Occupation Profile for Personal Financial Advisors

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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.
 

Tasks

  • Core — Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
  • Core — Answer clients' questions about the purposes and details of financial plans and strategies.
  • Core — Review clients' accounts and plans regularly to determine whether life changes, economic changes, or financial performance indicate a need for plan reassessment.
  • Core — 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.
  • Core — Research and investigate available investment opportunities to determine whether they fit into financial plans.

Activities

  • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Communicating with Persons Outside Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
  • Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.
  • Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.