Personal Financial Advisors
Advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients' assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives. May also buy and sell financial assets for clients.
Sample of reported job titles:
Certified Financial Planner (CFP), Financial Advisor, Financial Consultant, Financial Counselor, Financial Planner, Investment Advisor, Portfolio Manager, Wealth Advisor
Occupation-Specific Information
Tasks
- Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
- Answer clients' questions about the purposes and details of financial plans and strategies.
- Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.
- Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
- Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
Technology Skills
- Accounting software:Fund accounting software,Sage 50 Accounting
- Analytical or scientific software:Monte Carlo simulation software
- Calendar and scheduling software:Pimlico Software DateBk
- Communications server software:IBM Domino
- Compliance software:ComplianceMAX
Occupational Requirements
Work Activities
- Getting Information:Observing, receiving, and otherwise obtaining information from all relevant sources.
- Establishing and Maintaining Interpersonal Relationships:Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Making Decisions and Solving Problems:Analyzing information and evaluating results to choose the best solution and solve problems.
- Updating and Using Relevant Knowledge:Keeping up-to-date technically and applying new knowledge to your job.
- Communicating with People Outside the Organization:Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
Detailed Work Activities
- Advise others on financial matters.
- Analyze market conditions or trends.
- Assess financial status of clients.
- Compute debt repayment schedules.
- Confer with others about financial matters.
Work Context
- Electronic Mail:96% responded"Every day"
- Indoors, Environmentally Controlled:91% responded"Every day"
- Telephone:83% responded"Every day"
- Spend Time Sitting:61% responded"Continually or almost continually"
- Frequency of Decision Making:61% responded"Every day"
Worker Requirements
Skills
- Active Listening:Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Reading Comprehension:Understanding written sentences and paragraphs in work-related documents.
- Speaking:Talking to others to convey information effectively.
- Writing:Communicating effectively in writing as appropriate for the needs of the audience.
- Critical Thinking:Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Knowledge
- Customer and Personal Service:Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Economics and Accounting:Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- English Language:Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Mathematics:Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Psychology:Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
Education
How much education does a new hire need to perform a job in this occupation? Respondents said:
- 52%Bachelor's Degree
- 35%Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master.
Worker Characteristics
Abilities
- Oral Comprehension:The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Oral Expression:The ability to communicate information and ideas in speaking so others will understand.
- Speech Clarity:The ability to speak clearly so others can understand you.
- Written Comprehension:The ability to read and understand information and ideas presented in writing.
- Written Expression:The ability to communicate information and ideas in writing so others will understand.
Interests
- Enterprising:Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
- Conventional:Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
- Social:Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Work Values
- Independence:Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
- Achievement:Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
- Recognition:Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Work Styles
- Integrity:Job requires being honest and ethical.
- Dependability:Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- Attention to Detail:Job requires being careful about detail and thorough in completing work tasks.
- Analytical Thinking:Job requires analyzing information and using logic to address work-related issues and problems.
- Concern for Others:Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
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