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. May also buy and sell financial assets for clients.
Also known as: Account Manager, Asset Analyst, Asset Manager, Budget Counselor, Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Client Advisor, Credit Counselor, ...
Annual Salary
Median annual wage (May 2024)
Job Outlook
Projected growth, 2024–2034 (Much faster than average)
What You'd Do
- 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.
- 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.
- 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.
Top Skills
Importance scale: 1 (low) – 5 (high)
Knowledge Areas
Importance scale: 1 (low) – 5 (high)
Education Level Distribution
Percentage of workers in this occupation by education level
Technology & Tools
Software and tools commonly used in this role
In-Demand Technologies
Other Tools
Work Styles
Personality traits and work styles important for this career
Key Abilities
Cognitive, physical, and sensory abilities important for this role
Importance scale: 1 (low) – 5 (high)
Work Activities
General types of job behaviors occurring on this job
Importance scale: 1 (low) – 5 (high)
Work Environment
Physical and social factors that influence the nature of work
Related Careers
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Salary data: BLS Occupational Employment and Wage Statistics, May 2024. Outlook data: BLS Employment Projections, 2024–2034.
This page includes information from the O*NET 30.2 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license.