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.
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
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).
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.
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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Related to Personal Financial Advisors Career Information
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http://www.bls.gov/OOH/business-and-financial/personal-financial-advisors.htm http://gafm.com/ http://www.finra.org/ http://www.sec.gov/
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