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.
Knowledge, Skills, and Abilities
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.
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.
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.
Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Speaking - Talking to others to convey information effectively.
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.
Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Writing - Communicating effectively in writing as appropriate for the needs of the audience.
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.
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 there is a problem.
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.
Tasks and Activities
Occupation specific tasks and the most important generalized work activities are listed for Personal Financial Advisors.
Occupation Specific 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.
- Build and maintain client bases, keeping current client plans up-to-date and recruiting new clients on an ongoing basis.
- Collect information from students to determine their eligibility for specific financial aid programs.
- Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.
- Contact clients periodically to determine any changes in their financial status.
- Determine amounts of aid to be granted to students, considering such factors as funds available, extent of demand, and financial needs.
- Devise debt liquidation plans that include payoff priorities and timelines.
- Explain and document for clients the types of services that are to be provided, and the responsibilities to be taken by the personal financial advisor.
- Explain to individuals and groups the details of financial assistance available to college and university students, such as loans, grants, and scholarships.
- Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
- Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
- 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.
- Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
- Monitor financial market trends to ensure that plans are effective, and to identify any necessary updates.
- Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
- Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
- Recommend strategies clients can use to achieve their financial goals and objectives, including specific recommendations in such areas as cash management, insurance coverage, and investment planning.
- Research and investigate available investment opportunities to determine whether they fit into financial plans.
- Review clients' accounts and plans regularly to determine whether life changes, economic changes, or financial performance indicate a need for plan reassessment.
- Sell financial products such as stocks, bonds, mutual funds, and insurance if licensed to do so.
Generalized Work Activities:
Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
Communicating with Persons Outside 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.
Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Judging the Qualities of Things, Services, or People - Assessing the value, importance, or quality of things or people.
Indeed - 17 months ago