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Personal financial advisors meet with clients in to discuss their financial goals, educate clients and answer any questions they might have about investments or risks. They recommend or select certain investments on the clients behalf, aid in planning for the clients financial future, and monitor/update the clients’ accounts. It’s important for them to research and understand potential investments.

Personal financial advisors assess the financial needs of individuals and help them with decisions on investments, such as stocks and/or bonds. They help clients plan for short and long term goals, examples are, paying off immediate debts and saving for retirement. They basically invest clients’ money after discussing the clients’ goals and analyzing their financial situation.

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Summary

Video transcript available at https://www.youtube.com/watch?v=fHqgZBsjWJs.

Quick Facts: Personal Financial Advisors
2018 Median Pay

$88,890 per year
$42.73 per hour

Personal financial advisors provide advice to help individuals manage their finances and plan for their financial future.

Most personal financial advisors work in the finance and insurance industry or are self-employed. They typically work full time and may meet with clients in the evenings or on weekends.

Personal financial advisors typically need a bachelor's degree. A master's degree and certification can improve one's chances for advancement in the occupation.

The median annual wage for personal financial advisors was $88,890 in May 2018.

Employment of personal financial advisors is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations. As the population ages and life expectancies rise, demand for financial planning services should increase.

Explore resources for employment and wages by state and area for personal financial advisors.

Compare the job duties, education, job growth, and pay of personal financial advisors with similar occupations.

Learn more about personal financial advisors by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.

Personal financial advisors provide advice on investments, insurance, mortgages, college savings, estate planning, taxes, and retirement to help individuals manage their finances.

Duties

Personal financial advisors typically do the following:

Meet with clients in person to discuss their financial goals

Explain the types of financial services they provide to potential clients

Educate clients and answer questions about investment options and potential risks

Recommend investments to clients or select investments on their behalf

Help clients plan for specific circumstances, such as education expenses or retirement

Monitor clients' accounts and determine if changes are needed to improve financial performance or to accommodate life changes, such as getting married or having children

Research investment opportunities

Personal financial advisors assess the financial needs of individuals and help them with decisions on investments (such as stocks and bonds), tax laws, and insurance. Advisors help clients plan for short- and long-term goals, such as meeting education expenses and saving for retirement through investments. They invest clients' money based on the clients' decisions. Many advisors also provide tax advice or sell insurance.

Although most planners offer advice on a wide range of topics, some specialize in areas such as retirement or risk management (evaluating how willing the investor is to take chances and adjusting investments accordingly).

Many personal financial advisors spend a lot of time marketing their services, and they meet potential clients by giving seminars or participating in business and social networking. Networking is the process of meeting and exchanging information with people, or groups of people, who have similar interests.

After financial advisors have invested funds for a client, they and the client receive regular investment reports. Advisors monitor the client's investments and usually meet with each client at least once a year to update the client on potential investments and to adjust the financial plan based on the client's circumstances or because investment options may have changed.

Many personal financial advisors are licensed to directly buy and sell financial products, such as stocks, bonds, annuities, and insurance. Depending on the agreement they have with their clients, personal financial advisors may have the client's permission to make decisions about buying and selling stocks and bonds.

Private bankers or wealth managers are personal financial advisors who work for people who have a lot of money to invest. These clients are similar to institutional investors (commonly, companies or organizations), and they approach investing differently than the general public does. Private bankers manage a collection of investments, called a portfolio, for these clients by using the resources of the bank, including teams of financial analysts, accountants, and other professionals.

Personal financial advisors held about 271,700 jobs in 2018. The largest employers of personal financial advisors were as follows:

Securities, commodity contracts, and other financial investments and related activities

54%

Self-employed workers

25

Credit intermediation and related activities

11

Insurance carriers and related activities

4

Management of companies and enterprises

2

Personal financial advisors typically work in offices. Some also travel to attend conferences, teach finance seminars in the evening, and attend networking events to bring in more clients.

Work Schedules

Most personal financial advisors work full time and some work more than 40 hours per week. They often go to meetings on evenings and weekends to meet with prospective or existing clients.

How to Become a Personal Financial Advisor About this section

Personal financial advisors typically need a bachelor's degree. A master's degree and certification can improve one's chances for advancement in the occupation.

