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What do Personal Financial Advisors do?

Advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients' assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives.

What are the Main Tasks of Personal Financial Advisors?

  • Sell financial products such as stocks, bonds, mutual funds, and insurance if licensed to do so.
  • Build and maintain client bases, keeping current client plans up-to-date and recruiting new clients on an ongoing basis.
  • Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
  • Answer clients' questions about the purposes and details of financial plans and strategies.
  • Review clients' accounts and plans regularly to determine whether life changes, economic changes, or financial performance indicate a need for plan reassessment.
  • Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.
  • Recommend strategies clients can use to achieve their financial goals and objectives, including specific recommendations in such areas as cash management, insurance coverage, and investment planning.
  • Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
  • Research and investigate available investment opportunities to determine whether they fit into financial plans.
  • Explain and document for clients the types of services that are to be provided, and the responsibilities to be taken by the personal financial advisor.
  • Monitor financial market trends to ensure that plans are effective, and to identify any necessary updates.
  • Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.
  • Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.
  • Contact clients periodically to determine any changes in their financial status.
  • Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
  • Devise debt liquidation plans that include payoff priorities and timelines.
  • Open accounts for clients and disburse funds from accounts to creditors as agent for clients.
  • Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages.
  • Determine amounts of aid to be granted to students, considering such factors as funds available, extent of demand, and financial needs.
  • Explain to individuals and groups the details of financial assistance available to college and university students, such as loans, grants, and scholarships.
  • Collect information from students to determine their eligibility for specific financial aid programs.
  • Inform clients about tax benefits, government rebates, or other financial benefits of alternative fuel vehicle purchases or energy efficient home construction, improvements, or remodeling.
  • Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds.
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