What Do Personal Financial Advisors Do (including Their Typical Day At Work)

Job Description

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. They also 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.

Other tasks include:

• 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.
• Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
• Review clients’ accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
• Manage client portfolios, keeping client plans up-to-date.

We asked Personal Financial Advisors how satisfied they are with their job. Here is what they said.

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77% of them said they were satisfied with their job and 58% said they find that their job makes the world a better place or helps to make someone else’s life better.

Typical Day At Work

On a daily basis, Personal Financial Advisors recruit and maintain client bases. They monitor financial market trends to ensure that client plans are responsive.

• Answer clients’ questions about the purposes and details of financial plans and strategies.
• Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
• Investigate available investment opportunities to determine compatibility with client financial plans.
• Review clients’ accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
• Explain to clients the personal financial advisor’s responsibilities and the types of services to be provided.

We asked some Personal Financial Advisors a few questions to find out what else does their work day look like. Here is what we found.

	Do you have telephone conversations everyday in this job?	81% said yes
	How important is it to work in a team in this job?	21% said very important
	Do you have group discussions everyday in this job?	63% said yes
	Do you talk or work with customers everyday in this job?	39% said yes
	Do you have to deal with angry customers everyday in this job?	0% said yes
	Do you have to make decisions everyday in this job?	57% said yes

Other responsibilities

Besides their typical day, Personal Financial Advisors also monitor financial market trends to ensure that client plans are responsive. They may also recruit and maintain client bases.

On a weekly to monthly basis, Personal Financial Advisors Analyze financial information obtained from clients to determine strategies for meeting clients’ financial objectives. They might also Investigate available investment opportunities to determine compatibility with client financial plans.

In addition, they 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.

Although specific duties may vary, many of them Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.

To some Personal Financial Advisors, it is also their responsibility to Manage client portfolios, keeping client plans up-to-date.

Working life

More than 40 hours per week

Regular schedule like a 9 to 5

In a typical work week as a Personal Financial Advisor, you can expect to work more than 40 hours per week.

Is this right for me

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.

You can read more about these career personality types here.

Explore other careers

http://www.bls.gov/OOH/business-and-financial/personal-financial-advisors.htm

http://gafm.com/

http://www.finra.org/

http://www.sec.gov/