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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:
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 through 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 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 exam covers the financial planning process, insurance and risk management, employee benefits planning, 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.
|Job Title||Company||Location||Start Date||Salary|
|Financial Advisor||BTG Pactual Us Capital LLC||New York, NY||Aug 12, 2015||$201,510|
|Financial Advisor||BTG Pactual Us Capital LLC||New York, NY||Nov 03, 2016||$201,510|
|VP; Senior Financial Advisor||Merrill Lynch||Dallas, TX||Feb 12, 2015||$160,992|
|Financial Advisor||M.E. Zukerman & Co. Incorporated.||New York, NY||Jan 04, 2016||$153,546 -
|Financial Advisor||UBS Financial Services Inc.||New York, NY||Dec 10, 2016||$153,546|
|Financial Advisor||BTG Pactual Us Capital LLC||New York, NY||Oct 06, 2015||$150,000 -
|Financial Advisor||BTG Pactual Us Capital LLC||New York, NY||Aug 16, 2015||$150,000 -
|Financial Advisor||Banco ITAU International||New York, NY||Mar 12, 2015||$150,000|
|Financial Advisor||Banco ITAU International||New York, NY||Aug 26, 2015||$150,000|
|Financial Advisor||Banco ITAU Europa International||New York, NY||Aug 23, 2015||$150,000|
|Senior Finance Advisor||Dentons Us LLP||Washington, DC||Mar 10, 2015||$144,000|
|Vice President, Financial Advisor||Safra National Bank of New York||Aventura, FL||Jun 18, 2015||$140,000|
|Financial Advisor||CITI International Financial Services, LLC||San Juan, PR||Jan 26, 2016||$140,000|
|Financial Advisor-South America & Brazil||Wells Fargo Advisors, LLC||Miami, FL||Jul 29, 2015||$135,013|
|International Financial Advisor||Monex Securities, Inc.||Houston, TX||Apr 25, 2016||$90,813|
|International Financial Advisor||Monex Securities, Inc.||Houston, TX||Jun 03, 2015||$90,813|
|Financial Analysis Advisor||Dell Products LP||Austin, TX||Sep 09, 2016||$89,800|
|International Financial Advisor||Dimension Energy Services, LLC||Victoria, TX||Jul 09, 2016||$87,630|
|Vice President-Financial Advisor II||Network 1 Financial Securities, Inc.||Hicksville, NY||Feb 18, 2016||$87,000|
|Financial Advisor||National Securities Corporation||Boca Raton, FL||Jun 01, 2015||$86,861|
|Financial Advisor||Actinver Securities, Inc.||San Antonio, TX||Nov 14, 2016||$86,133|
|Financial Advisor||Wells Fargo Advisors, LLC||Miami, FL||Aug 17, 2015||$85,342|
|Financial Advisor||Collective Returns, Inc.||New York, NY||Mar 11, 2015||$63,752|
|Financial Advisor||World Wide Ventures LLC.||New York, NY||Sep 25, 2015||$63,752|
|Personal Financial Advisor||Mansion Capital LLC||New York, NY||Sep 01, 2015||$63,752|
|Personal Financial Advisors||Four Points Capital Partners, LLC||New York, NY||Jan 15, 2015||$63,752|
|Financial Advisor||Blue Ocean Partners LLC||New York, NY||Feb 09, 2016||$63,215|
|Financial Advisor||Taos Global Group of New York, Inc.||New York, NY||Sep 09, 2016||$63,003|
|Personal Financial Advisor||Stavis-Cohen Management Co.||Houston, TX||Feb 03, 2016||$62,000|
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