Personal Financial Advisors Career Specializations
Some financial advisers may specialize in areas such as real estate or securities,
but generally they are available to assist client in any investment project.
Job Duties and Responsibilities
A financial advisor will most often have an in person meeting with a new client
and gather as much information about their personal finances, expenses and goals
as possible. They will then use this information and their specialized knowledge
in order to help the client with a personal plan for life savings and for investment.
Not only must the Personal Financial Advisor professional process a broad range
of knowledge in many areas pertaining to finance, but they must be willing and able
to research obscure facts or data in order to better serve their clients. The Personal
Financial Advisors who are self-employed must locate their own client base.
Many Personal Financial Advisors are self-employed and work from a home office or
their own office. Those employed by firms will normally work from the company office.
The exception to this might be when a client's schedule necessitates after hour
meetings. The fact is that a Personal Financial Advisor can expect to work long
hours and do research after hours, as well as spend a lot of time on the telephone
during business hours, and sometimes travel frequently to meet with corporations
or companies requiring the assistance of a Personal Financial Advisor.
Employment Outlook and Opportunities
Personal financial advisors can often be found in major cities and major corporate
headquarters. More than half of them appear to work for insurance companies, financial
investment firms or commodity broker s. One third of Personal Financial Advisors
were reported to be self-employed.
Job growth for the Personal Financial Advisor professional is expected to be much
faster than through The Year 2016 According to a US Department of Labor employment
outlook report published in 2006. On the other hand competition for these highly
paid positions, or in the case of self-employed Personal Financial Advisors competition
for clients, is expected to be very intense. This makes a solid educational preparation
important for the person seeking a Personal Financial Advisor career.
How much does a Personal Financial Advisor make - Personal Financial Advisor Salaries
Earnings for Personal Financial Advisors with 1 to 4 years experience are
reported to be in the range of $30,973-$51,045 annually.
Earnings for Personal Financial Advisors with 5 to 9 years experience are
reported to be in the range of $41,207-$83,598 annually.
Earnings for Personal Financial Advisors with 10 to 19 years experience are
reported to be in the range of $42,500-$116,207 annually.
How to Become a Personal Financial Advisor
Education for Personal Financial Advisors
Almost all employers who hire Personal Financial Advisors require they have a bachelor
degree. A bachelor degree is also strongly advised or self-employed Personal Financial
Advisors as well. A strong background in accounting, finances or business administration
is helpful for the person who aspires to a career as a Personal Financial Advisor.
Nearly all Personal Financial Advisors, whether employed by a firm, or self employed
require licenses that permit them to work as a registered representative of a securities
firm and to give financial advice. These are known as the series 7 series 63 for
series 66 licenses. Which license the Personal Financial Advisor would need depends
upon the employment setting and the Personal Financial Advisor's specialty areas.
There is also a credential available called Certified Financial Planner (CFP). This
credential requires some years experience and an examination testing their knowledge
of financial planning, employee benefits planning, and many other areas.
Personal financial advisors who work for companies they work their way up to a supervisory
position or be given their own branch to manage. Others accumulate clients on their
own and become self employed.
To learn more about a career as a Personal Financial Advisor you can use the links
provided on this site to find the school right for you.
Personal Financial Advisors Resources
National Association of Personal Financial Advisors