Financial Advisor How to Hire, Salary Data, and Job Descriptions
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 #1
Responsibilities and tasks
The Financial Advisor will serve as a relationship manager for an existing group of clients and will work alongside the Lead Advisor in the market to provide advice and guidance to help clients achieve their goals. They will be expected to follow-through consistently in all efforts, build relationships with prospects and clients, and help prepare for client appointments. Other daily, weekly, and/or monthly tasks may include:
Interact professionally with clients by phone and/or in person to update the client’s profile and financial situation/needs
Complete service requests, resolve client issues, and keep CRM updated by entering detailed notes
Review existing Annuity, Life, Long Term Care, and/or Disability insurance policies to determine if they still meet client needs
Meets production targets that impact overall company revenue goals
Prepare client reports and review summary for upcoming appointments
Assist with client reports, mailings, and in setting client appointments
Assist with New Business processing & review documents prior to submission
Additional tasks as assigned by management
4-year degree in Accounting, Finance, or related field
Series 65 or 7/66 with Life & Health Licenses
2-7 years in financial services offering investment management and insurance services
Strong experience with MS Office and the ability to learn new software quickly
Excellent written and verbal communications skills both in person and via phone
Proactive mentality, positive attitude, and consistent follow through
Highly intelligent, strong organizational skills, and attention to detail
Ability to work independently with good time management and critical thinking skills
Additional preferred skills
Experience with SalesForce CRM software
2+ years working in a fast-paced office environment
Sample job description #2
Develop, negotiate, and finalize student financial plans consistent with financial planning policies and procedures and with Federal/State regulations for awarding aid. Work closely with new, continuing, and re-entry students and their families to ensure the financial plan and re-plan continue to best meet the families needs. Counsel students on all acceptances and other matters related directly to the student financial plan.
Key job elements
Work cohesively with Admission Representatives in order to facilitate outstanding service to prospective students and their parents
Efficiently and accurately package assigned students which includes new, continuing, re-entry, and transfer students
Assist students/parents with the completion of the FAFSA and review the resulting ISIR, assign the appropriate budget, and package the students correctly
Create financial plans for assigned students in compliance with institutional policies and Federal regulations, communicate the plan to students and parents, and effectively explain rights and responsibilities for each aid source
Assist students and parents with alternative means of financing any remaining balance after awarding eligible federal, state, or institutional aid
Ensure student files are complete and accurate and that aid is paid to student’s accounts in a timely manner
Review and complete Basic Verification and C Code Reviews for students as necessary
Utilize reports to review students, analyze work needed, and work with the Director of Financial Aid for priorities
Complete the appropriate training modules within 30 days of the new or revised module becoming available
Other duties as assigned
Bachelor’s degree in a related discipline preferred OR Associate’s Degree plus 3 years of related experience with federal and student financial aid, OR 5 years of related experience with federal and student aid
Customer service, problem-solving approach to work
Effective communication, interpersonal and presentation skills
Ability to make small group presentations as well as skill in interacting as an individual contributor
The ability to multitask, work independently, and make decisions based on guidelines
Strong basic computer software (MS Office) skills as well as exposure to more concentrated financial aid software (Campus Vue/Campus Nexus preferred)
Sample job description #3
Interface with/train branch employees in an effort to develop a referral pipeline of qualified prospects to ensure bank and employee referral goal attainment
Meet with referred customers in bank setting or customer’s homes or offices as requested
Collect and analyze customer data such as income, assets, investment, and/or debts to determine appropriate financial products best meets the customer’s needs and financial circumstances
Provide guidance to customers regarding the advantages and disadvantages of different financial products
Close sufficient volume from bank branch referrals and outside relationships to attain gross revenue production expectation
Responsible for marketing, servicing, and promoting the Bank’s financial products in order to obtain new business
Identify and refer specific qualified clients to affiliated Wealth Management Group
Identify potential existing Brokerage customers to initiate additional sales by actively “account managing” and refer customers with banking needs to retail banking partners
Perform on-going self-education to remain product/solution fluent and maintain licensing capability
Prepare reports and present as appropriate
Series 7, Series 66, and Life and Health licenses required
Proficiency in Microsoft Office products
Prior Sales experience in a bank environment is preferred
Excellent verbal and written communication skills
Ability to travel daily to generate business and/or meet with clients within given territory is required
High School diploma or equivalent required
College degree and advanced designations preferred
Sitting or standing for extended periods of time
Sufficient dexterity of hands and fingers to efficiently operate a computer keyboard, mouse, and other computer components
Ability to converse and exchange information with customers and all levels of staff within organization
Ability to observe, perceive, identify, and translate data
Ability to travel via train, bus, automobile, or airplane
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.
Los Angeles, California
Minneapolis-St. Paul, Minnesota
New York City, New York
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.
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