Salary, Job Description, How To Become One, and Quiz
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Personal Financial Advisors
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. May also buy and sell financial assets for clients.
Table of contents
What they do
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. May also buy and sell financial assets for clients.
- 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.
Typical day
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 agents 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.
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.
Featured Schools
What is the job like
Job satisfaction
Is this job meaningful
77% said they were satisfied with their job and 58% said they found their job meaningful.
My Typical Day When I worked as a financial advisor, nights were more productive than days. That’s because I spend the mornings and afternoons responding to clients’ inquiries. It was a part of my job to be available whenever the clients needed some advice. Existing clients took most of my daylight. I checked my emails … Read More
My Typical Day My typical workday involves meeting with clients to discuss if they are on track for their retirement date, or if they are retired, how their life is going in retirement. One of our meeting rooms Other than meetings with clients, what other activities do you do as a Wealth Advisor? I meet … Read More
As a personal financial advisor, I am blessed to work a job that I am very passionate about. My typical day A typical day for me starts relatively early, I am very well connected and have clients that need servicing every day. I usually start by reviewing client inquiries and new portfolios of individuals who … Read More
I’m the CEO and Financial Advisor of my financial firm. I have worked in the financial industry for over a decade and I have progressively increased my career satisfaction over time due to moves made within the industry. My typical day My typical day involves reading/listening to the news, including national, world, and overall financial.. … Read More
I’ve been a CFA© Charterholder since 2016. I’ve worked as a financial advisor at RBC, an investment wholesaler at CI Investments, and an energy trader at Enmax. My typical day A typical day in the life of a financial advisor or financial services sales agent is primarily made up of: Client meetings and prospecting The … Read More
I usually arrive at the office between 8.30am and 9.30am depending on whether or not I have taken the kids to school. I will start the day by catching up on my emails. I do not check my emails when I am at home, so there are usually a fair few that have come in … Read More
I’m a certified financial planner and have been in the profession since 1999 and earned CFP certification in 2004. This is a profession where women and people from diverse multicultural or multiracial are underrepresented, so that means there are tremendous opportunities. The role of a CFP is to help clients maximize their potential for reaching … Read More
Pros
Suitable for people who like to start and carry out projects.
Suitable for people who want independence and like 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.
Cons
Not suitable for people who like practical and hands-on work.
It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week).
How much do they make
Average salary
Average hourly wage
Entry-level Personal Financial Advisors with little to no experience can expect to make anywhere between $44,100 to $59,450 per year or $21 to $29 per hour.
| Salary by experience | Annual | Hourly |
|---|---|---|
| Highest (Top 10%) | $208,000+ | $100+ |
| Senior (Top 25%) | $157,020 | $75 |
| Median | $89,330 | $43 |
| Junior (Bottom 25%) | $59,450 | $29 |
| No experience (Bottom 10%) | $44,100 | $21 |
This table shows the top 10 highest paying industries for Personal Financial Advisors based on their average annual salary.
| Salary by industry | Annual | Hourly |
|---|---|---|
| Other Investment Pools and Funds | $137090 | $65.91 |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | $130820 | $62.90 |
| Real Estate | $130430 | $62.71 |
| Legal Services | $116750 | $56.13 |
| Management of Companies and Enterprises | $109840 | $52.81 |
| Accounting, Tax Preparation, Bookkeeping, and Payroll Services | $106660 | $51.28 |
| Agencies, Brokerages, and Other Insurance Related Activities | $105920 | $50.92 |
| Business, Professional, Labor, Political, and Similar Organizations | $105750 | $50.84 |
| Insurance Carriers | $104670 | $50.32 |
| Land Subdivision | $100730 | $48.43 |
View more salary by industries here.
Where can they work
Where can Personal Financial Advisors work? Here is a table showing the top 10 largest employers of Personal Financial Advisors including the average salary in that industry.
| Employers | Total Employed | Annual Salary | Hourly Wages |
|---|---|---|---|
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 159650 | $130820 | $62.90 |
| Credit Intermediation and Related Activities | 32720 | $98610 | $47.41 |
| Agencies, Brokerages, and Other Insurance Related Activities | 6090 | $105920 | $50.92 |
| Management of Companies and Enterprises | 4240 | $109840 | $52.81 |
| Accounting, Tax Preparation, Bookkeeping, and Payroll Services | 2660 | $106660 | $51.28 |
| Management, Scientific, and Technical Consulting Services | 2390 | $95200 | $45.77 |
| Nondepository Credit Intermediation | 2030 | $92400 | $44.42 |
| Insurance Carriers | 1860 | $104670 | $50.32 |
| Other Investment Pools and Funds | 650 | $137090 | $65.91 |
| Insurance and Employee Benefit Funds | 640 | $83240 | $40.02 |
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What is the work day like
Working hours
Working schedule
How often do you use email in this job?
Telephone
How often do you have telephone conversations in this job?
Group discussions
How often do you have group discussions in this job?
Public speaking
How often does this job require you to do public speaking?
Level of competition
How much competitive pressure is in this job?
What is the work environment like
Office-style environment
Indoors in an environmentally controlled condition
Warehouse-style environment
Indoors in a non-controlled environmental condition such as a warehouse
Outdoors
Outdoors exposed to all weather conditions
Outdoors – Under Cover
Outdoors but under cover (e.g. structure with roof but no walls)
How to become one
Difficulty to become one
Required level of education
What level of education do you need to perform the job?
Relevant majors
Finance
Financial Planning and Services
Family Resource Management Studies
Relevant work experience
How much related work experience do you need to get hired for the job?
On The Job Training
How much on the job training do you need to perform the job?
Should you become one
Best personality type for this career
People with this personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Builder personality type likes practical and hands-on work. They prefer working with plants, animals, and real-world materials like wood, tools, and machinery.
People with The Thinker personality likes to work with ideas that require an extensive amount of thinking. They prefer work that requires them to solve problems mentally.
People with The Artist personality likes to work with designs and patterns. They prefer activities that require self-expression and prefer work that can be done without following a clear set of rules.
People with The Helper personality type likes to work with people and in teams. They prefer work that allows them to build relationships with others.
People with The Leader personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Organizer personality type likes to follow set procedures and routines. They prefer working with data and details more than with ideas.
You can read more about these career personality types here.
People who are suitable for this job tend 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.
Take this quiz to see if this is the right career for you.
Work Values
Which values are the most important to a person’s satisfaction for this job?
You are someone who is results oriented. You prefer work that allows you to utilize your skills and abilities while at the same time giving you a sense of accomplishment.
You are someone who values job security, steady employment, and good working conditions. You also prefer work that keeps you busy all the time with something different to do every day.
You are someone who values job advancement and leadership roles. You prefer work that receives recognition for the work you do and jobs that are looked up to by others in the company and your community.
You are someone who likes to provide a service to others. You prefer a work environment where you can work with your co-workers in a friendly non-competitive environment.
You are someone who values a company that stands behind their employees. You prefer a work environment where everyone is treated fairly and is being supported by the company.
You are someone who likes to work on your own and make your own decisions. You prefer work that requires little supervision and are allowed to try out your own ideas.
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