Education

Personal financial advisors typically need a bachelor's degree. Although employers usually do not require personal financial advisors to have completed a specific course of study, a degree in finance, economics, accounting, business, mathematics, or law is good preparation for this occupation. Courses in investments, taxes, estate planning, and risk management are also helpful. Programs in financial planning are becoming more available in colleges and universities.

Training

Once they are hired, personal financial advisors often enter an on-the-job training period. During this time, new advisors work under the supervision of senior advisors and learn how to perform their duties, including building a client network and developing investment portfolios. This training usually lasts for more than a year.

Licenses, Certifications, and Registrations

Personal financial advisors who directly buy or sell stocks, bonds, or insurance policies, or who provide specific investment advice, need a combination of licenses that varies with the products they sell. In addition to being required to have those licenses, advisors in smaller firms that manage clients' investments must be registered with state regulators and those in larger firms must be registered with the Securities and Exchange Commission. Personal financial advisors who choose to sell insurance need licenses issued by state boards. Information on state licensing board requirements for registered investment advisors is available from the North American Securities Administrators Association.

Certifications can enhance a personal financial advisor's reputation and can help bring in new clients. The Certified Financial Planner Board of Standards offers the Certified Financial Planner (CFP) certification. For this certification, advisors must have a bachelor's degree, complete at least 3 years of relevant work experience, pass an exam, and agree to adhere to a code of ethics. The CFP exam covers the general principles of financial planning, insurance planning, risk management, employee benefits planning, income taxes and retirement planning, investment and real estate planning, debt management, planning liability, emergency fund reserves, and statistical modeling.

Advancement

A master's degree in an area such as finance or business administration can improve a personal financial advisor's chances of moving into a management position and attracting new clients.

Important Qualities

Analytical skills. In determining an investment portfolio for a client, personal financial advisors must be able to take into account a range of information, including economic trends, regulatory changes, and the client's comfort with risky decisions.

Interpersonal skills. A major part of a personal financial advisor's job is making clients feel comfortable. Advisors must establish trust with clients and respond well to their questions and concerns.

Math skills. Personal financial advisors should be good at mathematics because they constantly work with numbers. They determine the amount invested, how that amount has grown or decreased over time, and how a portfolio is distributed among different investments.

Sales skills. To expand their base of clients, personal financial advisors must be convincing and persistent in selling their services.

Speaking skills. Personal financial advisors interact with clients every day. They must explain complex financial concepts in understandable language.

Median annual wages, May 2018

The median annual wage for personal financial advisors was $88,890 in May 2018. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $41,590, and the highest 10 percent earned more than $208,000.

In May 2018, the median annual wages for personal financial advisors in the top industries in which they worked were as follows:

Securities, commodity contracts, and other financial investments and related activities

$97,090

Management of companies and enterprises

86,510

Credit intermediation and related activities

77,140

Insurance carriers and related activities

66,600

Personal financial advisors who work for financial services firms are often paid a salary plus bonuses. Bonuses are not included in the wage data here.

Advisors who work for financial investment firms or financial planning firms, or who are self-employed, typically earn their money by charging a percentage of the clients' assets that they manage. They also may earn money by charging an hourly fee or by getting fees on stock and insurance purchases. In addition to their fees, advisors generally get commissions for financial products that they sell.

Most personal financial advisors work full time and some work more than 40 hours per week. They often go to meetings on evenings and weekends to meet with existing clients or to try to bring in new ones.

Employment of personal financial advisors is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations.

The primary driver of employment growth will be the aging population. As large numbers of baby boomers approach retirement, more are likely to seek planning advice from personal financial advisors. Also, longer lifespans will lead to longer retirement periods, further increasing demand for financial planning services.

In addition, the replacement of traditional pension plans with individual retirement accounts is expected to continue. Many people used to receive defined pension payments in retirement, but most companies no longer offer these plans. Therefore, individuals must save and invest for their own retirement, increasing the demand for personal financial advisors.

The emergence of "robo-advisors," computer programs that provide automated investment advice based on user inputs, will partially temper demand for personal financial advisors. However, the impact of this technology should be limited as consumers continue turning to human advisors for more complex and specialized investment advice over the next 10 years.

