Personal Financial Advisor Career

Job Description: 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.


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Personal Financial Advisor Career

What Personal Financial Advisors do:

  • 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.
  • Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.
  • 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.
  • Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
  • Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
  • Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
  • Contact clients periodically to determine any changes in their financial status.
  • Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.
  • Manage client portfolios, keeping client plans up-to-date.
  • Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
  • Investigate available investment opportunities to determine compatibility with client financial plans.
  • Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
  • Inform clients about tax benefits, government rebates, or other financial benefits of alternative-fuel vehicle purchases or energy-efficient home construction, improvements, or remodeling.
  • Monitor financial market trends to ensure that client plans are responsive.
  • Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
  • Devise debt liquidation plans that include payoff priorities and timelines.
  • Recruit and maintain client bases.
  • Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.
  • Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds.
  • Open accounts for clients, and disburse funds from accounts to creditors as agent for clients.

What work activities are most important?

Importance Activities

Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.

Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

Working with Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.

Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.

Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.

Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.

Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.

Communicating with People Outside the 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.

Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.

Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

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.

Providing Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.

Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them.

Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

Scheduling Work and Activities - Scheduling events, programs, and activities, as well as the work of others.

Performing for or Working Directly with the Public - Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.

Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions.

Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.

Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.

Assisting and Caring for Others - Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients.

Training and Teaching Others - Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.

Performing Administrative Activities - Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.

Coaching and Developing Others - Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.

Estimating the Quantifiable Characteristics of Products, Events, or Information - Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.

Judging the Qualities of Objects, Services, or People - Assessing the value, importance, or quality of things or people.

Guiding, Directing, and Motivating Subordinates - Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.

Resolving Conflicts and Negotiating with Others - Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.

Developing and Building Teams - Encouraging and building mutual trust, respect, and cooperation among team members.

Monitoring Processes, Materials, or Surroundings - Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.

Coordinating the Work and Activities of Others - Getting members of a group to work together to accomplish tasks.

Monitoring and Controlling Resources - Monitoring and controlling resources and overseeing the spending of money.

Holland Code Chart for a Personal Financial Advisor