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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.
Analytical skills. In determining an investment portfolio for a client, personal financial advisors must be able to assess a range of information, including economic trends, regulatory changes, and the client’s comfort with risky decisions.
Interpersonal skills. A major part of a personal financial advisor’s job is making clients feel comfortable. Advisors must establish trust with clients and respond well to their questions and concerns.
Math skills. Personal financial advisors must be adept at working with numbers to determine the amount invested, how that amount has grown or decreased over time, and how a portfolio is distributed among different investments.
Sales skills. To expand their base of clients, personal financial advisors must be convincing and persistent in selling their services.
Speaking skills. Personal financial advisors interact with clients every day. They must explain complex financial concepts in a way that clients understand.
| A3 | Your Strengths | Importance |
Characteristics of this Career |
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100% | Integrity - Job requires being honest and ethical. | |
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93% | Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations. | |
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84% | Attention to Detail - Job requires being careful about detail and thorough in completing work tasks. | |
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83% | Concern for Others - Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job. | |
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83% | Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems. | |
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81% | Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks. | |
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79% | Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude. | |
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78% | Initiative - Job requires a willingness to take on responsibilities and challenges. | |
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77% | Self-Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations. | |
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76% | Persistence - Job requires persistence in the face of obstacles. | |
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74% | Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high-stress situations. | |
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71% | Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace. | |
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70% | Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction. | |
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65% | Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done. | |
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59% | Social Orientation - Job requires preferring to work with others rather than alone, and being personally connected with others on the job. |
| A3 | Your Strengths | Importance |
Strengths |
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95% | Enterprising - Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law. | |
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78% | Conventional - Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources. |
| A3 | Your Strengths | Importance |
Values of the Work Environment |
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72% | Independence - Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy. | |
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67% | 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. | |
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61% | Working Conditions - Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions. | |
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61% | 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. | |
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56% | Relationships - Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service. |
| A3 | Your Strengths | Importance |
Abilities | Cognitive, Physical, Personality |
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75% | Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences. | |
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75% | Written Comprehension - The ability to read and understand information and ideas presented in writing. | |
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75% | Oral Expression - The ability to communicate information and ideas in speaking so others will understand. | |
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75% | Written Expression - The ability to communicate information and ideas in writing so others will understand. | |
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75% | Speech Clarity - The ability to speak clearly so others can understand you. | |
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72% | Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense. | |
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72% | Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events). | |
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72% | Speech Recognition - The ability to identify and understand the speech of another person. | |
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72% | Near Vision - The ability to see details at close range (within a few feet of the observer). | |
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69% | Number Facility - The ability to add, subtract, multiply, or divide quickly and correctly. | |
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69% | Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem. | |
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66% | Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem. | |
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56% | Category Flexibility - The ability to generate or use different sets of rules for combining or grouping things in different ways. | |
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56% | Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations). | |
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56% | Fluency of Ideas - The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity). |
| A3 | Your Strengths | Importance |
Skills | Cognitive, Physical, Personality |
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59% | Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems. | |
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57% | 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. | |
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57% | Writing - Communicating effectively in writing as appropriate for the needs of the audience. | |
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57% | Speaking - Talking to others to convey information effectively. | |
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57% | Reading Comprehension - Understanding written sentences and paragraphs in work-related documents. | |
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55% | Mathematics - Using mathematics to solve problems. | |
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55% | Service Orientation - Actively looking for ways to help people. | |
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55% | Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions. | |
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55% | Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one. | |
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52% | Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action. | |
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52% | Persuasion - Persuading others to change their minds or behavior. |
| A3 | Your Strengths | Importance |
Attributes & Percentage of Time Spent |
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98% | Electronic Mail - How often do you use electronic mail in this job? | |
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95% | Indoors, Environmentally Controlled - How often does this job require working indoors in environmentally controlled conditions? | |
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95% | Telephone - How often do you have telephone conversations in this job? | |
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90% | Spend Time Sitting - How much does this job require sitting? | |
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86% | Face-to-Face Discussions - How often do you have to have face-to-face discussions with individuals or teams in this job? | |