Job Prospects

Job prospects for personal financial advisors should be relatively favorable, compared with prospects in other financial sector occupations. Those who obtain certification will likely have the best prospects.

Occupational Title

SOC Code

Employment, 2018

Projected Employment, 2028

Change, 2018-28

Employment by Industry

Percent

Numeric

Personal financial advisors

13-2052

271,700

290,800

7

19,100
Get data

Occupational Employment Statistics (OES)

The Occupational Employment Statistics (OES) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OES data maps for employment and wages by state and area.

Projections Central

Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state's websites where these data may be retrieved.

CareerOneStop

CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.

For more information about personal financial advisors, visit
Financial Industry Regulatory Authority (FINRA)North American Securities Administrators Association U.S. Securities and Exchange Commission (SEC)Certified Financial Planner Board of Standards Global Academy of Finance and Management
O*NET
Personal Financial Advisors

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Video transcript available at https://www.youtube.com/watch?v=fHqgZBsjWJs. Quick Facts: Personal Financial Advisors 2018 Median Pay $88,890 per year $42.73 per hour Personal financial advisors provide advice to help individuals manage their finances and plan for their financial future. Most personal financial advisors work in the finance and insurance industry or are self-employed.

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I chose this job for 2 main reasons. 1) I value a job with flexible hours. This job can allow me to eventually work around my own schedule. Initially I see working with a mentor in creating a portfolio, and gaining experience in this career. The final goal is to either start my own investing business, or live off of the investments I make in the next 10 years or so. Of course that’s a long way off and I still have lots to accomplish until that point. 2) This job has peaked my interest and it is something I can see myself doing everyday. I was debating between being a financial advisor, financial manager, or financial advisor. I came to the consensus that I wanted to work more independently, and help others financially. I prefer this over sitting in a cubicle, writing reports about the financial viability of a large company. I’ve always known I wanted to work somewhere in business/finance and this job turned out to be what I was looking for.

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Financial advisors work primarily for financial institutions such as banks, mutual fund companies, and insurance companies. They counsel individual clients and institutions to help them attain their financial goals.

Formerly called stockbrokers, brokers, account executives, or registered representatives, financial advisors were primarily responsible for buying and selling securities, such as stocks and bonds, on behalf of clients. These responsibilities have changed to include financial advice and guidance on investment strategies, mutual funds, bonds, and stocks.

The change in titles and responsibilities has to do with meeting client needs in a continually changing economy. In addition to facilitating transactions, financial advisors need to be investment advisors and financial planners who take a holistic view of their clients' financial needs and goals. Other variations in title, such as wealth management advisor, also are used, sometimes to denote a financial advisor who has additional training, certifications, or experience.

Though the term financial advisor has been in general use since the early 1990s, it is not without controversy. Many critics still maintain that it implies adherence to the strict fiduciary standard that requires acting in the best interests of clients, rather than the less stringent suitability standard that traditionally binds brokers. For example, Merrill Lynch was among the last of the major firms to adopt the term, entirely due to this concern on the part of its legal and compliance department, which was very conservative at the time.

Some financial advisors focus on serving individual or retail clients, while others concentrate on business or institutional clients. Securities firms may prefer their financial advisors to specialize in one type of client or a mix of clients. Business clients who require specialized advice and services involving working capital management or business loans, for example, may prefer financial advisors with detailed knowledge in these areas.

Financial Advisor Duties & Responsibilities

This job generally requires the ability to do the following work:

Meet with individuals or institutions to assess their financial needs and counsel them on strategies that match their financial goals.

Explain tax laws and insurance that may be relevant to their investments.

Explain the types of services provided to clients.

Help clients plan for future expenses such as a home, education, or retirement.

Research investment opportunities.

Financial advisors counsel clients on investment opportunities, consistent with the clients' needs, goals, and tolerance for risk. The job requires keeping abreast of the financial markets, constantly monitoring the investments in clients' portfolios, and staying current on new investment strategies and vehicles.

They have a high degree of professional autonomy, more akin to being an independent entrepreneur than a corporate employee. There is a close link between performance and reward, with virtually unlimited earnings potential. When a financial advisor does their job well, they make an impact on their clients' lives.

