Those entering the profession may be curious about the comparison of financial advisor vs. financial planner. Which one makes more? This is a very direct and to-the-point analysis of their definitions, salary, and job responsibilities.
Financial advisors are commonly defined as people who manage wealth for their clients, from their investment portfolios to their financial plans. Many, but not all, financial advisors include financial planning with the scope of work that they do.
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With investment advice becoming commoditized and clients looking for more than just portfolio management, financial planning has become highly demanded amongst investors in Generations X and Y. Industry thought leader Bob Veres thinks financial planning is the future of the industry.
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Most personal financial advisors work in the finance and insurance industry or are self-employed. They typically work full time, and some work more than 40 hours per week. They also may meet with clients in the evenings or on weekends.
About 25,600 openings for personal financial advisors are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Although most planners offer advice on a wide range of topics, some specialize in areas such as retirement or risk management (evaluating the investor's willingness to take chances and adjusting investments accordingly).
After they are hired, personal financial advisors typically need on-the-job training to attain competency. During this time, new advisors work under the supervision of senior advisors and learn how to build a client network, develop investment portfolios, and perform other duties. This training usually lasts for more than a year.
Math skills. Personal financial advisors must be adept at working with numbers to determine the amount invested, how that amount has grown or decreased over time, and how a portfolio is distributed among different investments.
Personal financial advisors who work for financial services firms are often paid a salary plus bonuses. Commissions, incentive pay, and production bonuses are included in the wage data here; nonproduction bonuses are not included.
Advisors who work for financial investment firms or financial planning firms or who are self-employed earn money for their services in one of two ways. They either charge a flat fee or earn commissions for the financial products that they sell.
Most personal financial advisors work full time, and some work more than 40 hours per week. They also may go to meetings on evenings and weekends to meet with existing clients or to try to bring in new ones.
The primary driver of employment growth will be the aging population. As large numbers of baby boomers continue to retire, they are likely to seek planning advice from personal financial advisors. Also, longer lifespans will lead to longer retirement periods, further increasing demand for financial planning services.
In addition, the replacement of traditional pension plans with individual retirement accounts is expected to continue. Many people used to receive defined pension payments in retirement, but most companies no longer offer these plans. Therefore, individuals must save and invest for their own retirement, increasing the demand for personal financial advisors.
The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OEWS data maps for employment and wages by state and area.
CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.
The What They Do tab describes the typical duties and responsibilities of workers in the occupation, including what tools and equipment they use and how closely they are supervised. This tab also covers different types of occupational specialties.
The Work Environment tab includes the number of jobs held in the occupation and describes the workplace, the level of physical activity expected, and typical hours worked. It may also discuss the major industries that employed the occupation. This tab may also describe opportunities for part-time work, the amount and type of travel required, any safety equipment that is used, and the risk of injury that workers may face.
The How to Become One tab describes how to prepare for a job in the occupation. This tab can include information on education, training, work experience, licensing and certification, and important qualities that are required or helpful for entering or working in the occupation.
The State and Area Data tab provides links to state and area occupational data from the Occupational Employment and Wage Statistics (OEWS) program, state projections data from Projections Central, and occupational information from the Department of Labor's CareerOneStop.
The Job Outlook tab describes the factors that affect employment growth or decline in the occupation, and in some instances, describes the relationship between the number of job seekers and the number of job openings.
The More Information tab provides the Internet addresses of associations, government agencies, unions, and other organizations that can provide additional information on the occupation. This tab also includes links to relevant occupational information from the Occupational Information Network (O*NET).
The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment and Wage Statistics survey. In May 2023, the median annual wage for all workers was $48,060.
Financial planners help individuals to reach their long term financial goals. From planning for retirement, to offering the structure and strategy needed to enable clients to make the most of their finances, financial planners advise on a range of issues including tax, investments, budgets and inheritance. Combining expertise with a client-first approach, financial planners provide a roadmap that helps individuals achieve what they want from life with the resources they have available.
They will also be responsible for offering targeted advice based around the needs of the client. Estate planning, portfolio management, retirement options, and everyday money management (such as creating a realistic household budget) are additional tasks which may be required.
The ability to provide helpful advice to clients on a personal level is a big draw for many people. Interacting with clients and helping them through various important stages of life can be a rewarding experience, and is certainly a different way of applying your financial knowledge at a more personal level.
The role of a financial planner also offers high income potential, relatively flexible work schedules, and the ability to work for yourself, if preferred. It also perhaps offers a better work/life balance than some financial careers, and is less demanding of time than you may find in the commercial banking sector.
As the need for professional financial planning expertise continues to grow, those who possess the proper skill sets should enjoy a lucrative future. There are numerous additional certifications which can be obtained in order to broaden your horizons when desired.
However, there can also be times when applicants who have obtained other higher education degrees (such as psychology or the humanities) may be considered for the role. Excellent communication skills are frequently valued over static knowledge alone. This will once again depend upon the mission statement of the firm itself.
They may be tasked with drafting investment plans for subsequent presentation, performing asset allocation analyses, consulting with senior advisors before speaking with clients, and attending in-house meetings.
Note that many individuals who have achieved the position of front-stage advisor will also be pursuing a CFP (Certified Financial Planner) certification. Between 3-7 years of experience may be required before moving on.
Senior planners (also known as lead planners or lead advisors) will normally be tasked with managing larger clients while providing guidance to their subordinates. They are also heavily involved with obtaining new business via any leads that were previously qualified by junior planners.
These individuals will also host in-house workshops and seminars, offering inspiration to those who may be new to the industry. Senior advisors will normally possess a valid CFP certification, oversee implementation of financial plans whilst are also active in recruitment for the firm. While some may remain in this role for their entire professional career, others could potentially move on to a Partner level (up to ten years of experience may be necessary). 152ee80cbc
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