Personal Financial Advisors
Under the title Personal Financial Advisors, workers advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. O*NET rates it as considerable preparation, which usually means a bachelor’s degree plus a period of work experience. It leans on reading comprehension, active listening, and speaking. You may also need to 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. With a code of ECS, this is mostly a job for people drawn to leading, persuading and making business decisions. Conventional interests also help, rated 5.6 out of 7. People who want leading, persuading and making business decisions usually fit better here than those who need hands-on work with tools, machines or the physical world.
What they do
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.
Main 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.
Skills
- Reading Comprehension
- Active Listening
- Speaking
- Writing
- Critical Thinking
- Social Perceptiveness
Who this career fits
May suit you if
- You like taking the lead and making the call.
- You like clear rules and getting the details right.
- You are ready to spend around four years on a degree, then build experience.
- You are comfortable relying on reading comprehension and active listening.
May not suit you if
- You would rather not persuade, sell or manage other people.
- You want to work with your hands for most of the day. Realistic rates 1.0 out of 7 here.
- You want to avoid a four-year degree or its equivalent.
Interest profile
O*NET rates each occupation from 1 to 7 on six interest types. The code ECS takes the three highest, and Enterprising comes first here.
Preparation
Considerable preparation. Most jobs here ask for a bachelor’s degree, and employers usually expect a few years of related experience as well.
Most-reported requirement in the O*NET survey: Bachelor's Degree. This reflects what workers reported most often and is not a legal minimum. Licensing rules can differ by state or industry, so confirm what applies where you plan to work.
Also called
- Certified Financial Planner (CFP)
- Financial Advisor
- Financial Consultant
- Financial Counselor
- Financial Life Planner
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This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.