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The differences between finance counselors and wealth management advisors 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 wealth management advisor. Additionally, a wealth management advisor has an average salary of $91,605, 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 wealth management advisor are customer service, insurance products, and securities.
| Finance Counselor | Wealth Management Advisor | |
| Yearly salary | $40,561 | $91,605 |
| Hourly rate | $19.50 | $44.04 |
| Growth rate | 15% | 15% |
| Number of jobs | 101,005 | 127,946 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 72% |
| 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.
As a wealth management advisor, you will be responsible for advising and guiding clients on financial plans using your knowledge and expertise on investment and tax strategies, pension plans, insurance, real estate, and securities. You will be regularly checking clients to re-evaluate their situation and future financial goals. Additionally, you are responsible for assessing clients' tolerance for risk and providing an investment strategy to help them reach these goals. Other duties and responsibilities may include coordinating with your lawyers or accountants to minimize the tax owed by their clients and assisting clients with estate planning strategies.
Finance counselors and wealth management advisors have different pay scales, as shown below.
| Finance Counselor | Wealth Management Advisor | |
| Average salary | $40,561 | $91,605 |
| Salary range | Between $32,000 And $50,000 | Between $49,000 And $168,000 |
| Highest paying City | Glen Cove, NY | New York, NY |
| Highest paying state | New York | Massachusetts |
| Best paying company | Morgan Stanley | Capital Group |
| Best paying industry | Health Care | Finance |
There are a few differences between a finance counselor and a wealth management advisor in terms of educational background:
| Finance Counselor | Wealth Management Advisor | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between finance counselors' and wealth management advisors' demographics:
| Finance Counselor | Wealth Management Advisor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 21.0% Female, 79.0% | Male, 69.1% Female, 30.9% |
| 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, 5.6% Unknown, 4.4% Hispanic or Latino, 9.4% Asian, 8.3% White, 72.2% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 5% | 5% |