20 Types of Financial Advisers (With Salaries and Duties)

Updated April 28, 2023

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Financial advisers work with businesses, individuals and governments to help them establish and achieve their financial goals. There are different financial advisers for different financial scenarios and budgets. Knowing the differences in roles and responsibilities of financial advisers can help you decide if a career in the financial sector is right for you.

In this article, we’ll discuss the role of a financial adviser and explore 20 types of financial advisers, including their average salaries and typical job duties.

What is a financial adviser?

A financial adviser is a finance professional who offers recommendations to individuals and companies on how to structure, organize and manage their finances. A financial adviser's expertise can allow clients to make better spending decisions and plan for the future.

They help their clients decide on subjects like the amount of money they need to save, the kinds of accounts they should have and the types of insurance they should have, such as term life, long-term care and disability. Financial advisers can also give advice on property and taxation issues.

Read more: What Licenses Do Financial Advisers Need To Acquire?

20 types of financial advisers

Financial advisers offer various financial planning services, such as budgeting advice, investment and estate management. Here are several types of financial planners and advisers, along with their average salaries and duties:

1. Personal banker

National average salary: $40,407 per year

Primary duties: A personal banker uses their financial expertise to advise clients on their finances by recommending financial products and services, such as retirement accounts and savings accounts, to help them manage their money. They can oversee bank accounts and transactions for clients. Personal bankers also analyze and authorize loans for their clients.

2. Certified debt counselor

National average salary: $46,337 per year

Primary duties: A certified debt counselor advises clients on managing their debt. This can help clients improve their financial standing by boosting their credit. A debt counselor can track clients' debt management progress and offer solutions as their clients' situations change over time. They also help clients find strategies to manage factors that impact their debt, like high loan interest.

3. Estate planning lawyer

National average salary: $50,875 per year

Primary duties: An estate planning lawyer is a legal professional who specializes in organizing instructions for clients' estates in the event of the client's death. They can advise clients on what information to include in their will and help them establish trust accounts. Estate planning lawyers also help their clients establish the power of attorney and an executor. They can organize and settle estate taxes for clients as well.

Related: Learn About Being a Lawyer

4. Accountant

National average salary: $53,600 per year

Primary duties: An accountant is a financial professional who helps individuals and corporate clients manage their finances. They organize data for business plans, reports and budgets. They also supervise accounting systems to ensure their clients have accurate financial data. Accountants can audit tax and financial information to ensure their clients follow financial laws and regulations.

Read more: Learn About Being an Accountant

5. Personal financial specialist

National average salary: $54,080 per year

Primary duties: A personal financial specialist is a certified public accountant who advises clients on managing their wealth to help them achieve greater financial health. They explain the benefits and risks of investments and help clients develop strategies for debt management. Personal financial specialists also generate reports to help their clients understand the results of their financial efforts.

6. Investment representative

National average salary: $57,695 per year

Primary duties: An investment representative advises clients on financial services and products. These professionals analyze clients' demographics to help them make wise financial and investment decisions. They can work for financial institutions or independently counsel clients on investment options. Investment representatives can also perform marketing functions for financial services at a bank or investment firm.

7. Financial coach

National average salary: $58,810 per year

Primary duties: A financial coach advises clients on budgeting, credit, debt, savings and investments to help individuals and businesses achieve their desired financial outcomes. They monitor clients' progress with statements and reports. Financial coaches can also help clients form habits for a healthy financial future through planning and counseling.

8. Enrolled agent

National average salary: $59,608 per year

Primary duties: An enrolled agent organizes and prepares tax information for their clients. They help clients handle complex taxes from multiple years and states. Enrolled agents advise clients on taxes and any applicable tax credits to ensure they follow all government regulations. Additionally, they can submit tax files to the Internal Revenue Service (IRS) on behalf of their clients.

