Personal financial advisors essential career information:
- 2011 median pay: $66,580
- 2010, number of jobs: 206,800
- Employment growth forecast, 2010-2020: 32 percent
- Entry level education requirements: Bachelor’s degree
Personal financial advisors; what they do:
Face it, managing money is complicated. No matter how much you earn, personal financial advisors can help you make the most of your money. Personal financial advisors’ areas of expertise include taxes, insurance and investments.
Personal financial planners use their knowledge of securities, pension plans, real estate and investment strategies to help people plan for the future. A personal financial advisor career involves evaluating clients’ insurance coverage, assets, tax status, liabilities and cash flow to help them reach their financial goals. A personal financial advisor career also includes explaining options to clients, including any risks associated with proposed investments.
Private banker or wealth managers usually work with people who have a lot of money to invest.
Most personal financial planners provide a range of services, but some specialize in retirement or risk management. Many wealth managers have a license to buy and sell stocks, bonds, annuities and insurance. Some individuals give their personal financial planner permission to buy and sell on their behalf.
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Personal financial advisors job duties:
- Answering questions about financial plans and strategies
- Analyzing clients’ financial information to determine the best way to meet their goals
- Reviewing clients’ accounts, and perhaps reassessing their plans, regularly in case their lives, finances and investment performance have changed
- Recruiting and maintaining clients.
- Preparing or interpreting financial documents for clients
- Managing clients’ portfolio
Personal financial advisors job titles:
- Account Executive
- Financial Consultant
- Investment Advisor
- Financial Counselor
- Certified Financial Planner
- Registered Representative
- Portfolio Manager
- Financial Advisor
- Personal Financial Planner
Personal Financial Advisors Education, Certification and License Requirements
Usually, a personal financial advisor has a bachelor’s degree in an area such as accounting, business, finance, mathematics, law or economics.
Personal financial advisors who buy or sell insurance policies, stocks, bonds or other financial products need licenses specific to those products. Personal financial planners who run small investment firms must register with state regulators; wealth managers or private bankers who own larger firms must register with the Securities and Exchange Commission.
While not required, certification can help a personal financial planner obtain new clients and enhance their professional reputation. Certification through the Certified Financial Planner Board of Standards requires a bachelor’s degree, three years of experience, agreement to a code of ethics and a passing mark on the exam.
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Career Advancement Opportunities
Personal financial advisors who have a master’s degree in finance or business administration may move into management positions.
Personal financial advisors programs cover subjects such as:
- Investments
- Taxes
- Estate planning
- Risk management
- Financial planning
- Securities
- Portfolio assessment
- Debt management
Personal Financial Advisors Job Outlook
Forecast: 32 percent employment growth for personal financial advisors from 2010 to 2020. The need for personal financial planners should continue to grow as baby boomers reach retirement and seek advice and as many employers’ reductions in benefits lead individuals to handle their own retirement accounts.
Personal Financial Advisors Salary
- 2011 median annual wage: $66,580
- 2011, workers at the 75th percentile annual wage: $111,880
- 2011, workers at the 25th percentile annual wage: $43,160
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Personal Financial Advisors Major Employers
- Investment firms
- Securities and brokerage firms
- Banks
- Management firms
- Insurance carriers
