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The differences between asset managers and finance advisors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become an asset manager, becoming a finance advisor takes usually requires 2-4 years. Additionally, an asset manager has an average salary of $85,814, which is higher than the $64,993 average annual salary of a finance advisor.
The top three skills for an asset manager include asset management, financial statements and property management. The most important skills for a finance advisor are team support, wealth management, and securities.
| Asset Manager | Finance Advisor | |
| Yearly salary | $85,814 | $64,993 |
| Hourly rate | $41.26 | $31.25 |
| Growth rate | 17% | 15% |
| Number of jobs | 64,732 | 106,311 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 74% |
| Average age | 46 | 45 |
| Years of experience | 8 | 4 |
An asset manager is responsible for advising clients with their investment preferences and financial goals based on their assets' quantity and value. Asset managers regularly meet with their clients regarding their asset management's progress, recommending more investment options and considering the clients' needs. They manage financial portfolios and prepare stock market reports and forecasts as needed. An asset manager must have a broad knowledge of the financial industry and investment processes, identifying profit opportunities for long-term investment objectives.
A Financial Advisor specializes in sharing their expertise with an individual or company on how to handle and boost finances. The responsibilities of a Financial Advisor include creating and proposing a strategy to attain financial gains through profits and investments, educating the client about new methods and opportunities, monitor and evaluate progress, and as well as plan policies according to the clients' life changes. Furthermore, it is also the duty of the Financial Advisor to research new investments that would be of great help to the client's assets.
Asset managers and finance advisors have different pay scales, as shown below.
| Asset Manager | Finance Advisor | |
| Average salary | $85,814 | $64,993 |
| Salary range | Between $59,000 And $123,000 | Between $34,000 And $121,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Deutsche Bank | Enbridge |
| Best paying industry | Finance | Finance |
There are a few differences between an asset manager and a finance advisor in terms of educational background:
| Asset Manager | Finance Advisor | |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | Stanford University | University of Minnesota - Twin Cities |
Here are the differences between asset managers' and finance advisors' demographics:
| Asset Manager | Finance Advisor | |
| Average age | 46 | 45 |
| Gender ratio | Male, 64.3% Female, 35.7% | Male, 72.3% Female, 27.7% |
| Race ratio | Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.0% Asian, 8.9% White, 63.8% American Indian and Alaska Native, 0.3% | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.3% White, 72.1% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 11% | 5% |