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.
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.
Personal Financial Advisors with little to no experience tend to make between $41590 and $57290 while the more experienced ones can earn over $157710 per year.
Top 5 paying states
One 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, DC, WY, ME and NC.
However a higher pay at NY doesn’t guarantee that you will make more because the living expenses at NY might be twice as high than where you are currently at now.
Three 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.
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.
conduct security assessments for organizations, and design security systems and processes. May specialize in areas such as physical security, personnel security, and information security. May work in fields such as health care, banking, gaming, security engineering, or manufacturing.
prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
review settled insurance claims to determine that payments and settlements have been made in accordance with company practices and procedures. Report overpayments, underpayments, and other irregularities. Confer with legal counsel on claims requiring litigation.
coordinate and document internal regulatory processes, such as internal audits, inspections, license renewals, or registrations. May compile and prepare materials for submission to regulatory agencies.
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