Personal Financial Advisors provide financial guidance to clients on investment opportunities, savings strategies, estate planning, taxes, insurance, and retirement plans. They assess clients' financial goals, develop personalized financial plans, recommend investments, monitor accounts, and adjust strategies as needed. Advisors also help clients understand complex financial concepts and stay informed about market trends and regulations.
This income data is sourced from the May 2023 Occupational Employment and Wage Statistics (OEWS) survey. The dataset is updated annually.
Annual Pay Distribution | Salary |
|---|---|
10th percentile | $56,950.00 |
25th percentile | $63,310.00 |
median (50th percentile) | $98,340.00 |
75th percentile | $159,750.00 |
90th percentile | - |
Hourly Pay Distribution | Hourly Rate |
|---|---|
10th percentile | $27.38 |
25th percentile | $30.44 |
median (50th percentile) | $47.28 |
75th percentile | $76.80 |
90th percentile | - |
Personal Financial Advisors typically need a bachelor's degree in finance, economics, business, accounting, or a related field to pursue this career. While not always mandatory, a high school diploma or equivalent is usually required for entry into a bachelor's degree program. Some employers may prefer candidates with a master's degree in a related field or professional certifications like Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA). Training for Personal Financial Advisors involves on-the-job learning, mentorship programs, continuing education courses, and obtaining relevant licenses or certifications based on the services they provide, such as investment advice or selling insurance products. Additionally, staying updated on financial trends, regulations, and market changes is crucial for success in this profession.