dcsimg

Personal Financial Advisors picture    Personal Financial Advisors image

Personal Financial Advisors

Personal financial advisors evaluate the financial needs of their clients and help them with investments, insurance decisions and tax laws. Financial advisors help people develop retirement plans, create strategies for paying educational expenses and they help them evaluate and select a variety of investments.

Personal financial planners assist their clients with the planning of short-term and long term objectives. Some financial advisors specialize in areas such as estate planning or retirement. Personal financial advisors sometimes seek advise from financial analysts, lawyers and accountants.

Some sample job titles include certified financial planner, finance consultant, financial advisor, financial agent, financial coordinator, financial consultant, fiscal specialist, investment consultant, investment counselor, personal banker, wealth manager, personal financial planner and investment advisor.

In general, personal financial advisors have to find their own clients. They typically spend a lot of time marketing their financial services. They often meet prospective clients through social networking and by giving seminars. Building a customer base is a vital part of the occupation.

Many personal financial advisors have a license to directly buy and sell financial products including stocks, bonds, insurance products, annuities and derivatives.

Private bankers or wealth managers are regarded as personal financial advisors that work for clients that have a large amount of money to invest. These clients resemble institutional investors. Private bankers manage their clients' portfolios utilizing the resources of a bank. They typically, directly manage their clients' finances.

Responsibilities

  • Set up consultations with clients
  • Develop a thorough financial plan for clients
  • Help clients select appropriate investments
  • Learn about clients finances and objectives
  • Update clients on potential investments
  • Build client base
  • Make adjustments to clients' financial plans
  • Answer clients' questions
  • Educate clients regarding risks and possible scenarios

Job Characteristics

Personal financial planners typically work in offices or in their homes. They sometimes meet with clients during the evenings and weekends in order to accommodate their clients' schedules. Personal financial planners also give seminars in order to meet potential clients. They should have strong analytical, math and interpersonal skills. They also need to have strong sales ability.

Employment Outlook

The employment growth of personal financial advisors is forecasted by the Bureau of Labor Statistics to grow by 30 percent during the 2008-18 timeframe which is much faster than the average for all occupations.

The median annual earnings for wage and salaried personal financial advisors in 2008 was $69,050. Those that work for financial services companies are often provided a salary and bonuses. Advisors that work for planning or financial investment companies and those that are self-employed usually earn money by collecting a percentage of their client's assets that they manage.

Some financial advisors earn money by charging hourly fees or from fees they collect on stock and insurance purchases. Financial advisors often receive commissions on financial products they sell in addition to charging a fee.

Baby boomers should increase the demand for personal financial advisors. Many companies are using retirement savings programs instead of traditional pension plans, thus there is an increase in the amount of people that are managing their retirement savings programs. These individuals may increase the need for financial advisors.

Many individuals enter the occupation by working for banks and full-service brokerages. A college degree and certification can enhance credibility.

Education, Certification, and Licensing

Personal financial advisors typically hold a bachelor's or a master's degree. They often earn a degree in finance, accounting, business, law, economics or mathematics. Beneficial courses include investments, risk management, estate planning and taxes. Some colleges and universities provide financial planning education programs.

Personal financial advisers that directly buy or sell stocks, bonds, insurance policies or specific investment advice must have a combination of licenses which varies based on the types of products they sell.

Certifications are not always necessary, however certification is recommended by many employers. The Certified Financial Planner Board of Standards offers the Certified Financial Planner credential. The credential requires three years of relevant experience, completing education requirements that includes a bachelor's degree, passing an examination and following a code of ethics.

Resources

Major Employers

Schools for Personal Financial Advisors are listed in the Browse Schools Section.

Metro Areas Sorted by Total Employment for
Personal Financial Advisors

Listed below are the 10 largest metro areas based on the total number of people employed in Personal Financial Advisors jobs , as of 2016

     
Metro Area Total Employment Annual Mean Salary
Los Angeles-Long Beach-Anaheim 10,180 $135,730
San Francisco-Oakland-Hayward 6,640 $163,660
Dallas-Fort Worth-Arlington 4,650 $124,980
Atlanta-Sandy Springs-Roswell 4,430 $124,270
Miami-Fort Lauderdale-West Palm Beach 4,300 $129,760
Houston-The Woodlands-Sugar Land 3,550 $109,560
Phoenix-Mesa-Scottsdale 3,320 $106,760
Baltimore-Columbia-Towson 2,880 $107,600
Seattle-Tacoma-Bellevue 2,870 $109,070
Denver-Aurora-Lakewood 2,610 $124,460

Compare Total Employment & Salaries for Personal Financial Advisors

Use our handy tool to see what employment and salary numbers look like for two different metro areas

Select State
Select Metro Area 1
Select Metro Area 2
Employment
Salary

Total employment and salary for professions similar to personal financial advisors

Career Stories (Job Profiles) for Personal Financial Advisors

To find out more about building a career as Personal Financial Advisors, we spoke with professionals in the field across a variety of specialties. Learn about their experiences on the job, the steps they took to complete their education, and what it takes to excel in this industry. Click the link to see a story.

