Personal Financial Advisors
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. May also buy and sell financial assets for clients.
- Tasks
- 21 tasks17 core, 4 supplemental
- Family
- Business & FinancialOne of its 50 occupations
- Code
- 13-2052.00SOC 2018: 13-2052
What the work is made of
17 core tasks and 4 supplemental, each quoted as published, with the survey it came from.
Core: central to the jobSupplemental: done by some, not all
- Task 1. 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.Core taskTask 12907Rated by 26 occupational experts, August 2024
- Task 2. Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.Core taskTask 12904Rated by 26 occupational experts, August 2024
- Task 3. Answer clients' questions about the purposes and details of financial plans and strategies.Core taskTask 12905Rated by 26 occupational experts, August 2024
- Task 4. Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.Core taskTask 20183Rated by 26 occupational experts, August 2024
- Task 5. Manage client portfolios, keeping client plans up-to-date.Core taskTask 20184Rated by 26 occupational experts, August 2024
- Task 6. Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.Core taskTask 20182Rated by 26 occupational experts, August 2024
- Task 7. Recommend financial products, such as stocks, bonds, mutual funds, or insurance.Core taskTask 20189Rated by 26 occupational experts, August 2024
- Task 8. Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.Core taskTask 12909Rated by 26 occupational experts, August 2024
- Task 9. Contact clients periodically to determine any changes in their financial status.Core taskTask 12915Rated by 26 occupational experts, August 2024
- Task 10. Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.Core taskTask 12913Rated by 26 occupational experts, August 2024
- Task 11. Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.Core taskTask 20186Rated by 26 occupational experts, August 2024
- Task 12. Investigate available investment opportunities to determine compatibility with client financial plans.Core taskTask 20187Rated by 25 occupational experts, August 2024
- Task 13. Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.Core taskTask 12914Rated by 26 occupational experts, August 2024
- Task 14. Monitor financial market trends to ensure that client plans are responsive.Core taskTask 20188Rated by 26 occupational experts, August 2024
- Task 15. Recruit and maintain client bases.Core taskTask 20185Rated by 25 occupational experts, August 2024
- Task 16. Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.Core taskTask 12916Rated by 26 occupational experts, August 2024
- Task 17. Devise debt liquidation plans that include payoff priorities and timelines.Core taskTask 12917Rated by 26 occupational experts, August 2024
- Task 18. Open accounts for clients, and disburse funds from accounts to creditors as agent for clients.Supplemental taskTask 12918Rated by 26 occupational experts, August 2024
- Task 19. Inform clients about tax benefits, government rebates, or other financial benefits of alternative-fuel vehicle purchases or energy-efficient home construction, improvements, or remodeling.Supplemental taskTask 19570Rated by 26 occupational experts, August 2024
- Task 20. Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds.Supplemental taskTask 19571Rated by 26 occupational experts, August 2024
- Task 21. Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.Supplemental taskTask 12919Rated by 26 occupational experts, August 2024
Where this comes from
Quoted from the U.S. Department of Labor, and credited. Nothing on this page is written by us.
How we copy and credit sources- Published byO*NET 29.0, U.S. Department of LaborEmployment and Training Administration
- ClassificationStandard Occupational Classification 2018, 13-2052
- LicenseCC BY 4.0Free to copy and reuse, with credit
- Changed by usNothing.
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