Financial Advisor Job Description | Duties & Responsibilities

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

As the name implies, a financial advisor provides financial advice to customers.

These customers may be individuals or companies.

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

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

It is also important you learn some of these reasons 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.

Read More: Receptionist Job Description | Duties and Responsibilities


What does a Financial Manager do?

Financial advisors provide financial guidance to customers; their services range from tax planning and investment management to estate planning.

To conduct business with the public, a financial advisor must have a series 65 license.

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

What are the Duties and Responsibilities of a Financial Advisor?

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

1. Provide Financial Planning

A financial advisor must 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 economic record.

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

Read More: Executive Assistant Job Description | Duties & Responsibilities

3. Developing a good Relationship with Clients

To properly carry out this duty, a financial advisor must possess good interpersonal skills.

A financial advisor must create and maintain a good relationship with clients.

This is done by helping clients track their success and informing them about changes that may affect their finances.

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 make 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 responsibilities of a financial advisor include:

  • Answering clients’ questions about financial plans and/or strategies and giving financial advice.
  • Regularly review clients’ 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 More: Human Resource Manager Job Description | Duties & Responsibilities

Read also;

What Qualifications do I need to become a Financial Advisor?

Typically 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 on-the-job training.

This training may last for some months or years.

During 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 how to gain new clients.

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

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

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

What Skills and Personality suit a Financial Advisor?

Aside from academic qualifications, certain skills are regularly featured in the job description of a financial advisor.

These skills make financial advisors stand out in carrying or their duty.

1. Communication Skills

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

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

2. Interpersonal Skills

This skill is necessary to carry out one of the essential duties of a financial advisor.

A financial advisor must create and maintain a good working relationship with their client.

Maintaining a good relationship will make advising much easier.

It will also help the financial advisor streamline investment opportunity research based on the client’s preference.

Read More: Travel Agent Job Description | Duties & Responsibilities

3. Negotiation Skills

Excellent negotiation skills are 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 advice will be much easier.

5. Organisation Skills

Employers look out for prospective financial advisors who are organized and give detailed attention to detail.

They should be capable of managing time and allocating appropriate time and unbiased efforts to each client’s 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 advisor, you should attend seminars and training to improve your knowledge and 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 also include information like experience, skills, and qualifications.

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

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

Read More: Assistant Accountant Job Description | Duties & Responsibilities

Job Outlook

Financial advisors’ employment has been projected to grow by 7% from 2018 to 2028 in 10 years.

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

Also, replacing old or traditional pension plans with modern individual retirement accounts will continue. 

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

The job prospects for financial advisors look better and more favorable than other financial professions.

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

How much do Financial Advisors make?

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

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 experienced individuals earn more than their less qualified and experienced 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 earn money by charging hourly for their services.

Often, they also get a commission for any financial product they sale.

Work Environment

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

They may also be contracted to teach in financial seminars.

Often, they attend networking events in a bid to get new clients.

Read More: Police Officer Job Description | Duties & Responsibilities

Why do Clients Fire Financial Advisors?

You know, it is one thing to get the job and another 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 breaks down
  • Misunderstanding of clients’ needs and preferences.
  • Expensive fees
  • Lack of attention
  • Poor performance

To learn more about 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 advisor, 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 used by employers to create a job description posting.

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

Read More: Restaurant Manager Job Description | Duties & Responsibilities

Other job description:


Our Recommendation

Please Share this to Family and Friends
You May Also Like