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82% | Structured versus Unstructured Work - To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals? | |
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82% | Importance of Being Exact or Accurate - How important is being very exact or highly accurate in performing this job? | |
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82% | Frequency of Decision Making - How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization? | |
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81% | Impact of Decisions on Co-workers or Company Results - What results do your decisions usually have on other people or the image or reputation or financial resources of your employer? | |
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78% | Contact With Others - How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it? | |
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77% | Deal With External Customers - How important is it to work with external customers or the public in this job? | |
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75% | Freedom to Make Decisions - How much decision making freedom, without supervision, does the job offer? | |
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73% | Level of Competition - To what extent does this job require the worker to compete or to be aware of competitive pressures? | |
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72% | Letters and Memos - How often does the job require written letters and memos? | |
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71% | Time Pressure - How often does this job require the worker to meet strict deadlines? | |
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64% | Work With Work Group or Team - How important is it to work with others in a group or team in this job? | |
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53% | Coordinate or Lead Others - How important is it to coordinate or lead others in accomplishing work activities in this job? | |
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52% | Importance of Repeating Same Tasks - How important is repeating the same physical activities (e.g., key entry) or mental activities (e.g., checking entries in a ledger) over and over, without stopping, to performing this job? | |
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81% | Duration of Typical Work Week - Number of hours typically worked in one week. |
| A3 | Your Strengths | Importance |
Tasks & Values |
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94% | Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources. | |
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91% | Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time. | |
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87% | Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job. | |
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87% | Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems. | |
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86% | 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. | |
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82% | Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts. | |
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80% | Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards. | |
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79% | Working with Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information. | |
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79% | Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data. | |
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78% | Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. | |
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77% | Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used. | |
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77% | Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work. | |
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73% | Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them. | |
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71% | Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form. | |
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71% | Providing Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics. | |
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68% | Performing for or Working Directly with the Public - Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests. | |
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66% | Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events. | |
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64% | Performing Administrative Activities - Performing day-to-day administrative tasks such as maintaining information files and processing paperwork. | |
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63% | Judging the Qualities of Objects, Services, or People - Assessing the value, importance, or quality of things or people. | |
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63% | Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions. | |
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61% | Resolving Conflicts and Negotiating with Others - Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others. | |
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60% | Scheduling Work and Activities - Scheduling events, programs, and activities, as well as the work of others. | |
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60% | Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions. | |
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56% | Assisting and Caring for Others - Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients. | |
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56% | Developing and Building Teams - Encouraging and building mutual trust, respect, and cooperation among team members. | |
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54% | Coaching and Developing Others - Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills. | |
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52% | Coordinating the Work and Activities of Others - Getting members of a group to work together to accomplish tasks. | |
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51% | Estimating the Quantifiable Characteristics of Products, Events, or Information - Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity. |
Personal financial advisors provide advice on investments, insurance, mortgages, estate planning, taxes, and retirement to help individuals manage their finances.
Personal financial advisors typically do the following:
Personal financial advisors assess the financial needs of individuals and help them with decisions on investments (such as stocks and bonds), tax laws, and insurance. Advisors help clients plan for short- and long-term goals, such as budgeting for education expenses and saving for retirement through investments. They invest clients’ money based on the clients’ decisions. Many advisors also provide tax advice or sell insurance.
Although most planners offer advice on a wide range of topics, some specialize in areas such as retirement or risk management (evaluating the investor's willingness to take chances and adjusting investments accordingly).
Many personal financial advisors spend a lot of time marketing their services, and they meet potential clients by giving seminars or participating in business and social networking.
After financial advisors have invested funds for a client, they and the client receive regular investment reports. Advisors monitor the client’s investments and usually meet with each client at least once a year to update the client on potential investments and to adjust the financial plan based on the client’s circumstances or because investment options may have changed.
Many personal financial advisors are licensed to directly buy and sell financial products, such as stocks, bonds, annuities, and insurance. Depending on the agreement they have with their clients, personal financial advisors may have the client’s permission to make decisions about buying and selling stocks and bonds.
Personal financial advisors held about 327,600 jobs in 2022. The largest employers of personal financial advisors were as follows:
| Securities, commodity contracts, and other financial investments and related activities | 63% |
| Credit intermediation and related activities | 17 |
| Self-employed workers | 12 |
| Insurance carriers and related activities | 3 |
| Management of companies and enterprises | 1 |
Personal financial advisors typically work in offices. Some also travel to attend conferences, teach finance seminars in the evening, and attend networking events to bring in more clients.
