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What They Do
About This Career
Advises clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients' assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives. May also buy and sell financial assets for clients.
This career is part of the Finance cluster Securities and Investments pathway.
A person in this career:
- Interviews clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.
- Recommends to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
- Manages client portfolios, keeping client plans up-to-date.
- Implements financial planning recommendations, or refers clients to someone who can assist them with plan implementation.
- Answers clients' questions about the purposes and details of financial plans and strategies.
- Analyzes financial information obtained from clients to determine strategies for meeting clients' financial objectives.
- Reviews clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
- Contacts clients periodically to determine any changes in their financial status.
- Investigates available investment opportunities to determine compatibility with client financial plans.
- Explains to clients the personal financial advisor's responsibilities and the types of services to be provided.
Working Conditions and Physical Demands
People who do this job report that:
- You would sit most of the time. There's some walking and standing. You may have to lift and carry things like books, papers or tools weighing 10 lbs. or less.
- Work in this occupation requires being inside most of the time
- Work in this occupation involves sitting more than one-third of the time
Working in this career involves (physical activities):
- Seeing clearly up close
- Speaking clearly enough to be able to be understood by others
- Identifying and understanding the speech of another person
Work Hours and Travel
Specialty and Similar Careers
Careers that are more detailed or close to this career:
- Certified Financial Planner (CFP)
- Financial Advisor — Provides financial advice or guidance to customers.
- Financial Consultant
- Financial Counselor
- Financial Planner — Develops and implements financial plans for individuals, businesses, and organizations, utilizing knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate.
- Investment Advisor
- Portfolio Manager — Ultimately responsible for the performance and the day to day operation of a fund or asset management vehicle.
- Wealth Advisor
Every year the U.S. Department of Labor conducts national surveys of wage data by occupation in every state and in all industry divisions. These surveys are conducted through the Occupational Employment Statistics (OES) program.
The statistics collected for one year are published the next fall. For example, 2013 wage information was published in the fall of 2014.
There are over 800 occupations in the surveys, and these occupations cover the entire U.S. labor market. The surveys ask for reports in a scale of ranges for both hourly wages and annual wages.
In many cases, these occupations are broad enough to cover many more detailed specialties of an occupation. A specific occupation may be included in a broader occupational category for which labor market data is available. When you look at the statistics for a broad category, be aware that the salary data for a specific career may differ.
For more details about how wage information is collected and calculated by the U.S. Department of Labor, visit their website at http://www.bls.gov/bls/blswage.htm.
Every year the U.S. Department of Labor conducts a national survey of over 400,000
employers in every state and in all industry divisions. This survey is conducted
through the Occupational Employment Statistics (OES) program. Every other year the
department publishes outlook information based on these surveys.
Each outlook period covers 10 years. For example, in 2003 the outlook information
was published for 2004-2014. Employers are asked to report the number of employees
in about 770 different occupations that cover the entire U.S. labor market.
From this information, staffing patterns for different industries are established.
Industry growth is projected into the future based on past trends and current economic
conditions. Industry staffing patterns are then applied to the industry projections
to obtain occupational projections.
In many cases, these occupations are broad enough to cover many more detailed specialties
of an occupation. A specific occupation may be included in a broader occupational
category for which labor market data is available. When you look at the statistics
for a broad category, be aware that the employment data for a specific field may
differ.
For more details about how employment information is collected and calculated by
the U.S. Department of Labor, visit their website at http://stats.bls.gov/news.release/ocwage.tn.htm.
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