In this career summary, you will find out what the job of A Personal Financial Advisor is about and what it is like.
After reading this, you will have a good idea on what the job is about and decide if this is the right career for you.
Personal Financial Advisors 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.
- 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.
- Answer clients’ questions about the purposes and details of financial plans and strategies.
- Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
- Analyze financial information obtained from clients to determine strategies for meeting clients’ financial objectives.
$118050 per year
$56.76 an hour
Personal Financial Advisors with little to no experience tend to make between $39300 and $57190 while the more experienced ones make over $153320 per year.
|Top 5 paying states||Hourly||Annual|
1 of the easiest ways to increase your salary as A Personal Financial Advisor is to move to a higher paying state like NY. Right now, the highest paying states for Personal Financial Advisors are NY, NM, ME, CT and CA.
However a higher pay at NY doesn’t guarantee that you will make more because the living expenses at NY might be 2x higher than where you are currently at now.
3 other factors that can increase your salary as A Personal Financial Advisor is the degree you hold, the industry you work in and lastly the company you work for (bigger companies like the Fortune 500 companies tend to pay more).
Recommended degree level
We asked other Personal Financial Advisors what degree they had when they got the job and most of them said they had a Bachelors degree followed by Post-bachelor certificate.
Other than that we also asked them what did they major in and here are the most popular majors that came up.
Another popular question from our readers is what makes A Personal Financial Advisor successful or would they be good in this career.
Well, we found that most successful Personal Financial Advisors have these 5 skillsets.
|Judgment and Decision Making|
In addition to that, 1 common characteristic among successful Personal Financial Advisors is they are good at Integrity. Here are the top 5 common characteristics.
|Attention to Detail|
|Concern for Others|
= Hot in-demand that most employers are looking for
Pros and Cons
Here are some reasons why you should and shouldn’t choose A Personal Financial Advisor as your career.
|Suitable for people who likes to start and carry out projects|
|Suitable for people who wants independence and likes to work on their own and make decisions|
|This career is perfect for people who love to work indoors.|
|One of the highest paid careers in the world|
|Not suitable for people who likes practical and handson work|
|It is hard to get into this career. A considerable amount of workrelated skill, knowledge, or experience is required for this career.|
|Long working hours (More than 40 hours per week)|
There will be pros and cons for all jobs. The point is how much do the pros outweigh the cons to you.
A pro to you might be a con to Bob. A pro to Bob might be a con to you. We suggest reading about this career framework that can help you to find out what type of careers are right for you.
What is the job like
Is this job meaningful
More than 40 hours per week
Regular (Set schedule and routine)
On a normal working week Personal Financial Advisors work More than 40 hours per week.
77% of Personal Financial Advisors said they were satisfied with their job and 58% said they feel like their job is making other people’s lives better.
Is this right for me
Best personality for this career
The Persuaders and The Organizers
You can read more about these career personality types here.
People who are suitable for this job tends to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.
They also like following set procedures and routines. They like working with data and details more than with ideas.
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They sell financial services, such as loan, tax, and securities counseling to customers of financial institutions and business establishments.
They buy and sell securities in investment and trading firms and develop and implement financial plans for individuals, businesses, and organizations.
They sell life, property, casualty, health, automotive, or other types of insurance. May refer clients to independent brokers, work as an independent broker, or be employed by an insurance company.
They analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with credit information for use in decision making.
They evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
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Personal Financial Advisors
Written by: Stanley Tan
Personal Financial Advisors 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.
5 / 5 stars