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The differences between finance planners and investment consultants 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 planner and an investment consultant. Additionally, an investment consultant has an average salary of $109,300, which is higher than the $71,607 average annual salary of a finance planner.
The top three skills for a finance planner include financial aid, financial services and client facing. The most important skills for an investment consultant are financial services, FINRA, and financial products.
| Finance Planner | Investment Consultant | |
| Yearly salary | $71,607 | $109,300 |
| Hourly rate | $34.43 | $52.55 |
| Growth rate | 15% | 15% |
| Number of jobs | 91,557 | 48,111 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 77% |
| Average age | 45 | 45 |
| Years of experience | 4 | 4 |
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.
An investment consultant is an individual who gives investment products, planning, and/or advice to investors. Investment consultants formulate investment strategies to help clients fulfill their necessities and realize their financial objectives. They create internal research documents that outline real estate investment opportunities and private equity. It is also part of their job to review strategies of asset management that recognize estate and income tax needs.
Finance planners and investment consultants have different pay scales, as shown below.
| Finance Planner | Investment Consultant | |
| Average salary | $71,607 | $109,300 |
| Salary range | Between $42,000 And $120,000 | Between $60,000 And $196,000 |
| Highest paying City | Springfield, MA | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Northern Trust | Bailey & Glasser |
| Best paying industry | Insurance | Finance |
There are a few differences between a finance planner and an investment consultant in terms of educational background:
| Finance Planner | Investment Consultant | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 77% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between finance planners' and investment consultants' demographics:
| Finance Planner | Investment Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 62.0% Female, 38.0% | Male, 79.7% Female, 20.3% |
| Race ratio | 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% | Black or African American, 5.7% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.4% White, 71.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 5% | 5% |