All Types

Source : 2016 Occupational Employment Statistics, Bureau of Labor Statistics, U.S. Department of Labor, BLS.gov

Most Popular Industries for
Personal Financial Advisors

These industries represent at least 1% of the total number of people employed in this occupation.

Industry Total Employment Percent Annual Median Salary
Securities And Investment 89,270 61% $78,360
Banking And Credit 31,050 21% $61,130
Professional And Technical Services 6,900 4% $64,420
Insurance 6,770 4% $63,360
Pension And Trusts 4,060 2% $53,730
Business Management 3,250 2% $62,810
Click the Visit School Site buttons to go directly to a school's website and learn more about the school and programs it has to offer. School website will open in a new tab.
Click the Request Info buttons to request more information from a representative at the school.
 
Results:  10
Matching School Ads
Programs
  • BA Consumer and Family Financial Services
  • BA Finance
  • Earn your degree online from Ashford University!
  • Choose from Undergraduate and Graduate classes
  • Business, Health Care, Psychology and Liberal Arts programs to choose from
  • Apply Now! Classes begin every Tuesday!
Programs
  • B.S. in Finance and Economics
  • There's still time to apply to Grand Canyon University and pursue your education. Learn more today!
  • Study on your schedule - GCU offers many programs 100% online to fit your busy lifestyle.
  • GCU offers a variety of opportunities to reduce the cost of furthering your education. Campus students may qualify for scholarships, while online students can take part in limited special offers.
  • A regionally accredited university, GCU also holds specialized accreditations and approvals for some of our core program offerings.
  • Degrees in business, education, nursing, humanities and social sciences, theology and more. Find the degree that fits you.
  • Talk to us today to learn more about financial aid and start dates!
Programs
  • Master of Science in Finance

Georgetown University is a private, not-for-profit, accredited university located in Washington, DC. Founded in 1789 by John Carroll, Georgetown is America’s oldest Catholic and Jesuit University. Today, Georgetown is a major international research university. It has nine schools, an affiliated hospital and many highly-ranked graduate programs.

Programs
  • MHA: Finance
  • BS in Business - Finance
  • DBA: Finance
  • Liberty University’s online programs ranked in the top 10 out of more than 2,100 colleges & universities for academic quality, affordability, and accessibility.*
  • 100% online programs at associate, bachelor’s, master’s, and doctoral level.**
  • Transfer up to 90 credits into an undergraduate degree program.
  • Up to 50% of your master’s degree can be transferred in to help you get the most out of your hard work and maximize the credit you previously earned.
Programs
  • Master in Finance
  • The first and only 100% online, fully accredited public university in the United States
  • No set class times or locations
  • Affordable tuition, guaranteed not to increase as long as you are enrolled
  • Accelerated eight-week terms
  • Classes start every month
Programs
  • Master of Science in Finance
  • A private Catholic & Jesuit institution delivering a transformative education
  • Scranton U has earned accreditation from 17 different accrediting agencies
  • Lovely 58 acre campus situated off Interstate 81 in PA’s Pocono Northeast region
  • 88% of  faculty hold doctoral or other terminal degrees in their fields
  • 2017-18 first-year students got $30 million + in financial aid & scholarships
Programs
  • MS in Finance - H
  • Dedicated to the exceptional education of exemplary business leaders & citizens
  • Accredited by the Association to Advance Collegiate Schools of Business (AACSB)
  • 10+ business degree and certificate programs with online and on campus options
  • 4 campuses conveniently located between Baltimore, MD & Washington D.C
  • U.S. News & World Report ranked JHU #10 among U.S. colleges and universities
Programs
  • Certificate: Finance
  • B.S. in Finance
  • B.S. in Finance / Corporate Finance
  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses help make it possible for students to earn a bachelor’s degree in as little as 24 months and a master’s degree in 12-18 months.
Programs
  • MBA - Finance/Accounting
  • UC is committed to liberal education integrated with professional study
  • Accredited by the MSCHE with a beautiful campus located in Utica, New York
  • 21 graduate programs, 38 undergraduate majors & study abroad opportunities
  • More than 5,000 undergraduate and graduate students (full- and part-time)
  • Offers financial aid options to students who qualify for tuition assistance
Programs
  • Financial Management - PhD in Bus. Admin.
  • Financial Management - D.B.A.
  • Ranked among the Best Online Bachelor's Programs in 2014 by U.S. News & World Report.
  • Implements a one-to-one teaching model, partnering one student with one faculty member in each course.
  • 100% of faculty members hold doctoral degrees.
  • No physical residency requirements, allowing students to pursue their degree online.
  • Committed to innovation, diversity, excellence, and accountability since its founding in 1996.
  • Offers several programs in business, education, psychology, and more.

We have some additional detailed pages at the state level for Personal Financial Advisors.

Numbers in parentheses are counts of relevant campus-based schools in the state; online schools may also be available.

Back to Top