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The differences between finance counselors 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 counselor and a finance planner. Additionally, a finance planner has an average salary of $71,607, which is higher than the $40,561 average annual salary of a finance counselor.
The top three skills for a finance counselor include patients, customer service and medical terminology. The most important skills for a finance planner are financial aid, financial services, and client facing.
| Finance Counselor | Finance Planner | |
| Yearly salary | $40,561 | $71,607 |
| Hourly rate | $19.50 | $34.43 |
| Growth rate | 15% | 15% |
| Number of jobs | 101,005 | 91,557 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 73% |
| Average age | 45 | 45 |
| Years of experience | 4 | 4 |
A finance counselor specializes in providing billing advice to patients in a hospital or similar setting. They are primarily responsible for giving cost-estimates and offering financial assistance in payment plans and other options such as insurance. Moreover, they must gather patient information and requirements, verifying them for authenticity. They must also review financial and medical history to ensure that the patient can uphold financial obligations. Furthermore, it is essential to build rapport with clients to improve relationships.
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 counselors and finance planners have different pay scales, as shown below.
| Finance Counselor | Finance Planner | |
| Average salary | $40,561 | $71,607 |
| Salary range | Between $32,000 And $50,000 | Between $42,000 And $120,000 |
| Highest paying City | Glen Cove, NY | Springfield, MA |
| Highest paying state | New York | Massachusetts |
| Best paying company | Morgan Stanley | Northern Trust |
| Best paying industry | Health Care | Insurance |
There are a few differences between a finance counselor and a finance planner in terms of educational background:
| Finance Counselor | Finance Planner | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance counselors' and finance planners' demographics:
| Finance Counselor | Finance Planner | |
| Average age | 45 | 45 |
| Gender ratio | Male, 21.0% Female, 79.0% | Male, 62.0% Female, 38.0% |
| Race ratio | Black or African American, 6.1% Unknown, 4.4% Hispanic or Latino, 10.1% Asian, 5.8% White, 73.4% 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% |