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Personal Financial Advisors Occupation Detailed Description

Personal Financial Advisors career

General Job Description and Education/Training Levels for Personal Financial Advisors

The main tasks and work activities of Personal Financial Advisors are to assess financial status of clients, correspond with customers to answer questions or resolve complaints, interview clients to gather financial information, implement financial decisions. In general, for the Personal Financial Advisors, reading Comprehension, speaking, writing, active Listening and other 17 skills are required.
Personal Financial Advisors Job Description
EducationMost of these occupations require a four-year bachelor's degree, but some do not.
Related ExperienceA 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 TrainingEmployees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
ExampleMany of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.
The following chart shows the education/training levels for Personal Financial Advisors jobs.
Less than a High School Diploma
4.35%
High School Diploma (or the equivalent)
0.00%
Post-Secondary Certificate
4.35%
Some College Courses
0.00%
Associate's Degree (or other 2-year degree)
0.00%
Bachelor's Degree and Above
91.30%

Tasks and Work Activities of Personal Financial Advisors

  • 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.
  • 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.
  • Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
  • Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
  • Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
  • Contact clients periodically to determine any changes in their financial status.
  • 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.
  • 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.
  • Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds.
  • 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.
  • Manage client portfolios, keeping client plans up-to-date.
  • 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.
  • Monitor financial market trends to ensure that client plans are responsive.
  • Getting InformationObserving, receiving, and otherwise obtaining information from all relevant sources.
  • Establishing and Maintaining Interpersonal RelationshipsDeveloping constructive and cooperative working relationships with others, and maintaining them over time.
  • Making Decisions and Solving ProblemsAnalyzing information and evaluating results to choose the best solution and solve problems.
  • Updating and Using Relevant KnowledgeKeeping up-to-date technically and applying new knowledge to your job.
  • Communicating with Persons Outside OrganizationCommunicating 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.
  • Analyzing Data or InformationIdentifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
  • Evaluating Information to Determine Compliance with StandardsUsing relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
  • Interacting With ComputersUsing computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
  • Processing InformationCompiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Communicating with Supervisors, Peers, or SubordinatesProviding information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
  • Assess financial status of clients.
  • Correspond with customers to answer questions or resolve complaints.
  • Interview clients to gather financial information.
  • Implement financial decisions.
  • Interpret financial information for others.
  • Prepare financial documents, reports, or budgets.
  • Advise others on financial matters.
  • Educate clients on financial planning topics.
  • Confer with others about financial matters.
  • Compute debt repayment schedules.
  • Disburse funds from clients accounts to creditors.
  • Recommend investments to clients.
  • Develop business relationships.
  • Identify strategic business investment opportunities.
  • Analyze market conditions or trends.

Skills and Abilities for Personal Financial Advisors

  • Reading ComprehensionUnderstanding written sentences and paragraphs in work related documents.
  • SpeakingTalking to others to convey information effectively.
  • WritingCommunicating effectively in writing as appropriate for the needs of the audience.
  • Active ListeningGiving 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.
  • Critical ThinkingUsing logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Judgment and Decision MakingConsidering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Complex Problem SolvingIdentifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Service OrientationActively looking for ways to help people.
  • PersuasionPersuading others to change their minds or behavior.
  • Social PerceptivenessBeing aware of others' reactions and understanding why they react as they do.
  • Active LearningUnderstanding the implications of new information for both current and future problem-solving and decision-making.
  • MathematicsUsing mathematics to solve problems.
  • Systems EvaluationIdentifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
  • Systems AnalysisDetermining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
  • CoordinationAdjusting actions in relation to others' actions.
  • MonitoringMonitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Management of Financial ResourcesDetermining how money will be spent to get the work done, and accounting for these expenditures.
  • Time ManagementManaging one's own time and the time of others.
  • InstructingTeaching others how to do something.
  • NegotiationBringing others together and trying to reconcile differences.
  • Oral ComprehensionThe ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Speech ClarityThe ability to speak clearly so others can understand you.
  • Written ExpressionThe ability to communicate information and ideas in writing so others will understand.
  • Oral ExpressionThe ability to communicate information and ideas in speaking so others will understand.
  • Written ComprehensionThe ability to read and understand information and ideas presented in writing.
  • Inductive ReasoningThe ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Deductive ReasoningThe ability to apply general rules to specific problems to produce answers that make sense.
  • Speech RecognitionThe ability to identify and understand the speech of another person.
  • Near VisionThe ability to see details at close range (within a few feet of the observer).
  • Number FacilityThe ability to add, subtract, multiply, or divide quickly and correctly.
  • Mathematical ReasoningThe ability to choose the right mathematical methods or formulas to solve a problem.
  • Problem SensitivityThe 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.
  • Category FlexibilityThe ability to generate or use different sets of rules for combining or grouping things in different ways.
  • Information OrderingThe 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).
  • Fluency of IdeasThe ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
  • OriginalityThe ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.
  • Selective AttentionThe ability to concentrate on a task over a period of time without being distracted.
  • Desktop calculatore.g. 10-key calculators
  • Desktop computerse.g. Desktop computers
  • Notebook computerse.g. Notebook computers
  • Personal computerse.g. Personal computers
  • Personal digital assistant PDAs or organizerse.g. Personal digital assistants PDA
  • Tablet computerse.g. Tablet computers
  • Customer and Personal ServiceKnowledge 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 AccountingKnowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • English LanguageKnowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • MathematicsKnowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • PsychologyKnowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
  • Sales and MarketingKnowledge 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.
  • Law and GovernmentKnowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.