Personal financial advisors are hired by private individuals to assist them with the management and allocation of their finances. Typically this concerns individuals with a larger cash flow, such as those with small-scale businesses who don’t have financial advisors at their companies. A personal financial advisor gives directions to their clients on how to spend their money more efficiently, where it’s wise to invest and how to save up for the future. Additionally, personal financial advisors may have some prohibitional control over their clients’ funds to prevent them from engaging in frauds and other shady deals.
A personal financial advisor normally needs at least a Bachelor’s degree in finances, economics or management to get the job, and the higher one’s qualifications, the better their chances of getting hired on high-ranking positions with attractive payment and good bonuses. Normally, the ones who manage to climb to the top of the ladder get to enjoy a lot of professional freedom and realization, as well as great benefits.
Personal financial advisors have a good earning potential in most cases, with the average annual salary for the position ranging between $39,000 – $95,000. The job has some incredibly flexible working hours attached to it and in general is very easy to fit into any schedule, which is part of what makes it such an attractive career choice. Additionally, personal financial advisors usually have a lot of potential for developing their careers further.