The responsibilities of a financial advisor can be overwhelming, as they are under pressure to provide accurate, timely information to clients. Financial advisors must constantly process information, make quick and accurate decisions, and sell services daily. There is not much room for error, as poor decisions can be costly to clients and ruin the advisor's and the firm's reputations.

Financial Advisor Salary

A financial advisor's compensation typically is commission-based. That is, a financial advisor receives a share of the revenue generated for the firm by their clients. Other metrics, such as the total value of client financial assets on deposit with the financial advisor's firm, may also factor into compensation. Top financial advisors can earn over $1,000,000.

The U.S. Bureau of Labor Statistics (BLS) provides salary information for personal financial advisors as follows:

Median Annual Salary: $88,890 ($42.74/hour)

Top 10% Annual Salary: $208,000 ($100/hour)

Bottom 10% Annual Salary: $41,590 ($20/hour)

PayScale's salary information for financial advisors is as follows:

Median Annual Salary: $58,713 ($28.23/hour)

Top 10% Annual Salary: $122,333 ($58.81/hour)

Bottom 10% Annual Salary: $34,824 ($16.74/hour)

Financial advisors enhance their productivity and ability to serve a large book of business when they're supported by one or more sales assistants. In many financial service firms, financial advisors must pay their sales assistants, in whole or in part, out of their compensation.

Education, Training, & Certification

Those interested in a position as a financial advisor will need the following education training, and licensing:

Education: A bachelor's degree in finance, economics, accounting, business, mathematics, or law is good preparation for this career. Coursework may include investments, taxes, estate planning, and risk management. Programs in financial planning are becoming increasingly available in colleges and universities. Also, a master's degree in business administration or finance can increase the chances of moving into a management position and attracting new clients.

Training: New employees often receive on-the-job training usually for more than a year. New advisors work under the supervision of senior advisors and learn how to perform their duties, including building a client network and developing investment portfolios.

Certification: Those who buy or sell stocks, bonds, or insurance policies, or who provide investment advice, need a combination of licenses depending on the products they sell. In addition, advisors at small firms who manage client investments must be registered with state regulators, while advisors at large firms must be registered with the Securities and Exchange Commission (SEC). Those who sell insurance need licenses issued by state boards. Information on state licensing board requirements for registered investment advisors is available from the North American Securities Administrators Association (NASAA). Financial advisors can also obtain a Certified Financial Planner (CFP) certification, which can help attract new clients. This certification requires a bachelor's degree, three years of work experience, successful completion of an exam, and adherence to a code of ethics.

Financial Advisor Skills & Competencies

Financial advisors should have the following skills to perform their job successfully:

Interpersonal skills: The ability to manage relationships with clients, staff, and others inside and outside of the firm, which includes dealing with failure and dissatisfied clients.

Analytical skills: The ability to account for a range of information, including economic trends, regulatory changes, and the client's risk tolerance when determining an investment strategy.

Communication skills: The ability to distill complex financial concepts into information that clients can understand.

Math skills: The ability to work well with numbers, as math is necessary for performing calculations, analyzing financial data, and determining a financial strategy.

Sales skills: The ability to successfully acquire new clients and explain investment ideas to existing clients.

Stress management skills: The ability to work well under pressure to deliver client information on a timely basis.

Job Outlook

According to the BLS, employment of personal financial advisors is projected to grow 15% until 2026, much faster than the average for all occupations. A growing number of baby boomers are nearing retirement and will need guidance from personal financial advisors. Also, longer lifespans will lead to longer retirement periods, which will also increase the demand for financial planning services.

Work Environment

Financial advisors primarily work in offices at small or large firms. Some travel may be required to attend conferences, seminars, or networking events to bring in new clients. They may also need to travel to clients' offices or homes.

Work Schedule

Most financial advisors work at least 40 hours per week. They often go to meetings on evenings and weekends to meet with clients.

How to Get the Job
APPLY
Look at job postings on local financial firm websites. You may need to apply directly on the site, so be prepared to upload your resume and cover letter.

Review the job boards on Indeed, Glassdoor, and iHireFinance. Create a profile on these sites and upload a resume that is targeted at companies looking to hire a financial advisor.
CREATE A NETWORK
Join an organization such as the Financial Planning Association (FPA) or the National Association of Insurance and Financial Advisors (NAIFA) to connect with others in the industry. These organizations hold conferences, seminars, and other events that create networking opportunities that can lead to a job.

