National
| Median wages (2008) |
$33.20 hourly, $69,050 annual |
| Employment (2006) |
176,000 employees |
| Projected growth (2006-2016) |
Much faster than average (21% or higher)
|
| Projected need (2006-2016) |
88,000 additional employees |
13-2052.00 - Personal Financial Advisors
Advise clients on financial plans utilizing 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 to establish investment strategies.
Sample of reported job titles:
Financial Advisor, Portfolio Manager, Financial Planner, Account Executive, Registered Representative, Investment Advisor, Financial Consultant, Financial Counselor, Analyst, Certified Financial Planner (CFP)
Tasks
- Sell financial products such as stocks, bonds, mutual funds, and insurance if licensed to do so.
- Build and maintain client bases, keeping current client plans up-to-date and recruiting new clients on an ongoing basis.
- 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, or financial performance indicate a need for plan reassessment.
- Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, and other information needed to develop a financial plan.
- Recommend strategies clients can use to achieve their financial goals and objectives, including specific recommendations in such areas as cash management, insurance coverage, and investment planning.
- Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.
- Research and investigate available investment opportunities to determine whether they fit into financial plans.
- Explain and document for clients the types of services that are to be provided, and the responsibilities to be taken by the personal financial advisor.
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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; CRM Software Junxure; 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 — AdviceAmerica AdvisorVision; Advisory World ICE; Finance Logix Retirement Planner; WealthTec Foundations |
| Presentation software — Financial planning presentation software; Microsoft PowerPoint; MoneyTree Silver Financial Planner (presentation feature) |
| Word processing software — Automatic Data Processing ProxyEdge; Financial report generation software; Microsoft Word |
