Personal Financial Advisors
Key Insights
Personal Financial Advisors are a dynamic career within the sector, offering a unique blend of opportunities and challenges for professionals seeking meaningful work.
The median annual salary for this occupation is $102,140, which is above the typical salary for this field. Over the next decade, employment is projected to grow by 10.0%, reflecting above average growth trends and strong demand . The automation risk for this occupation is 10.0%. This suggests a high degree of job security, as automation is less likely to impact this role in the near future. Work-life balance is rated as 7.1, which can be an important factor for job satisfaction and overall well-being.
Individuals with Conventional, Enterprising, or Investigative personality traits tend to thrive in this career. Key skills for success include Analytical skills, Interpersonal skills, Math skills, Sales skills, Speaking skills. Developing and refining these abilities can set you apart from other candidates and help you excel in your role. Notable strengths for this occupation are High Demand, Flexible Work, Continuous Learning. Leveraging these strengths can lead to greater job satisfaction and career advancement. Some common challenges professionals may encounter include Burnout Risk, Rapid Technological Change. Being aware of these potential obstacles can help you prepare and develop strategies to overcome them.
The highest employment levels for this occupation are found in California, offering strong job prospects in that region. The leading industry for this role is Securities, commodity contracts, and other financial investments and related activities, which may provide additional opportunities for specialization and growth.
Whether you are just starting your career journey or looking to make a change, Personal Financial Advisors offers a compelling mix of salary potential, job outlook, and personal fit. By understanding the key factors that influence success in this field, you can make informed decisions and position yourself for long-term achievement.
What They Do
Personal Financial Advisors help individuals and organizations plan, manage, and achieve their financial goals. They provide guidance on investments, retirement, taxes, insurance, and estate planning. Their work is critical in building financial security and long-term wealth.
This career is well suited for individuals who enjoy financial planning, analysis, and working directly with clients.
What Do Personal Financial Advisors Do?
These professionals assess clients’ financial situations and recommend strategies to meet goals.
Common responsibilities include:
- Evaluating clients’ financial status, needs, and objectives
- Developing personalized financial plans and investment strategies
- Advising on investments, retirement, insurance, and tax planning
- Monitoring client portfolios and adjusting strategies as needed
- Educating clients about financial options and risks
- Maintaining client records and documentation
- Staying informed about market trends, regulations, and financial products
Key Areas of Financial Advising
Financial advisors may specialize in particular services or client types:
- Investment Planning: Creating portfolios and recommending asset allocation
- Retirement Planning: Advising on 401(k), IRA, and pension options
- Tax and Estate Planning: Recommending strategies for minimizing taxes and transferring wealth
- Insurance and Risk Management: Guiding clients on coverage and protection
- Client Relationship Management: Building trust and long-term advisory relationships
Skills and Abilities Needed
Personal financial advisors combine analytical, interpersonal, and business skills.
Core Professional Skills
- Financial analysis and investment strategy - Retirement, tax, and estate planning knowledge - Risk assessment and insurance evaluation - Portfolio monitoring and management - Regulatory compliance and ethical practices - Client communication and advisory skillsPersonal Qualities That Matter
- Strong analytical and critical thinking skills - Attention to detail and accuracy - Communication and interpersonal ability - Ethical judgment and integrity - Persuasion and relationship-building skills - Problem-solving and decision-making abilityEducation and Career Pathway
This role typically requires formal education and professional certification:
- Bachelor’s Degree: Finance, accounting, economics, or related fields
- On-the-Job Experience: Internships or entry-level positions in financial services
- Professional Certification (optional): Certified Financial Planner (CFP) or related credentials
- Continuous Learning: Staying updated on financial markets, laws, and investment products
Where Do Personal Financial Advisors Work?
They are employed in organizations that provide financial planning and investment services:
- Banks and Credit Unions
- Investment Firms and Brokerages
- Insurance Companies
- Independent Advisory Services
- Corporations and Employee Benefits Departments
Work environments include offices, client meetings, and remote advisory settings.
Is This Career Difficult?
This career requires analytical ability, interpersonal skills, and staying informed about financial markets. Advisors must build trust, manage client expectations, and make informed recommendations.
Who Should Consider This Career?
This career may be a strong fit if you:
- Enjoy finance, investments, and financial planning
- Have strong analytical and problem-solving skills
- Can communicate effectively and build relationships
- Are detail-oriented and ethical
- Want a career helping clients achieve financial goals
How to Prepare Early
- Take courses in finance, accounting, economics, or mathematics
- Gain experience through internships or part-time financial roles
- Develop strong analytical, communication, and interpersonal skills
- Learn about investment products, retirement plans, and tax strategies
- Consider pursuing certifications like CFP to enhance credibility
Personal financial advisors guide clients in making informed financial decisions, helping them achieve long-term security and success.
Career Video
Key facts
Top Skills
StartRight Career Intelligence Metrics
Job Growth Outlook
+10.0%Automation Risk Assessment
Low RiskWork-Life Balance Score
7.1/10Personality Fit (RIASEC Profile)
Powered by O*NET Career Profiling
Personality Match: The higher the score (out of 10), the better this career matches that personality type. People with similar interests and work styles tend to be most satisfied in careers that match their personality profile.
Official assessment tool by the U.S. Department of Labor
Strengths
- High Demand
- Flexible Work
- Continuous Learning
Challenges
- Burnout Risk
- Rapid Technological Change
Median Salary Comparison
Employment projection (2024–2034)
Geographic Employment & Wage Analysis
BLS OEWS Data Updated 2024-05States with Highest Employment
- California 34,070
- New York 28,820
- Florida 21,230
- Texas 17,570
- North Carolina 12,850
- Pennsylvania 12,370
- Illinois 10,410
- Ohio 10,210
- Georgia 7,540
- Massachusetts 7,410
Regional Wage Variations
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California +26%$128,650
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New York +64%$167,970
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Florida -14%$88,040
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Texas -20%$82,180
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Pennsylvania 1%$103,290
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Illinois 2%$104,310
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Ohio -20%$82,100
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Georgia -4%$98,490
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Massachusetts -1%$101,320
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Arizona -17%$85,150