Comparing Similar Jobs

People interested in a career as a financial advisor should also consider the following jobs, along with their median annual salary:

Budget Analyst: $76,220

Financial Analyst: $85,660

Financial Manager: $127,990

Securities, Commodities, and Financial Services Agent: $64,120

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Financial Advisor Job Description: Salary, Skills, & More

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Financial advisors work primarily for financial institutions such as banks, mutual fund companies, and insurance companies. They counsel individual clients and institutions to help them attain their financial goals. Formerly called stockbrokers, brokers, account executives, or registered representatives, financial advisors were primarily responsible for buying and selling securities, such as stocks and bonds, on behalf of clients.

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Personal financial advisors require a bachelor’s degree in finance, Accounting, economics, or another related degree in the business field.

They also need 2-4 years of experience in corporate finance, financial planning/analysis, or investment banking. As well as knowledge on how to use Excel and other Microsoft programs. Some personal requirements include attention to detail, analytical skills , and problem solving skills. Luckily I’m certified in Excel, have declared a major in finance, and am great at analyzing data. Examples of legal requirements are passing the  Securities Industry Essentials (SIE) exam,

Series 6: Investment Company and Variable Contracts Products Representative Qualification Examination (IR), or Series 7: General Securities Representative Qualification Examination (GS)

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Job Overview

Example Co. is the leading firm in our industry in the tri-county area. We're proud to have a 4.4 Glassdoor rating. We're now hiring a talented Financial Analyst to join the Example Co. team. If you're eager for your next challenge, Example Co. is a great place to grow your career. You'll be glad you applied to Example Co.

Responsibilities for Financial Analyst

Provide analytical, forecasting, reporting, and project support to senior management

Produce monthly reports, which include key metrics, financial results, and variance reporting

Spearhead the annual and quarterly budgeting and forecasting processes

Identify opportunities for performance improvement across the organization

Maintain knowledge and keep abreast of new investment regulations or policies

Develop models that help with decision-making

Qualifications for Financial Analyst

Bachelor's degree in Finance, Accounting, or related field; CPA or CMA a plus.

2-4 years of relevant experience in corporate finance, financial planning & analysis, investment banking, or other related fields.

Strong working knowledge of Excel and financial modeling

Excellent analytical, decision-making, and problem solving skills

Attention to accuracy and detail required

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Example Co. is the leading firm in our industry in the tri-county area. We're proud to have a 4.4 Glassdoor rating. We're now hiring a talented Financial Analyst to join the Example Co. team. If you're eager for your next challenge, Example Co. is a great place to grow your career.

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A typical day can be broken up into 5 parts. 1) Prospecting, starters can expect to spend the better half of the day, working the shoe leather. (Meeting with potential clients/expanding your portfolio) A more modern solution would include establishing a strong digital presence on social media or start a personal blog for clients to learn more about you. 2) Servicing current clients, once I have clients, it’s important to focus on them and meet their needs. Many advisors will begin their day by reviewing client portfolios, answering questions, and solving any problems before moving onto new clients. 3) Administrative chores, basically dealing with tasks such as compliance reports, updating client records, processing trade tickets, and dealing with other recordkeeping procedures.The “bookwork” aspect of the job. 4) Financial planning, entering data into financial planning programs is tedious work, and requires attention to detail. It’s important to make sure the clients financial situation is properly handled. 5) Continuing education, it is popular to attend seminars covering specialized topics or continue to earn new designations, in order to provide the best service for the client.

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The basic requirement for being a financial advisor is knowledge in the areas of finance in which they practice, but true professional competency requires much more. In fact, financial advisors must wear many hats to do their jobs effectively, and those considering this field as a career should learn about what the day-to-day lives of advisors are really like.

Anyone who works in the financial industry can tell you that the first step to becoming a successful advisor is to obtain a sound education in the mechanics of whatever aspect of finance in which you intend to work. This can be a bachelor's or master's degree in some cases, a professional certification such as the certified financial planner designation, or just a license or two for those who wish to focus on a specific type of financial product. But your real education in this field won't even begin until you have started your financial advisor career.

