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Personal Financial Advisors
SOC Code: 13-2052.00

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.

Sample of reported job titles: Account Executive, Analyst, Certified Financial Planner (CFP), Financial Advisor, Financial Consultant, Financial Counselor, Financial Planner, Investment Advisor, Portfolio Manager, Registered Representative

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.

Technology Skills

  • Accounting software - Fund accounting software ; Sage 50 Accounting
  • Analytical or scientific software - Monte Carlo simulation software
  • Calendar and scheduling software - Pimlico Software DateBk
  • Communications server software - IBM Domino
  • Compliance software - ComplianceMAX
  • Customer relationship management CRM software - Microsoft Business Contact Manager; Redtail Technology Our Business Online; Salesforce software ; Web Information Solutions Pocket Informant (see all 14 examples)
  • Data base user interface and query software - FileMaker Pro; Microsoft Access ; Practice management software PMS; Structured query language SQL
  • Document management software - Cabinet NG CNG-SAFE; ScanSoft PaperPort Pro; SunGard LockBox; World Software Corporation Worldox (see all 5 examples)
  • Enterprise resource planning ERP software - Microsoft Dynamics ; Oracle Hyperion ; Oracle PeopleSoft Financials
  • Financial analysis software - Finance Logix Retirement Planner; Ibbotson Portfolio Strategist; Oracle E-Business Suite Financials ; WealthTec Foundations (see all 55 examples)
  • Internet browser software - Web browser software
  • Object or component oriented development software - Swift
  • Office suite software - Microsoft Office
  • Presentation software - Financial planning presentation software; Microsoft PowerPoint ; MoneyTree Silver Financial Planner (presentation feature)
  • Spreadsheet software - Corel QuattroPro; IBM Lotus 1-2-3; Microsoft Excel
  • Word processing software - Automatic Data Processing ProxyEdge; Financial report generation software; Microsoft Word

Tools Used

  • Desktop calculator - 10-key calculators
  • Desktop computers
  • Notebook computers
  • Personal computers
  • Personal digital assistant PDAs or organizers - Personal digital assistants PDA
  • Tablet computers

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.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • 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.
  • 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.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Psychology - Knowledge 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.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • 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.
  • 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.

Skills

  • 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.
  • 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.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Speaking - Talking to others to convey information effectively.
  • Service Orientation - Actively looking for ways to help people.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Persuasion - Persuading others to change their minds or behavior.
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
  • Mathematics - Using mathematics to solve problems.
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Management of Financial Resources - Determining how money will be spent to get the work done, and accounting for these expenditures.
  • Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
  • 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.
  • Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Time Management - Managing one's own time and the time of others.
  • Coordination - Adjusting actions in relation to others' actions.
  • Instructing - Teaching others how to do something.

Abilities

  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
  • 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.
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
  • Speech Clarity - The ability to speak clearly so others can understand you.
  • Speech Recognition - The ability to identify and understand the speech of another person.
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
  • Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
  • Number Facility - The ability to add, subtract, multiply, or divide quickly and correctly.
  • Category Flexibility - The ability to generate or use different sets of rules for combining or grouping things in different ways.
  • 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).
  • 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).

Interests

  • Interest code: ECS
    • 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.

Work Context

  • Electronic Mail - 89% responded “Every day.”
  • Indoors, Environmentally Controlled - 93% responded “Every day.”
  • Telephone - 81% responded “Every day.”
  • Spend Time Sitting - 57% responded “Continually or almost continually.”
  • Contact With Others - 57% responded “Constant contact with others.”
  • Importance of Being Exact or Accurate - 48% responded “Very important.”
  • Face-to-Face Discussions - 63% responded “Every day.”
  • Frequency of Decision Making - 57% responded “Every day.”
  • Impact of Decisions on Co-workers or Company Results - 43% responded “Important results.”
  • Level of Competition - 56% responded “Highly competitive.”
  • Deal With External Customers - 39% responded “Extremely important.”
  • Duration of Typical Work Week - 50% responded “More than 40 hours.”
  • Time Pressure - 33% responded “Every day.”
  • Structured versus Unstructured Work - 59% responded “Some freedom.”
  • Freedom to Make Decisions - 46% responded “Some freedom.”
  • Letters and Memos - 44% responded “Once a week or more but not every day.”
  • Work With Work Group or Team - 43% responded “Very important.”
  • Importance of Repeating Same Tasks - 33% responded “Important.”
  • Coordinate or Lead Others - 32% responded “Very important.”
  • Responsibility for Outcomes and Results - 36% responded “Moderate responsibility.”
  • Consequence of Error - 29% responded “Very serious.”

Education

Percentage of RespondentsEducation Level Required
57%Bachelor's degree
21%Post-baccalaureate certificate
11%Professional degree

Work Styles

  • 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.
  • 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.
  • Self Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
  • Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high stress situations.
  • Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
  • Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction.
  • Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
  • 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.
  • Social Orientation - Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
  • Innovation - Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.

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.
  • 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.

Wages & Trends

  • Median wages (2017)
    • $43.58 hourly, $90,640 annual
  • Employment (2016)
    • 272,000 employees
  • Projected growth (2016-2026)
    • Much faster than average (15% or higher)
  • Projected job openings (2016-2026)
    • 25,500

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