This occupation is part of the Business and Financial Operations cluster
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About the Job
Advise 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.
It is also Called
- Account Executive
- Analyst
- Asset Analyst
- Asset Manager
- Budget Counselor
- Certified Financial Planner (CFP)
- Chartered Financial Analyst (CFA)
- Credit Counselor
- Debt Counselor
- Estate Planner
What They Do
- Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.
- Answer clients' questions about the purposes and details of financial plans and strategies.
- Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
- Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
- Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
- Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
- Manage client portfolios, keeping client plans up-to-date.
- Contact clients periodically to determine any changes in their financial status.
- Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
- Recruit and maintain client bases.
Interests
People who work in this occupation generally have the interest code: ECS.
This means people who work in this occupation generally have Enterprising interests, but also prefer Conventional and Social environments.
Work Values
People who work in this occupation generally prize Independence, but also value Achievement and Working Conditions in their jobs.
Things They Need to Know
- Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Things They Need to Be Able to Do
- Speaking - Talking to others to convey information effectively.
- Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
- Service Orientation - Actively looking for ways to help people.
- Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Education Required
Most of these occupations require a four-year bachelor's degree, but some do not.
Wages
In 2012, the average annual wage in California was $92,830 with most people making between $34,390 and n/a
Outlook
During 2010, this occupation employed approximately 30,100 people in California. It is projected that there will be 39,100 employed in 2020.
This occupation will have about 910 openings due to growth and about 350 replacement openings for approximately 1,260 total annual openings.
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