Alabama Department of Labor

Labor Market Information Division
SOC: 13-2052 Personal Financial Advisors
Advise clients on financial plans utilizing 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 to establish investment strategies.
Education: Most of these occupations require a four-year bachelor's degree, but some do not.
OJT: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Tasks: 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. Explain to clients the personal financial advisor's responsibilities and the types of services to be provided. Investigate available investment opportunities to determine compatibility with client financial plans. Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
License: License not required.
Outlook: Good
Alabama Employment Outlook
Alabama Wage Data
Hourly Wage   Annual Wage
Entry $21.75   Entry $45,228.00
Mean $61.19   Mean $127,275.00
Experience $80.91 Experience $168,293.00

The data is based on the May 2017 Occupation Employment Survey employment and wage estimate file. The wages have been aged using the most current ECI factors reflecting wages as of June 2018.

Alabama Projections
Estimated Employment 2016Projected Employment 2026Annual Average OpeningsAnnual Growth Rate
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Occupational Videos
13-2052.00 Personal Financial Advisors