9. Customer service representative

National average salary: $60,415 per year

Primary duties: A customer service representative for a financial institution, sometimes called a financial service representative, recommends financial products to help clients manage their finances. Customer service representatives develop relationships with customers and keep them informed about their financial standings. They can also counsel clients on ways to manage debt and save money for retirement using investment accounts.

Read more: Learn About Being a Customer Service Representative

10. Registered representative

National average salary: $60,525 per year

Primary duties: A registered representative is a licensed financial professional who sells financial products to clients based on the representative's market research and their clients' short-term and long-term financial goals. They can also advise clients on the risks of investments and financial planning.

11. Insurance agent

National average salary: $69,882 per year

Primary duties: An insurance agent sells life, disability and health insurance policies based on their clients' lifestyles and conditions. They counsel clients to learn more about their insurance needs and advise them on plans that fit their finances, age and other factors. Insurance agents can also perform other sales duties, like prospecting, lead qualification and contract generation.

Read more: Learn About Being an Insurance Agent

12. Underwriter

National average salary: $69,922 per year

Primary duties: An underwriter is a financial organization member who evaluates the risk of investments to help an organization make educated financial decisions. They assume the client's financial risk in exchange for a fee. Underwriters also prepare policies for purchases or investments to protect financial institutions from risk.

Read more: Learn About Being an Underwriter

13. Asset manager

National average salary: $70,021 per year

Primary duties: An asset manager maintains and advises on an investment portfolio for individuals or corporate clients. They can counsel clients on their options to help them achieve their financial goals. Asset managers also prepare reports and statements that allow clients to gauge the success of their investments.

14. Chartered financial analyst

National average salary: $71,174 per year

Primary duties: A chartered financial analyst (CFA) is a financial professional who collects, analyzes and organizes financial data to help advise clients on their financial options. They create financial models and forecasts and use the results of these models to help clients make informed investment decisions. CFAs can also present the results of their financial research to executives and shareholders.

Related: Learn About Being a Financial Analyst

15. Financial planner

National average salary: $72,239 per year

Primary duties: A financial planner is a professional who helps clients plan their finances to meet short-term and long-term financial goals. They can help clients manage risk and plan for taxes and retirement. Financial planners can also assist clients in estate planning.

Read more: Learn About Being a Financial Planner

16. Investment consultant

National average salary: $74,631 per year

Primary duties: An investment consultant reviews clients' finances and helps them create plans to meet their debt and retirement goals. They can offer advice on investment accounts, stocks and mutual funds. Investment consultants also monitor investments for clients and offer advice to clients as the economy evolves.

17. Financial adviser

National average salary: $74,780 per year

Primary duties: A financial adviser educates clients on their financial options based on the state of clients' finances, goals and other factors, such as their comfort with investment risks. They can help clients plan and organize their accounts. Financial advisers also periodically counsel individuals and companies on their reporting and the state of their investments.

Read more: Learn About Being a Financial Adviser

18. Broker

National average salary: $77,842 per year

Primary duties: A broker, also called a stockbroker, buys and sells stock shares and bonds on behalf of their clients. They counsel clients on their financial goals and offer advice for investments based on a client's time frame, goals and risk tolerance. Brokers can also provide regular statements and updates for clients regarding their investments.

Read more: Learn About Being a Stockbroker

19. Certified public accountant

National average salary: $79,959 per year

Primary duties: A certified public accountant (CPA) is a financial professional who passes an exam that shows proficiency in accounting. Their primary responsibility is to help individuals and business owners monitor and strengthen their financial health and reporting processes. They engage with customers to assess their existing accounting practices and financial needs, check financial accounts and tax forms for problems and complete audits to guarantee taxation compliance.

Read more: Learn About Being a CPA (Certified Public Accountant)

20. Insurance adviser

National average salary: $89,299 per year

Primary duties: An insurance adviser is a financial professional who specializes in advising clients on insurance investments. They counsel clients on their investment options and analyze investment risk for clients. Insurance advisers can also help their clients navigate taxation on their investments.


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