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The differences between finance consultants and finance planners can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a finance consultant and a finance planner. Additionally, a finance consultant has an average salary of $77,551, which is higher than the $71,607 average annual salary of a finance planner.
The top three skills for a finance consultant include customer service, financial services and financial statements. The most important skills for a finance planner are financial aid, financial services, and client facing.
| Finance Consultant | Finance Planner | |
| Yearly salary | $77,551 | $71,607 |
| Hourly rate | $37.28 | $34.43 |
| Growth rate | 15% | 15% |
| Number of jobs | 94,259 | 91,557 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 73% |
| Average age | 45 | 45 |
| Years of experience | 4 | 4 |
A finance consultant is responsible for providing financial plans and advice for clients, managing their finances and investment decisions, and helping them achieve their long-term financial goals. Finance consultants carefully evaluate clients' financial situations, help them decide on insurance options, and patiently respond to finance-related inquiries and concerns. They should be able to monitor financial market conditions to decide on the right strategies for the clients' best interests. A finance consultant must have excellent analytical skills, as well as broad knowledge of the financial industry and stock market movements.
A financial planner is responsible for handling client accounts and providing financial advice to determine the best investment options according to the clients' interests and risk appetite. Financial planners record the clients' living expenses as a part of their portfolio, identifying their long-term goals and objectives, and giving tax advice. They also educate clients with investment options and opportunities to improve the clients' account performance and sell financial products. A financial planner must have excellent analytical and communication skills to conduct data and statistical analysis, especially in researching financial instruments in the market.
Finance consultants and finance planners have different pay scales, as shown below.
| Finance Consultant | Finance Planner | |
| Average salary | $77,551 | $71,607 |
| Salary range | Between $54,000 And $110,000 | Between $42,000 And $120,000 |
| Highest paying City | New York, NY | Springfield, MA |
| Highest paying state | New York | Massachusetts |
| Best paying company | Apple | Northern Trust |
| Best paying industry | Technology | Insurance |
There are a few differences between a finance consultant and a finance planner in terms of educational background:
| Finance Consultant | Finance Planner | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance consultants' and finance planners' demographics:
| Finance Consultant | Finance Planner | |
| Average age | 45 | 45 |
| Gender ratio | Male, 68.5% Female, 31.5% | Male, 62.0% Female, 38.0% |
| Race ratio | Black or African American, 5.7% Unknown, 4.4% Hispanic or Latino, 9.6% Asian, 8.5% White, 71.8% American Indian and Alaska Native, 0.1% | Black or African American, 5.7% Unknown, 4.4% Hispanic or Latino, 9.6% Asian, 8.4% White, 71.8% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 5% | 5% |