Most personal financial advisors work full time and some work more than 40 hours per week. They also may go to meetings on evenings and weekends to meet with prospective or existing clients.
Personal financial advisors typically need a bachelor’s degree to enter the occupation. A master’s degree and certification may improve chances for advancement.
Personal financial advisors typically need a bachelor’s degree, although employers usually do not require a specific course of study. However, common fields of degree include business, social science, or mathematics. Courses in investments, taxes, estate planning, and risk management may be helpful.
After they are hired, personal financial advisors typically need on-the-job training to attain competency. During this time, new advisors work under the supervision of senior advisors and learn how to build a client network, develop investment portfolios, and perform other duties. This training usually lasts for more than a year.
Personal financial advisors who directly buy or sell stocks, bonds, or insurance policies, or who provide specific investment advice, may need a combination of licenses that varies with the products they sell. In addition to being required to have those licenses, advisors in small firms that manage clients’ investments must be registered with state regulators, and those in large firms must be registered with the U.S. Securities and Exchange Commission (SEC). Personal financial advisors who choose to sell insurance need licenses issued by state boards. Information on state licensing board requirements for registered investment advisors is available from the North American Securities Administrators Association (NASAA).
Certifications may enhance a personal financial advisor’s reputation and help bring in new clients. The Certified Financial Planner Board of Standards offers the Certified Financial Planner (CFP) designation. For this certification, advisors must have a bachelor’s degree, complete coursework on financial planning through a CFP Board Registered Program, have relevant work experience, pass an exam, and agree to adhere to a code of ethics.
A master’s degree in a field such as finance or business administration may improve a personal financial advisor’s chances of becoming a financial manager and of attracting new clients.
Employment of personal financial advisors is projected to grow 13 percent from 2022 to 2032, much faster than the average for all occupations.
About 25,600 openings for personal financial advisors are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
The primary driver of employment growth will be the aging population. As large numbers of baby boomers continue to retire, they are likely to seek planning advice from personal financial advisors. Also, longer lifespans will lead to longer retirement periods, further increasing demand for financial planning services.
In addition, the replacement of traditional pension plans with individual retirement accounts is expected to continue. Many people used to receive defined pension payments in retirement, but most companies no longer offer these plans. Therefore, individuals must save and invest for their own retirement, increasing the demand for personal financial advisors.
The availability of “robo-advisors,” computer programs that provide automated investment advice based on user inputs, may partially temper demand for personal financial advisors. However, the impact of this technology should be limited as consumers continue turning to human advisors for more complex and specialized investment advice over the projections decade.
For more information about personal financial advisors, visit
Financial Industry Regulatory Authority (FINRA)
North American Securities Administrators Association
U.S. Securities and Exchange Commission (SEC)
This table shows a list of occupations with job duties that are similar to those of personal financial advisors.
| Occupation | Job Duties | Entry-Level Education | Median Annual Pay, May 2022 | |
|---|---|---|---|---|
|
Budget Analysts |
Budget analysts help public and private organizations plan their finances. |
Bachelor's degree | $82,260 |
|
Financial Analysts |
Financial analysts guide businesses and individuals in decisions about expending money to attain profit. |
Bachelor's degree | $96,220 |
|
Financial Managers |
Financial managers create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization. |
Bachelor's degree | $139,790 |
|
Insurance Sales Agents |
Insurance sales agents contact potential customers and sell one or more types of insurance. |
High school diploma or equivalent | $57,860 |
|
Insurance Underwriters |
Insurance underwriters evaluate insurance applications and decide whether to approve them. |
Bachelor's degree | $76,230 |
|
Real Estate Brokers and Sales Agents |
Real estate brokers and sales agents help clients buy, sell, and rent properties. |
High school diploma or equivalent | $52,030 |
|
Securities, Commodities, and Financial Services Sales Agents |
Securities, commodities, and financial services sales agents connect buyers and sellers in financial markets. |
Bachelor's degree | $67,480 |