Financial advisors use their expertise to advise clients on a wide variety of financial planning endeavors, such as investments, taxes, estate planning, college savings accounts, insurance, mortgages, and retirement. They typically spend their day talking to clients in person or via phone calls about their financial objectives and risk tolerance. They recommend a specialized financial planning strategy for each client based on individual needs. They must have exceptional people and communication skills as they advise and inform clients as well as answer questions regarding financial plans and strategies.
Good analytical skills are necessary to evaluate client financial data and develop strategies to meet client financial goals. They must have excellent presentation skills as they often give seminars and talks on new investment opportunities and changes in financial plan strategies. Financial advisors must have in-depth knowledge of the stock market, mutual funds, securities, and the insurance industry. Proficiency in MS Office and working with various financial programs is necessary. Financial advisors must adhere to all industry and federal regulations.
Sample job description
Average salary and compensation
The average salary for a financial advisor is $70,200 per year in the United States, with frequent potential for a cash bonus annually. Salary may depend on the level of experience, education, and geographical location.
| Location | Salary Low | Salary High |
|---|---|---|
| Phoenix, Arizona | $73,900 | $90,300 |
| Los Angeles, California | $83,350 | $101,900 |
| Denver, Colorado | $69,450 | $84,900 |
| Washington, DC | $84,650 | $103,450 |
| Miami, Florida | $69,150 | $84,550 |
| Orlando, Florida | $63,800 | $77,900 |
| Tampa, Florida | $64,400 | $78,750 |
| Atlanta, Georgia | $67,600 | $82,600 |
| Chicago, Illinois | $77,700 | $94,950 |
| Boston, Massachusetts | $84,000 | $102,700 |
| Minneapolis-St. Paul, Minnesota | $66,950 | $81,850 |
| New York City, New York | $88,450 | $108,100 |
| Philadelphia, Pennsylvania | $72,000 | $88,000 |
| Dallas, Texas | $70,150 | $85,700 |
| Houston, Texas | $69,800 | $85,300 |
| Seattle, Washington | $80,850 | $98,800 |
| Overall | $63,150 | $77,200 |
Sample interview questions
- How do you build relationships with your clients?
- Describe how you would handle difficult or demanding clients.
- What information do you use to evaluate a client’s financial position?
- Describe your most successful and most challenging financial strategy you have developed.
- If I were a prospective client, why would I want you to be my financial advisor?
- Why do you want to work for our company?
- Describe a time when you felt overwhelmed at work.
