Personal Financial Advisor

Finance and Accounts
What Do Personal Financial Advisor Do? , Personal Financial Advisor Career - TheCareerHub
  • Growth
  • Salary
    RS 20000-37000

Who is Personal Financial Advisor?

A personal financial advisor is a professional who lends their expertise to offer tailored financial advice geared towards specific financial goals. By gaining a thorough understanding of the client's financial history, they are able to assist their clients in attaining their desired financial future. Their clients can be individuals or companies. They do so by creating effective financial strategies for their client, including management of savings, investment and retirement planning, while accomodating for their taxes status, insurance coverage, mortgages, and other expenses. Their knowledge of the financial market, regulatory changes, and trends allow them to assist the client to strategically manage their monetary resources to mitigate risk and avoid costly errors in order to achieve their financial goals sooner. Simply put, the aim of a Personal Financial Advisor is to devise a path for their client to lower costs and generate more wealth. A personal financial planner proposes these strategies in accordance with the client's appetite for risk and reward. 


Typical day at work

What does Personal Financial Advisor do?

A personal financial adviser is someone who gives financial advice and services to clients based on their specific requirements. Personal financial advisers have the knowledge and experience to provide solutions that are tailored to their clients' needs, avoiding costly mistakes, and minimising risk. Before giving advice or offering products and services, financial advisors create financial plans for their customers. This involves a thorough examination of their existing and prospective financial circumstances. It also takes into account fundamental information like age (temporal horizon), financial goals (saving for college, purchasing a property, keeping money, or creating income), and risk and rewards appetite. This is frequently centred on job, financial wealth, and experience in both the public and private markets. A strong financial plan would keep an investor aware of changes so that they may move smoothly through life's financial phases, such as cutting back on spending or changing asset allocation.

As a part of their job, a personal financial advisor's responsibilities include:

  • Soliciting clients and setting up meetings with them to discuss their current standings and goals.
  • Gathering comprehensive information about the client and his financial journey, including their age, income, marital status, assets and liabilities as well their risk attitudes.
  • Evaluating current and future financial states of the client, including their projected income and expense levels.
  • Carry out market research to gather information about new and existing financial products/services that suit the client's needs.
  • Evaluating investment opportunities and building a portfolio of suitable investments.
  • Compiling and analyzing information to develop a tailored financial plan to best meet the client's requirements.
  • Communicating information about the strategies, products, and services included in the financial plan being proposed to the client.
  • Resolving the client's doubts and concerns regarding the potential risks and returns involved.
  • Accounting for any changes in the financial products or regulations that may affect the financial plans and their returns as well as keeping the client updated on the same.
  • Addressing and responding to any changes in the client's financial matters and objectives.
  • Maintain client database and documentation.
  • Monitor the client's investments by analyzing performance reports and summaries of financial documents and present the same to the client.
  • Setting follow up meetings to check progress and adjust financial plans as necessary.


Abilities & aptitude needed

What are the skills, abilities & aptitude needed to become Personal Financial Advisor?

A job as a personal financial advisor shall require strong analytical skills and specialist knowledge of investment strategies, market performance as well as that financial products and services, including stocks, bonds, funds. A thorough understanding of regulatory aspects surrounding the products and services they endorse is another crucial element to do justice to this job. Their networking and public speaking skills are paramount to attract and recruit clients. Since a major part of their work involves gathering information about the client's requirements and their current financial circumstances as well as offering advice through one-on-one conversations, their listening skills must be excellent.  In order to build sustainable working relationships and assist them to pursue the course of action that is in their best interest, a personal financial advisor should be excellent at salesmanship as well. Other elements that are critical for this job include decision-making and problem-solving skills to offer the client the most effective strategies.


Which course I can pursue?

Best Colleges

Which are the best colleges to attend to become Personal Financial Advisor?


Which industries are open for Personal Financial Advisor?

  • Insurance Company
  • Business
  • Freelancing
  • Private Practice

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Are there internships available for Personal Financial Advisor?

The internship allows students to gain experience working in organization while studying in University. The importance of financial internship is to provide direction, professionalism, better understanding, and substantive work. The Internship provides first-hand experience in and in day-to-day responsibilities, they speak with lawyers and develop their skills and knowledge.

Career Outlook

What does the future look like for Personal Financial Advisor?

Most commonly, a personal financial advisor shall work independently in the financial investment sector. However, they can find employment opportunities at insurance companies, wealth management firms, investment firms as well as financial advisory companies and banks. Those personal financial advisors who are employed by corporates help by offering an objective second opinion about the profitability of its business decisions. It is typically a desk job with standard business hours, although they are occasionally required to travel on workdays to meet with clients and attend seminars/workshops. They can choose to work full-time or part-time as well. They earn by charging a flat fee for their services, although most personal financial advisors are also compensated by commission payments from the sale of certain investments and managed funds to their clients. With more years of experience in the field, they are able to earn higher incomes. The demand for financial planning services is expected to steadily rise with an increase in life expectancies and changes in the traditional pension plans followed by companies.

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