demand Hot technology ; MoneyTree Silver Financial Planner (presentation feature)
  • Project management software — Microsoft Project Hot technology
  • Spreadsheet software — Corel QuattroPro; IBM Lotus 1-2-3; Microsoft Excel In-Demand Hot technology
  • Word processing software — Automatic Data Processing ProxyEdge; Financial report generation software; Microsoft Word Hot technology
Hot technology
Hot Technologies are requirements most frequently included across all employer job postings.
In demand
In Demand skills are frequently included in employer job postings for this occupation.

Occupational Requirements

Work Activities

  • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
  • Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
  • Working with Computers — 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 — Developing constructive and cooperative working relationships with others, and maintaining them over time.
  • Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
  • Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
  • Communicating with People Outside the Organization — 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.
  • Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
  • Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
  • 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.
  • Providing Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
  • Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
  • Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
  • Performing for or Working Directly with the Public — Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
  • Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others.
  • Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
  • Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
  • Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
  • Assisting and Caring for Others — Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients.
  • Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
  • Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
  • Coaching and Developing Others — Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
  • Estimating the Quantifiable Characteristics of Products, Events, or Information — Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
  • Judging the Qualities of Objects, Services, or People — Assessing the value, importance, or quality of things or people.
  • Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
  • Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.

Detailed Work Activities

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Work Context

Experience Requirements

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 real estate brokers, sales managers, database administrators, graphic designers, conservation scientists, art directors, and cost estimators.
SVP Range
(7.0 to < 8.0)

Training & Credentials

State training
Local training
Certifications
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State licenses

Apprenticeship Opportunities

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Worker Requirements

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.
  • Reading Comprehension — Understanding written sentences and paragraphs in work-related documents.
  • Speaking — Talking to others to convey information effectively.
  • Writing — Communicating effectively in writing as appropriate for the needs of the audience.
  • Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
  • Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Mathematics — Using mathematics to solve problems.
  • Service Orientation — Actively looking for ways to help people.
  • Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
  • Persuasion — Persuading others to change their minds or behavior.
  • Systems Analysis — Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
  • Systems Evaluation — Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
  • Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Coordination — Adjusting actions in relation to others' actions.
  • Instructing — Teaching others how to do something.
  • Learning Strategies — Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
  • Negotiation — Bringing others together and trying to reconcile differences.
  • Time Management — Managing one's own time and the time of others.

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.
  • 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.

Education

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

  • 58%
     
    Bachelor’s degree required
  • 23%
     
    Post-baccalaureate certificate required
  • 12%
     
    Master’s degree required

Worker Characteristics

Abilities

  • 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.
  • Speech Clarity — The ability to speak clearly so others can understand you.
  • Written Comprehension — The ability to read and understand information and ideas presented in writing.
  • Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
  • Near Vision — The ability to see details at close range (within a few feet of the observer).
  • Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
  • Written Expression — The ability to communicate information and ideas in writing so others will understand.
  • Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
  • 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 that there is a problem.
  • Speech Recognition — The ability to identify and understand the speech of another person.
  • Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
  • Fluency of Ideas — The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
  • Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.
  • Originality — The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.

Interests

Interest code: ECS
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  • 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.
  • 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.
  • 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.

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.

Work Styles

  • Integrity — Job requires being honest and ethical.
  • Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
  • Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
  • Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
  • Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
  • Initiative — Job requires a willingness to take on responsibilities and challenges.
  • Persistence — Job requires persistence in the face of obstacles.
  • Self-Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
  • Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
  • Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
  • Independence — Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
  • Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
  • Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
  • Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
  • Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
  • Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.

Workforce Characteristics

Wages & Employment Trends

Median wages (2023)
$47.88 hourly, $99,580 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)

Source: Bureau of Labor Statistics 2023 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

More Information

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Professional Associations

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