Daily tasks/Routine activities

1. 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.

2. Answer clients' questions about the purposes and details of financial plans and strategies.

3. Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.

4. Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.

5. Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.

6. Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment. 

7. Contact clients periodically to determine any changes in their financial status.

8. Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.

9. Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.

10. Investigate available investment opportunities to determine compatibility with client financial plans.

11. Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.

12. Monitor financial market trends to ensure that client plans are responsive.

13. Recommend financial products, such as stocks, bonds, mutual funds, or insurance.

14. Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.

15. Devise debt liquidation plans that include payoff priorities and timelines.

16. Open accounts for clients and disburse funds from accounts to creditors as agent for clients.

Key knowledge areas

These knowledge areas are very important for financial advisors to have;

Customer and Personal Service — Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

Sales and Marketing — Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

Administration and Management — Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.

Skills

These skills are important in helping financial advisors execute their duties;

Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Reading Comprehension — Understanding written sentences and paragraphs in work related documents.

Abilities

Speaking — Talking to others to convey information effectively.

Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.

Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).

Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.

Oral Expression — The ability to communicate information and ideas in speaking so others will understand.

Written Comprehension — The ability to read and understand information and ideas presented in writing.