Career:
Personal Financial Advisor

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.

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What Personal Financial Advisors do:

  • Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
  • Monitor financial market trends to ensure that plans are effective, and to identify any necessary updates.
  • Review clients' accounts and plans regularly to determine whether life changes, economic changes, or financial performance indicate a need for plan reassessment.
  • Explain and document for clients the types of services that are to be provided, and the responsibilities to be taken by the personal financial advisor.
  • Answer clients' questions about the purposes and details of financial plans and strategies.
  • Recommend strategies clients can use to achieve their financial goals and objectives, including specific recommendations in such areas as cash management, insurance coverage, and investment planning.
  • Research and investigate available investment opportunities to determine whether they fit into financial plans.
  • 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.
  • 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.
  • Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
  • Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
  • Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
  • Build and maintain client bases, keeping current client plans up-to-date and recruiting new clients on an ongoing basis.
  • Sell financial products such as stocks, bonds, mutual funds, and insurance if licensed to do so.
  • Devise debt liquidation plans that include payoff priorities and timelines.
  • Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.
  • Explain to individuals and groups the details of financial assistance available to college and university students, such as loans, grants, and scholarships.
  • Collect information from students to determine their eligibility for specific financial aid programs.
  • Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
  • Determine amounts of aid to be granted to students, considering such factors as funds available, extent of demand, and financial needs.

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What work activities does a Personal Financial Advisor do?

Importance Activities

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

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

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.

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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.
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