Personal Financial Advisor

What a Personal Financial Advisor Does

If you like helping people organize their finances and make plans to maximize wealth and investments, then becoming a personal financial advisor might be a career option to research. Personal financial advisors assist with filing taxes, researching investments, analyzing risk, finding good insurance rates and plans, setting up a retirement plan and managing wealth. They also help individuals keep all of their finances legal and error-free. Being able to understand regulations, laws and guidelines set forth by governments and agencies like the IRS is important, as is understanding how the stock markets work. Math majors would make good personal financial advisors because of their ability to analyze and forecast trends, work with statistics, and deal with numerical data in a very detail-oriented way.

How to Become a Personal Financial Advisor

Personal financial advisors typically need a bachelor's degree to start working financial advising. A mathematics major will prepare you to work with numbers and solve complex equations while also teaching you how to solve problems using applied mathematics principles. Taking courses in statistics, tax law, business policy and finance will also help round out your education and give you an idea of the kinds of problems you will be working with as a financial advisor. While you won't be able to work as an independent consultant as soon as you graduate, you can work with a wealth management firm or other financial planning firm. After gaining enough experience, continue going to graduate school or taking some continuing education courses that can keep you updated on all of the changing aspects of your field, like financial laws or software programs commonly used by professionals in your field.

Career Outlook for Personal Financial Advisors

The career outlook for personal financial advisors is very strong and is even included on the Bureau of Labor Statistics' current list of fastest growing occupations. About 62,800 new jobs will be added to the industry, which amounts to a 30% increase, much faster than average compared to all other occupations. There is real competition in the industry, but this jump can be credited to the huge number of people getting ready to retire in the next several years and who will need help organizing their investments and savings plans. As of May 2008, personal financial advisors earned a median annual wage of $69,050, while the middle 50% earned between $46,390 and $119,290. Some of this salary comes from a commission or hourly fees, especially for those who are self-employed. Those who work for financial services firms may also earn a yearly bonus.