Personal Financial Advisor
Personal financial advisors help individuals to plan the uses of their assets. Advisors meet with a client or potential client and gathers extensive information on assets, goals and expectations. They take that information and apply their knowledge of tax laws, insurance and investment strategies to devise an investment plan.
Often a personal financial advisor will work with a client that has near term goals to meet before long range goals can be implemented. A personal financial advisor may work out a two-tier plan that shifts investment strategy after the client has put kids through school and is contemplating retirement. Many personal financial advisors also sell insurance and handle taxes for their clients.
There are no formal educational requirements for personal financial advisors, but a bachelors degree in finance, economics or accounting is an excellent foundation. Many personal financial advisors feel that a masters degree is important for credibility with clients, and many of them have yearly educational requirements due to licenses they hold.
There were 176,000 financial advisors employed in 2006, according to the U.S. Department of Labor. Nearly a third of them are self employed.
The position of personal financial advisor is expected to be one of the top ten fastest growing jobs in the country during the decade 2006 - 2016. Job opportunities are expected to expand by forty one percent.
Lowest 10% $15.91 $33,100
Median Salary $32.53 $67,660
Highest 25% $55.65 $115,750
Source: U.S. Department of Labor