Personal Financial Advisors

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About the Job

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.

It is also Called

  • Wealth Management Advisor
  • Trustee of Estate
  • Strategist
  • Socially Responsible Investment Adviser
  • Securities Counselor
  • Securities Consultant
  • Relationship Manager
  • Registered Representative
  • Portfolio Manager
  • Personal Investment Adviser
View All

What They Do

  • Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds.
  • Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.
  • Inform clients about tax benefits, government rebates, or other financial benefits of alternative fuel vehicle purchases or energy efficient home construction, improvements, or remodeling.
  • Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
  • Devise debt liquidation plans that include payoff priorities and timelines.
  • Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
  • Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
  • Monitor financial market trends to ensure that client plans are responsive.
  • Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
  • Investigate available investment opportunities to determine compatibility with client financial plans.

Interests

People who work in this occupation generally have the interest code: ECS.

This means people who work in this occupation generally have Enterprising interests, but also prefer Conventional and Social environments.

Work Values

People who work in this occupation generally prize Independence, but also value Achievement and Working Conditions in their jobs.

Things They Need to Know

  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

Things They Need to Be Able to Do

  • Speaking - Talking to others to convey information effectively.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Service Orientation - Actively looking for ways to help people.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.

Education Required

Most of these occupations require a four-year bachelor's degree, but some do not.

Wages

In 2016, the average annual wage in Pennsylvania was $119,140

Outlook

2.72%
avg. annual growth

During 2014, this occupation employed approximately 10,010 people in Pennsylvania. It is projected that there will be 12,730 employed in 2024.

This occupation will have about 272 openings due to growth and about 248 replacement openings for approximately 520 total annual openings.



Pennsylvania Department of Education