Occupation Profile for 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.
Signficant Points
- Good interpersonal skills and an aptitude for working with numbers are among the most important qualifications for financial analysts and personal financial advisors.
- Keen competition is anticipated for these highly paid positions, despite rapid job growth; those who have earned a professional designation or an MBA are expected to have the best opportunities.
- Almost one third of personal financial advisors are self-employed.
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.
- Sales and Marketing — Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
- Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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.
- Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Speaking — Talking to others to convey information effectively.
- Time Management — Managing one's own time and the time of others.
- Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
Abilities
- Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
- Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- Written Comprehension — The ability to read and understand information and ideas presented in writing.
- Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.