Details for Personal Financial Advisors
Advise clients on financial plans utilizing 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 to establish investment strategies.
- 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.
- Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
- Contact clients periodically to determine any changes in their financial status.
- Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
- Devise debt liquidation plans that include payoff priorities and timelines.
- Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
- Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.
- Inform clients about tax benefits, government rebates, or other financial benefits of alternative fuel vehicle purchases or energy efficient home construction, improvements, or remodeling.
- Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds.
- Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
- Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
- Manage client portfolios, keeping client plans up-to-date.
- Recruit and maintain client bases.
- Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.
- Investigate available investment opportunities to determine compatibility with client financial plans.
- Monitor financial market trends to ensure that client plans are responsive.
- Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
- Social - Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
- 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.
Education, training, experience
- Education - Most of these occupations require a four-year bachelor's degree, but some do not.
- Training - Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
- Experience - A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
- Education and Training -Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
- Computers and Electronics -Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Personnel and Human Resources -Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
- Administration and Management -Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
- Clerical -Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
- Law and Government -Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- English Language -Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Sales and Marketing -Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
- 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.
- Economics and Accounting -Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- Mathematics -Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- 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.
- Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
- 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.
- Writing - Communicating effectively in writing as appropriate for the needs of the audience.
- Speaking - Talking to others to convey information effectively.
- Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.