The average financial advisor's day usually begins early and often runs into evening hours, especially for those who are new in the industry. The daily schedule of a typical advisor usually will include the following:

Prospecting - The method and amount of this will depend largely upon the circumstances of the advisor. A newly minted professional with no book of business to draw from can expect to spend at least half of every day pounding the pavement in one way or another, either by developing a referral network or meeting with prospects in person. Those who start out with a warm market in which to prospect will be spending a fair amount of time interacting with these people; for example, a new advisor who worked for a long time at another company may focus on sponsoring events for that company's employees to generate business. Other modern methods include establishing a strong digital presence and writing a blog.

Servicing current clients - As advisors build up their book of business, their focus will gradually begin to shift from acquiring new business to servicing current customers. Many established advisors will begin their day by reviewing client portfolios, answering client inquiries and addressing outstanding issues before moving on to new business. Most established advisors will tell you this approach is the best way to generate new business because clients who receive excellent service are happy clients who will make referrals.

Administrative chores - Although this often can fall under the category of servicing clients, any prospective advisor should be prepared to spend a significant segment of their workday dealing with bureaucratic tasks such as compliance reports, updating client records, processing trade tickets and dealing with other recordkeeping procedures. It probably should be said here that the majority of successful advisors are able to retain a fairly large amount of detail in their heads on an ongoing basis.

Financial planning - While this may seem obvious, you will have to make time to deliver your core goods and services to your clientele - and this can be difficult to fit into your schedule at times. Entering data into financial planning or tax programs can be a long and tedious process and requires excellent attention to detail. Even those who pay others to do the data entry portion of this will have to closely monitor this process.

Continuing education - This inescapable element of financial planning can go considerably beyond the mere satisfaction of industry or credential educational requirements to include investment and product research. Many securities and insurance vehicles require specific training before the vendor will approve the advisor to sell them. Some advisors frequently attend week-long seminars covering specialized topics or continue earning new designations to provide the level of service their clients need. This cannot only be time-consuming but also expensive in some cases.

As you would expect, the other-and most important-element of any financial advisor's job is building and managing client relationships. This begins with creating a professional impression during the prospecting phase, delivering what you promise during the planning phase and keeping in touch with them on an ongoing basis. And of course, this can be a real challenge at times-for example, when a client who has been disinherited by their parents calls you and screams that he or she will sue you because of it, even though you could not have been less involved. Your ability to educate clients and convince them to do the right thing will substantially impact your overall success, and potential liability, in this business.

And clients aren't the only people you will need to keep on your side. You will have to learn how to talk to and negotiate with wholesalers, compliance officers, regulatory officials and customer service representatives who may or may not be in the mood to help or work with you when you need it. Your ability to maintain their goodwill can mean the difference between a major inconvenience and lost business and a smooth-running practice.

If you feel like you could use some help in preparing for some of the elements described above, you may want to consider taking a few additional courses or classes in behavioral finance or psychology, listening and communication skills, and public speaking. If you are going into business for yourself as an independent advisor, then some training in how to be an entrepreneur may not hurt either. A good place to start is to talk to some advisors who take the same approach you would like to and are succeeding at it. Ask them exactly what kinds of less tangible skills they use in their daily work and how they learned them. There is a rapidly growing pool of free online courses that cover every topic imaginable available to those who wish to learn, and this can be a cheap and convenient place to start the alternative segment of your education.

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A Day in the Life of a Financial Advisor

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The basic requirement for being a financial advisor is knowledge in the areas of finance in which they practice, but true professional competency requires much more. In fact, financial advisors must wear many hats to do their jobs effectively, and those considering this field as a career should learn about what the day-to-day lives of advisors are really like.

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As mentioned earlier, in order to get started in financial advising, a long period of apprenticeship is preferred, and in most cases, required. I personally have made good relationships with adults that have offered me internships at their company, which could be a starting point for an after college apprenticeship. These apprenticeships last anywhere from 1-4 years. They include tasks like the ones mentioned above, however in this case, I would be observing/working closely with my employer. Financial advising poses a steep learning curve and an apprenticeship is necessary.

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Here's how to become a financial advisor and how to decide if it's the right career for you.

