What is the Job Description of a Financial Advisor?

The job description of a financial advisor is aimed at helping clients manage funds better.

A financial advisor as the name implies provides financial advice to customers.

These customers may be individuals or companies.

Although a lot of people are skeptical about hiring a personal financial advisor, their services are still very much important.

As you read this guide on the job description of a financial advisor, you will learn some of the reasons why people don’t like hiring financial advisors.

It is also important you learn some of these reasons in order to avoid them.

Knowing and understanding your job description as a financial advisor is a key step to becoming a good one.

This article contains all you need to know about what financial managers are about.


What does a financial manager do?

Financial advisors are processionals who provide financial guidance to customers, their services range from tax planning, investment management to estate planning.

In order to conduct business with the public, a financial advisor must have the series 65 license.

Unlike stock brokers whose duty is to execute orders in the market, financial advisors make informed decisions in place on their clients.

What are the duties and responsibilities of a financial advisor?

The job description of a financial advisor usually featured the following duties and responsibilities:  

1. Provide financial planning

It is the duty of a financial advisor to provide financial planning to their clients.

They do this by providing insurance and investment services.

2. Maintain clients records

Another duty of a financial advisor is to keep and maintain the client’s financial record.

They ensure that these records are accurate and up to date.

3. Developing a good relationship with clients

In order to properly carry out this duty, a financial advisor must possess good interpersonal skills.

It is the duty of a financial advisor to create and maintain a good relationship with clients.

This is done by helping client’s track their success and also informing them about changes that may affect their finance.

4. Act as liaison  between clients and financial professionals

A financial advisor serves as a liaison between clients and financial professionals.

They help interpret financial statements and information from banks, insurance companies or other financial professionals to clients.

5. Assist clients in making budgets

Another duty and responsibility of a financial advisor is to help clients in making budgets.

They also make financial forecasts and with this forecast, assist in creating a realistic budget for clients.

6. Guide clients in setting financial goals

Financial advisers also help clients set realistic and workable financial goals.

Some of such goals may include:

  • Saving for college
  • Saving for a home
  • Controlling expenditure
  • Borrowing
  • Investing

Helping clients set financial goals is a very good way of helping them.manage their resources.

Some other duties and responsibility of a financial advisor include:

  • Answering client’s questions about financial plans and/or strategies and giving financial advice.
  • Regularly review client’s accounts plans and data.
  • Implementing financial plans or goals.
  • Connecting clients with financial professionals who can assist them.
  • Monitoring the client’s account to determine if changes or adjustments are needed.
  • Research and recommend investment opportunities for clients.
  • Provide advice on tax.

Read also;

 What qualifications do I need to become a financial advisor?

Typicality a financial advisor should have a bachelor’s degree.

Although employers do not always specify any course of study, a bachelor’s degree in finance, business management, economics, accounting, mathematics or other similar fields is advantageous.

After getting the job as a financial advisor, you will undergo an on the job training.

This training may last for the period of some months or years.

In the course of the training, you will work under the supervision of senior financial advisors.

During training, you will learn the duties and responsibilities of a financial advisor, the job description and also how to gain new clients.

Some financial advisors who sell or buy stock, bonds, insurance policies or who provide investment advice may require necessary license(s).

Advisors in smaller and larger firms must be registered with state regulators and security and exchange commission respectively.

Financial advisors who sell insurance must have licences issued by the state board.

What skills and personality suit a financial advisor?

Aside academic qualification, there are certain skills that are regularly featured in the job description of a financial advisor.

These skills makes financial advisor stand out in carrying his or her duty.

1. Communication skills

A good financial advisor should be able to properly communicate in writing and verbally as well.

He or she should be able to properly communicate financial issues to clients as well as financial professionals.

2. Interpersonal skills

This skills is necessary to carry out one of the most essentially duty of a financial advisor.

It is the duty of a financial advisor to create and maintain a good working relationship with thier client.

Maintain a good relationship will advising much more easier.

It will also help the financial advisor streamline his or her investment opportunity research based on the preference of the client.

3. Negotiation skills

Excellent negotiation skills is very relevant in carrying out most of the duties of a financial advisor.

This skill makes expenditure control much easier.

4. Problem solving skills

A good financial advisor should be capable of thinking critically and analytically as well.

This way carrying out analytical market research and giving appropriate advise will be much easier.

5. Organisation skills

Employers look out prospective financial advisors who are organised and give detailed attention to details

They should be capable of managing time and allocating appropriate time and   unbaised efforts to each client finances.

Where do financial advisors work?

There are a variety of individuals and companies as well that require the services of a financial advisor.

Some of the typical employers of financial advisors include:

  • Securities, commodity contracts, and financial investments firms  
  •  Self-employed workers
  • Credit intermediation and related activities
  • Insurance companies
  • Management of companies and enterprises

Even after getting a job as a financial advisors, it is advisable that you attend seminars and training to improve your knowledge as well as your qualification.

This way, you can get promoted to other senior financial positions.

What do I include in my financial advisor resume?

When creating a resume for financial advising, you want to include everything that will convince an employer that you are suitable for the job.

You should know include information like experience, skills and qualifications as well.

Never overlook the importance of making reference to these skills during your interview.

Don’t hesitate to make use of this free guide on the job description of a financial advisor to create a professional resume.

Job outlook

Financial advisors employment has be projected to grow by 7% from 2018 to 2028, that’s in a period of 10 years.

The aging population will trigger the employment growth of Financial advisors as they reach retirement age.

Also, the displacement of old or traditional pension plan with modern individual retirement account will go on. 

Because individuals must prepare for retirement, there will be an increase in the need for financial advisors.

The job prospects for financial advisors looks better and favourable compared to other financial professions.

More experienced and qualified financial advisors will always be at advantage.

How much do financial advisors make?

On the average, financial advisors in the United States make up to $87,850 per year.

The least paid financial advisor should earn up to $42,950 per year.

Whereas the best paid financial advisors make up to $208,000 per year.

More qualified and experience individuals earn more than their less qualified and experience colleagues.

Geographical location and the size of the firm you work for may also play a vital role in determining your pay.

Usually, financial advisors job description does not feature the pay.

It is only communicated to the applicant before he or she accepts the job.

Most times, self employed financial advisors make money from charging a percentage of the client’s assets that they manage.

Also, they also earn money by charging hourly for their services.

Oftentimes, they also get commission for any financial product they sale.

Work environment

Financial advisors usually work in offices. Sometimes, may also gave to travel to hold meetings with clients.

They may also be contracted to teach in financial seminars.

Oftentimes, they attend networking events in the bid to get new clients.

Why do clients fire financial advisors?

You know, it is one thing to get the job, and it’s another thing to keep it.

Knowing and understanding the job description of a financial advisor is a step towards keeping the job.

Here are some reasons why clients end up firing financial advisors:

  • Communication break down
  • Misunderstanding of clients’ need and preference.
  • Expensive fees
  • Lack of attention
  • Poor performance

To learn more concerning this, kindly click here.

It is very important to serve your clients professionally. You should always give them the best.

Clients are sick and tired of paying fees to financial advisors who do poorly at their job.

Now you know your job description and what you need to do to keep the job as a financial advisors, make maximum use of this information.

Summary of financial advisor job description guide

Although this article on the job description of a financial advisor was created with applicants or prospective financial advisors in mind, it can also be use by employers to create a financial advisor job description posting.

It is well optimized to support your goal. Whether it a resume, an interview or a financial advisor job description posting.

Other job description:


Please Share this to Family and Friends
You May Also Like