Career: Personal Financial Advisors
If you’ve ever given a friend advice on how to spend their money, then you’ve already acted the part of personal financial advisor.
But knowing how to spend isn’t the only skill you’ll need to have. You’ll have to know about saving as well. Maybe your friend has been saving up for college, but suddenly decides to splurge on an expensive new stereo. Can you convince him to keep saving for school?
Personal financial advisors help people manage their money for both the short and long term. They help them decide which stocks, bonds, mutual funds, and other financial products to invest in.
Did You Know?
- Many personal financial advisors teach night classes or seminars in order to bring in more clients.
Are You Ready To...?
- Advise clients on life-changing decisions
- Make sense of financial information
- Keep tabs on the stock market
- Manage many clients at once
- Meet with clients daily
- Work long hours
It Helps to Be...
A clear communicator and an excellent problem solver who loves to work with numbers. Since personal financial advisors help clients meet their goals, it helps to be a good listener.
Make High School Count
- Pay close attention in math and consider trying your hand at statistics and accounting.
- Polish your speaking and writing skills in English, speech, and drama classes. Your days on the job will be filled with client meetings.
- Master the computer. Become familiar with word processing and spreadsheet software.
Did You Know?
- About 30 percent of personal financial advisors are self-employed.
Outlook
Government economists expect job growth for personal financial advisors to be much faster than the average for all careers through 2016. In fact, it’s expected to be one of the ten-fastest-growing careers.
One reason is that as the large generation of baby boomers ages, they’re investing lots of money to build up funds for their retirement. Many will turn to personal financial advisors to help them make investment decisions.
That doesn’t mean it will be easy to get work. In fact, you’ll likely face lots of competition for clients.
Compensation
According to the U.S. Bureau of Labor Statistics, the average yearly earnings of personal financial advisors in 2008 were $92,970.