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There is a 14.9% predicted growth of Financial Advisors from 2016-2026. The primary driver of employment growth is the aging population. As “boomers” approach retirement, more are likely to seek planning advice from personal financial advisors. In addition, the replacement of traditional pension plans with individual retirement accounts is expected to continue. People used to receive defined pension payments in retirement, but most companies no longer offer these plans. Forcing individuals to save and invest for their own retirement, increasing the demand for personal financial advisors. However, there are computer programs that provide automated investment advice. This will partially hinder demand for personal financial advisors. Yet, the impact of this technology should be limited as people turn to human advisors for more complex and specialized investment advice over the next 10 years.

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Financial Advisor Ranks Among Best Jobs of 2019

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Find out more about the average financial advisor salary and learn where the best-paying metropolitan areas are for a financial advisor across the country.

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The median annual wage for personal financial advisors was $88,890 in May of 2018. This is an average, the top 10% made over $200,000 and the lowest 10% made less than $42,000. Advisors can also gain extra cash on commissions, or by charging a certain percentage of their clients’ assets. Otherwise they are typically payed hourly. Payment also depends on location. The best places to work as a financial advisor is New York, Texas, California, North Carolina, Florida, and Maine. Of course cost of living should be assessed here, since it is far more expensive to live in Los Angeles, than Carrollton.

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As a Financial Advisor, you use your vast investment knowledge and expertise to help others invest money for their future. Clients typically seek out your services for retirement planning. You assess their financial needs and then determine the best investment strategies for them.

A thorough understanding of tax laws and insurance regulations is necessary, as the advice you provide may have a significant impact on the financial well-being of your clients. Many Financial Advisors are self-employed, although they remain affiliated with a major investment company for name recognition and security. However, if you're self-employed, your income is greatly dependent on your ability to recruit clients and market your services.
What is the average salary of a Financial Advisor?
According to the U.S. Bureau of Labor Statistics, the average salary of a Financial Advisor was $90,530 annually, as of May 2016. The lowest-paid 10 percent of Financial Advisors earn less than $41,160 per year, and the highest-paid 10 percent earn more than $208,000. The middle 50 percent of Financial Advisors make between $57,460 and $160,490 annually, so there's plenty of room for growth while earning a modest salary.

Financial Advisor income is typically based on a percentage of the total investment overseen. For example, a Financial Advisor working with a client's investment portfolio totaling $100,000 may earn one percent of the total amount invested annually. This payment schedule ensures that the more money the client earns on his investment, the more money the Financial Advisor receives - a great incentive to make the wisest investment choices possible.

The five highest-paying states for Financial Advisors are New York, California, Maine, New Hampshire and District of Columbia. Financial Advisor income also varies greatly depending on the metropolitan area. For example, working in the San Francisco, California metro area can earn you an average salary of $161,410 annually, while working in Montgomery, Alabama provides an income of $185,120.
What is the job outlook for Financial Advisors?
The expected job growth for Financial Advisors is faster than average, according to the U.S. Bureau of Labor Statistics. The field is competitive, especially for new Financial Advisors. However, as much as 14 percent growth in the industry is expected, as the aging U.S. population prepares for retirement.

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How Much Does a Financial Advisor Make? | Chegg CareerMatch

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As a Financial Advisor, you use your vast investment knowledge and expertise to help others invest money for their future. Clients typically seek out your services for retirement planning. You assess their financial needs and then determine the best investment strategies for them. A thorough understanding of tax laws and insurance regulations is necessary, as ...

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Personal financial advisors  work in offices and in the field, either alone, or in small groups. I’d rather work in the private sector by myself, rather than with a team/company. Financial advisors meet their clients at their homes or businesses. They’ll typically work 40 or more hours a week. Typically on evenings or weekends, meeting with clients, promoting their brand, or attending seminars to increase their own knowledge. It is important to have the skills to work in an office environment, and by yourself just as well.

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Definition and Nature of the Work, Education and Training Requirements, Getting the Job

Education and Training: Varies-see profile

Salary: Median-$62,700 per year

Employment Outlook: Very good

Definition and Nature of the Work

Financial planners help individuals and groups plan the use of their savings, income, and investments. Some are self-employed consultants who offer workshops that teach people how to analyze their own financial situations. Other financial planners operate financial planning businesses or are employed by insurance companies and financial institutions-savings and loan companies, investment services companies, and banks-to sell their company's financial products. Such products might include family budgeting schemes, mutual funds, individual retirement accounts (IRAs), insurance, real estate, or tax-sheltered investment plans.

