Personal Financial Advisors

What they do:

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.

On the job, you would:

  • Sell financial products such as stocks, bonds, mutual funds, and insurance if licensed to do so.
  • Build and maintain client bases, keeping current client plans up-to-date and recruiting new clients on an ongoing basis.
  • 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.
  • Review clients' accounts and plans regularly to determine whether life changes, economic changes, or financial performance indicate a need for plan reassessment.
  • 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.
  • 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.
  • Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
  • Research and investigate available investment opportunities to determine whether they fit into financial plans.
  • 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.

Knowledge

  • 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.
  • Computers and Electronics
  • Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • Law and Government
  • Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • 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.
  • 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.
  • 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.

Skills

  • 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.
  • 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.
  • Judgment and Decision Making
  • Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Social Perceptiveness
  • Being aware of others' reactions and understanding why they react as they do.
  • Service Orientation
  • Actively looking for ways to help people.
  • Complex Problem Solving
  • Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Persuasion
  • Persuading others to change their minds or behavior.

Abilities

  • Oral Expression
  • The ability to communicate information and ideas in speaking so others will understand.
  • Oral Comprehension
  • The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Written Comprehension
  • The ability to read and understand information and ideas presented in writing.
  • 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 Expression
  • The ability to communicate information and ideas in writing so others will understand.
  • Inductive Reasoning
  • The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Speech Clarity
  • The ability to speak clearly so others can understand you.
  • Speech Recognition
  • The ability to identify and understand the speech of another person.
  • Number Facility
  • The ability to add, subtract, multiply, or divide quickly and correctly.
  • Deductive Reasoning
  • The ability to apply general rules to specific problems to produce answers that make sense.

Work Activities

  • Getting Information
  • Observing, receiving, and otherwise obtaining information from all relevant sources.
  • Processing Information
  • Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • 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.
  • 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.
  • Making Decisions and Solving Problems
  • Analyzing information and evaluating results to choose the best solution and solve problems.
  • Updating and Using Relevant Knowledge
  • Keeping up-to-date technically and applying new knowledge to your job.
  • Developing Objectives and Strategies
  • Establishing long-range objectives and specifying the strategies and actions to achieve them.
  • Interpreting the Meaning of Information for Others
  • Translating or explaining what information means and how it can be used.
  • 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.

Interests

  • 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.
  • Second Interest High-Point
  • Secondary-Cutoff/Rank Descriptiveness
  • 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.
  • First Interest High-Point
  • Primary-Rank Descriptiveness
  • Third Interest High-Point
  • Tertiary-Cutoff/Rank Descriptiveness
  • Social
  • Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
  • Investigative
  • Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
  • Artistic
  • Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
  • Realistic
  • Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.

Work Styles

  • Integrity
  • Job requires being honest and ethical.
  • Attention to Detail
  • Job requires being careful about detail and thorough in completing work tasks.
  • Persistence
  • Job requires persistence in the face of obstacles.
  • 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.
  • Dependability
  • Job requires being reliable, responsible, and dependable, and fulfilling obligations.
  • Initiative
  • Job requires a willingness to take on responsibilities and challenges.
  • Analytical Thinking
  • Job requires analyzing information and using logic to address work-related issues and problems.
  • Achievement/Effort
  • Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
  • Stress Tolerance
  • Job requires accepting criticism and dealing calmly and effectively with high stress situations.
  • Self Control
  • Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.