Personal Financial Advisors

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.

Tasks

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.
Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
Manage client portfolios, keeping client plans up-to-date.
Contact clients periodically to determine any changes in their financial status.
Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
Recruit and maintain client bases.
Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.
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.
Monitor financial market trends to ensure that client plans are responsive.
Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
Devise debt liquidation plans that include payoff priorities and timelines.
Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
Inform clients about tax benefits, government rebates, or other financial benefits of alternative fuel vehicle purchases or energy efficient home construction, improvements, or remodeling.
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.

Knowledge

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.
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.
Administration and Management: Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Clerical: Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Education and Training: Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
English Language: Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

Skills

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Speaking: Talking to others to convey information effectively.
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.
Monitoring: Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Abilities

Oral Expression: The ability to communicate information and ideas in speaking so others will understand.
Deductive Reasoning: The ability to apply general rules to specific problems to produce answers that make sense.
Number Facility: The ability to add, subtract, multiply, or divide quickly and correctly.
Written Expression: The ability to communicate information and ideas in writing so others will understand.
Oral Comprehension: The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension: The ability to read and understand information and ideas presented in writing.
Near Vision: The ability to see details at close range (within a few feet of the observer).

Work Activities

Making Decisions and Solving Problems: Analyzing information and evaluating results to choose the best solution and solve problems.
Analyzing Data or Information: Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Developing Objectives and Strategies: Establishing long-range objectives and specifying the strategies and actions to achieve them.
Establishing and Maintaining Interpersonal Relationships: Developing constructive and cooperative working relationships with others, and maintaining them over time.
Updating and Using Relevant Knowledge: Keeping up-to-date technically and applying new knowledge to your job.
Organizing, Planning, and Prioritizing Work: Developing specific goals and plans to prioritize, organize, and accomplish your work.
Getting Information: Observing, receiving, and otherwise obtaining information from all relevant sources.
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.
Provide Consultation and Advice to Others: Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
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.

Work Context

Indoors, Environmentally Controlled: How often does this job require working indoors in environmentally controlled conditions?
Electronic Mail: How often do you use electronic mail in this job?
Telephone: How often do you have telephone conversations in this job?
Face-to-Face Discussions: How often do you have to have face-to-face discussions with individuals or teams in this job?
Spend Time Sitting: How much does this job require sitting?
Contact With Others: How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
Frequency of Decision Making: How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?
Importance of Being Exact or Accurate: How important is being very exact or highly accurate in performing this job?
Deal With External Customers: How important is it to work with external customers or the public in this job?
Impact of Decisions on Co-workers or Company Results: How do the decisions an employee makes impact the results of co-workers, clients or the company?

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.
Artistic: Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
Realistic: Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.

Work Style

Integrity: Job requires being honest and ethical.
Dependability: Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Attention to Detail: Job requires being careful about detail and thorough in completing work tasks.
Concern for Others: Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
Persistence: Job requires persistence in the face of obstacles.
Analytical Thinking: Job requires analyzing information and using logic to address work-related issues and problems.
Self Control: Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
Achievement/Effort: Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Initiative: Job requires a willingness to take on responsibilities and challenges.
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.
Working Conditions: Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Recognition: Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Relationships: Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
Support: Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.

Related Occupations

Purchasing Agents, Except Wholesale, Retail, and Farm Products

Insurance Adjusters, Examiners, and Investigators

Insurance Appraisers, Auto Damage

Cost Estimators

Assessors

Credit Analysts

Financial Analysts

Tax Preparers

Bill and Account Collectors

Lay Titles

Account Executive

Analyst

Asset Analyst

Asset Manager

Budget Counselor

Certified Financial Planner (CFP)

Chartered Financial Analyst (CFA)

Credit Counselor

Debt Counselor

Estate Planner

Estate Planning Counselor

Finance Consultant

Financial Adviser

Financial Advisor

Financial Agent

Financial Consultant

Financial Coordinator

Financial Counselor

Financial Planner

Financial Retirement Plan Specialist

Fiscal Specialist

Insurance Adviser

Insurance Consultant

Investment Adviser

Investment Advisor

Investment Consultant

Investment Counselor

Investment Representative

Investments Manager

Money Manager

Pension Adviser

Pension Consultant

Personal Banker

Personal Financial Planner

Portfolio Manager

Registered Representative

Relationship Manager

Securities Consultant

Securities Counselor

Strategist

Trustee of Estate

National Wages and Employment Info

Median Wages (2008):: $32.46 hourly, $67,520 annual.

Employment (2008):: 175,470 employees