CareerGPS

Personal Financial Advisors
Summary Occupational Forecast Data for Personal Financial Advisors
Employment Employment Change Average Annual Job Openings Wage & Training Levels
2018 2023 Numerical Percent New Jobs Replacement Jobs Total Median Hourly Median Annual Training Levels
9,257 10,780 1,524 16.46% 305 759 1,064 $34.31 $71,373 Bachelor's degree
Description: Advise clients on financial plans utilizing 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 to establish investment strategies.
Staffing Pattern Data Forecast Data Source: EMSI (2nd Quarter 2018)

Occupation Details

The information in this section represents occupational characteristics included in O*NET which defines key features of an occupation as a standardized, measurable set of variables called "descriptors". These distinguishing characteristics of an occupation are described in greater detail in the O*NET Content Model. All items are listed in descending order of importance.

  • Sell financial products such as stocks, bonds, mutual funds, and insurance if licensed to do so.
  • Build and maintain client bases, keeping current client plans up-to-date and recruiting new clients on an ongoing basis.
  • Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
  • Answer clients' questions about the purposes and details of financial plans and strategies.
  • Review clients' accounts and plans regularly to determine whether life changes, economic changes, or financial performance indicate a need for plan reassessment.
  • Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, and other information needed to develop a financial plan.
  • Recommend strategies clients can use to achieve their financial goals and objectives, including specific recommendations in such areas as cash management, insurance coverage, and investment planning.
  • Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.
  • Research and investigate available investment opportunities to determine whether they fit into financial plans.
  • Explain and document for clients the types of services that are to be provided, and the responsibilities to be taken by the personal financial advisor.
  • Monitor financial market trends to ensure that plans are effective, and to identify any necessary updates.
  • Prepare and interpret for clients information such as investment performance reports, financial document summaries, and income projections.
  • Guide clients in the gathering of information such as bank account records, income tax returns, life and disability insurance records, pension plan information, and wills.
  • Contact clients periodically to determine if there have been changes in their financial status.
  • Meet with clients' other advisors, including attorneys, accountants, trust officers, and investment bankers, to fully understand clients' financial goals and circumstances.
  • Devise debt liquidation plans that include payoff priorities and timelines.

Knowledge

79%
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.
68%
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.
66%
Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
58%
English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
56%
Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
51%
Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

Skills

78%
Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
78%
Speaking - Talking to others to convey information effectively.
75%
Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
75%
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.
69%
Writing - Communicating effectively in writing as appropriate for the needs of the audience.
69%
Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
65%
Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
65%
Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
65%
Service Orientation - Actively looking for ways to help people.
62%
Persuasion - Persuading others to change their minds or behavior.
60%
Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
56%
Coordination - Adjusting actions in relation to others' actions.
56%
Mathematics - Using mathematics to solve problems.
56%
Time Management - Managing one's own time and the time of others.
53%
Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
50%
Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
50%
Operations Analysis - Analyzing needs and product requirements to create a design.
50%
Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.

Abilities

78%
Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
78%
Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
75%
Written Comprehension - The ability to read and understand information and ideas presented in writing.
75%
Written Expression - The ability to communicate information and ideas in writing so others will understand.
75%
Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
72%
Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
72%
Speech Clarity - The ability to speak clearly so others can understand you.
69%
Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
69%
Speech Recognition - The ability to identify and understand the speech of another person.
69%
Number Facility - The ability to add, subtract, multiply, or divide quickly and correctly.
62%
Near Vision - The ability to see details at close range (within a few feet of the observer).
62%
Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
60%
Category Flexibility - The ability to generate or use different sets of rules for combining or grouping things in different ways.
56%
Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
50%
Selective Attention - The ability to concentrate on a task over a period of time without being distracted.
50%
Fluency of Ideas - The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
50%
Originality - The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.

Work Activities

91%
Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
82%
Communicating with Persons Outside Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
82%
Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
82%
Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
79%
Judging the Qualities of Things, Services, or People - Assessing the value, importance, or quality of things or people.
79%
Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
77%
Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
76%
Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them.
75%
Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
74%
Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
74%
Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
71%
Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
71%
Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
71%
Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
68%
Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
65%
Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
62%
Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
59%
Scheduling Work and Activities - Scheduling events, programs, and activities, as well as the work of others.
56%
Resolving Conflicts and Negotiating with Others - Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
55%
Provide Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
53%
Performing Administrative Activities - Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
53%
Monitoring and Controlling Resources - Monitoring and controlling resources and overseeing the spending of money.
52%
Monitor Processes, Materials, or Surroundings - Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
Title Job Zone Four: Considerable Preparation Needed
Overall Experience A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Job Training Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Job Zone Examples Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, database administrators, teachers, chemists, environmental engineers, criminal investigators, and special agents.
Education Most of these occupations require a four-year bachelor's degree, but some do not.

Interests

Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Social - Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Investigative - Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.

Work Styles

Integrity - Job requires being honest and ethical.
Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
Persistence - Job requires persistence in the face of obstacles.
Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Initiative - Job requires a willingness to take on responsibilities and challenges.
Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high stress situations.

Work Values

Independence - Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Achievement - Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.