Financial Advisors

Written By Keandra Wilson

 1. OVERVIEW

Financial Advisors help individuals manage their money by offering advice on investments, insurance, retirement planning, and more. They tailor financial plans to help clients achieve short- and long-term goals.

  • 2024 Median Pay: $102,140/year ($49.11/hour)

  • Job Growth (2023–2033): +17% (Much faster than average)

  • Typical Education: Bachelor’s degree in finance, business, economics, or related field

2. ROLE BREAKDOWN BY LEVEL

ENTRY LEVEL

  • Job Titles: Associate Financial Advisor, Junior Financial Planner, Financial Planning Assistant

  • Education: Bachelor’s degree in finance, business, economics, or social science

  • Experience: None required, though internships or related finance roles (banking, customer service, insurance) are helpful

  • Certifications (Optional): Series 6/7 and 63 licenses (if handling investments), CFP coursework in progress

  • Core Duties:

    • Assist in preparing financial plans and reports

    • Gather and analyze client financial data

    • Schedule and attend client meetings with senior advisors

    • Conduct product research and market comparisons

    • Learn compliance and regulatory standards

  • Salary Range: $50,000–$80,000

MID LEVEL

  • Job Titles: Financial Advisor, Investment Advisor, Financial Consultant

  • Education: Bachelor’s degree; Master’s in finance or MBA can be beneficial

  • Experience: 3–5 years in financial services or advising

  • Certifications (Recommended): Certified Financial Planner (CFP), Series 7/66, State Insurance License

  • Core Duties:

    • Build and manage client portfolios

    • Provide guidance on investment, insurance, and tax planning

    • Host seminars, build referral networks

    • Conduct regular portfolio reviews and adjustments

    • Ensure regulatory compliance

  • Salary Range: $80,000–$135,000 (plus bonuses or commissions)

SENIOR LEVEL

  • Job Titles: Senior Financial Advisor, Wealth Manager, Lead Financial Planner, Principal Advisor

  • Education: Bachelor’s or Master’s degree in business or finance

  • Experience: 6+ years in financial planning or investment advisory, including leadership roles

  • Certifications (Preferred): CFP, CFA, CPA, Chartered Financial Consultant (ChFC)

  • Core Duties:

    • Oversee client relationship management and strategic planning

    • Manage junior advisors and support staff

    • Develop firm policies, business growth strategies

    • Advise high-net-worth individuals (HNWIs) on estate planning, philanthropy

    • Represent the firm in media or conferences

  • Salary Range: $135,000–$250,000+ (including bonuses and commissions)

3. HOW TO BECOME ONE

  • Minimum Education: Bachelor’s degree (finance, economics, business, accounting, or math)

  • Training: Long-term on-the-job training under a senior advisor

  • Licensure & Certifications:

    • Required for investment sales: FINRA Series 6, 7, 63, 65, 66

    • Highly Recommended: Certified Financial Planner (CFP)

    • Optional (advanced roles): CFA, ChFC, CPA

  • Soft Skills: Trustworthiness, salesmanship, analytical thinking, emotional intelligence, listening and communication

4. SKILLS & TOOLS

Core Skills:

  • Financial modeling and portfolio management

  • Client communication and relationship building

  • Risk tolerance and retirement planning

  • Tax and estate planning fundamentals

  • Sales and persuasion techniques

Tools:

  • CRM platforms (e.g., Redtail, Salesforce Financial Services Cloud)

  • Portfolio management software (e.g., Morningstar Advisor Workstation, Orion)

  • Financial planning tools (eMoney, MoneyGuidePro)

  • Microsoft Excel, PowerPoint

  • Bloomberg, FINRA systems

5. WORK ENVIRONMENT

  • Locations: Financial services firms, banks, insurance companies, or self-employed

  • Schedules: Full-time, often over 40 hours/week; evenings/weekends for client meetings

  • Culture: Goal-driven, client-facing, often involves commission-based earnings; networking and marketing are essential

6. JOB OUTLOOK

  • Growth Drivers:

    • Aging population and longer retirements

    • Decline of pensions and rise of personal retirement accounts

    • Rising financial complexity among consumers

  • Projected Growth: +17% (2023–2033)

  • Annual Openings: ~27,000

  • Specialty Demand: Retirement, tax-efficient investing, HNWI services, ESG investing

7. RELATED OCCUPATIONS

  • Role: Financial Analysts | Salary: $101,910 | Education Level: Bachelor’s degree

  • Role: Financial Managers | Salary: $161,700 | Education Level: Bachelor’s degree

  • Role: Budget Analysts | Salary: $87,930 | Education Level: Bachelor’s degree

  • Role: Insurance Sales Agents | Salary: $60,370 | Education Level: High school + license

  • Role: Real Estate Brokers | Salary: $58,960 | Education Level: High school + license

  • Role: Securities, Commodities Sales Agents | Salary: $78,140 | Education Level: Bachelor’s degree

8. RESOURCES FOR LEARNING & ADVANCEMENT

Certifications & Courses:

  • CFP Board: cfp.net

  • CFA Institute: cfainstitute.org

  • FINRA Licensing: finra.org

  • NASAA State Licensing: nasaa.org

  • Udemy/Coursera/edX courses: “Financial Planning,” “Investments,” “Retirement Strategy”

Books:

  • The Bogleheads’ Guide to Retirement Planning by Larimore, Lindauer, LeBoeuf

  • Smart Couples Finish Rich by David Bach

  • The Millionaire Next Door by Thomas J. Stanley

Videos & Channels:

  • YouTube: CFP Board Channel, Khan Academy Finance, The Plain Bagel

  • Podcasts: “The Dave Ramsey Show,” “BiggerPockets Money,” “Smart Passive Income”

Communities:

  • Reddit: r/financialplanning, r/personalfinance

  • FPA (Financial Planning Association)

  • XY Planning Network (for fee-only advisors)

9. REGIONAL DATA & EMPLOYMENT TRENDS

 

Keandra Wilson
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