Financial planners help individuals examine their immediate and long-term financial situations. The job of the financial planner is to help each investor decide what kinds of investments are best. They advise people on what types of investments to put their money in as well as the timing of major expenditures, such as buying a house or starting retirement.

In order to be effective, financial planners must be familiar with legal restrictions and laws concerning retirement plans, tax shelters, insurance, and trusts. They must be skilled at working with numbers and budgets and be able to understand complicated financial and legal documents. In addition, they should be articulate, persuasive, and have sales ability to build a clientele. Financial planners are also sometimes called personal financial analysts, personal financial advisers, or financial consultants.

Education and Training Requirements

The majority of workers in this occupation are college graduates. In fact, a growing number of colleges offer programs specifically for financial planners. Although few employers require such specialized academic training, it is helpful to take courses in marketing, accounting, business law, economics, and financial and estate planning. In preparing to become a financial planner, a person must have good math skills and the ability to work with budgets and accounting systems.

The Certified Financial Planner (CFP) Board of Standards offers a CFP credential for people who have some experience in financial planning. To acquire a CFP, a candidate must pass an examination that covers subjects such as financial planning processes, insurance and risk management, and taxes and retirement planning. Although the CFP designation is not needed to become a financial planner, it is helpful for advancement, especially for someone working for a big investment firm.

Many financial planners obtain additional training in insurance, stocks and securities, taxes, or banking, depending on their special field. Those interested in working with securities often seek certification from the National Association of Security Dealers. Some states have bonding and licensing requirements for people who work in stocks, bonds, and securities. Individuals should contact their state government for specific requirements that may apply to financial planners.

Getting the Job

The best way to get a job as a financial planner is to apply directly to the company or financial institution for which you would like to work. Newspaper classified ads and ads on the Internet may also offer job leads. Private employment agencies that specialize in placing workers in the field of finance may also list openings.

Advancement Possibilities and Employment Outlook

Financial planners can advance by expanding the areas of their expertise and thus increasing the range of financial services or products they handle. In some companies advancement to positions of greater responsibility depends on the financial planner's ability to generate high commissions. Some planners open their own financial planning businesses. Financial planners also might advance by becoming licensed as securities brokers.

According to the U.S. Bureau of Labor Statistics, personal financial planners held 158,000 jobs in 2004. Employment of financial planners was expected to grow at a faster rate than that of all occupations through the year 2014. The increasing number of investment alternatives and continuing changes in tax laws should lead to high demand for people employed in financial planning. As the baby boomers reach retirement age, more and more will be turning to financial planners to secure their financial future. The turnover rate is high, however, owing to the competitive nature of work in this field. Many beginning financial planners fail to establish a sufficiently large clientele and leave the field.

Working Conditions

Financial planners work in offices and in the field, either alone or in teams. They may hold financial planning workshops with local community groups or at adult evening schools. Some financial planners meet their clients at their homes or businesses.

Financial planners sometimes work more than forty hours per week, especially in the beginning when they are trying to establish a clientele. Some financial planners work evenings and weekends to meet with clients.

Earnings and Benefits

Earnings of financial planners vary widely depending on their experience and the services they perform. Financial planners who are self-employed may charge a flat fee based on a percentage of the value of their client's investment. Fees are also sometimes negotiated on an hourly rate. Many financial planners who sell financial products are paid primarily on a commission basis. Some receive supplementary salaries that vary depending on the employing company. The median annual salary for financial planners was $62,700 in 2004, according to the Bureau of Labor Statistics. Experienced financial planners earned $108,280 or more per year. Some financial institutions and insurance companies offer benefits that include paid holidays and vacations, health and life insurance, and pension plans.

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Financial Planner Job Description, Career as a Financial Planner, Salary, Employment - Definition and Nature of the Work, Education and Training Requirements, Getting the Job

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Definition and Nature of the Work, Education and Training Requirements, Getting the Job Education and Training: Varies-see profile Salary: Median-$62,700 per year Employment Outlook: Very good Financial planners help individuals and groups plan the use of their savings, income, and investments. Some are self-employed consultants who offer workshops that teach people how to analyze their own financial situations.