Occupational Employment Statistics

DETAILED OCCUPATION DATA

13-2052 Personal Financial Advisors

Occupational Description:
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.

Occupational Employment Statistics(OES) Wage Data
First Quarter 2023

Geography	Employment	Emp SE*	Percentiles
Geography	Employment	Emp SE*	Mean	10th	25th	Median	75th	90th
Northeast Minnesota	190	18	$59.61/hr	$22.32/hr	$27.79/hr	$38.25/hr	$71.45/hr	>$100/hr

Leading Industries for Personal Financial Advisors

Industry	OES Employment (Statewide)	OES Median Wage (Statewide)
Information	N/A	N/A
Financial Activities	6,480	$41.79/hr
Professional and Business Services	250	$50.26/hr
Education and Health Services	N/A	N/A
Public Administration	N/A	N/A

Other Regional Data for Personal Financial Advisors

Geography	Employment	Median Wage	Projections % Change 2020-2030
Grand Forks ND-MN MSA	N/A	N/A	N/A
Northeast Balance of State	N/A	N/A	N/A
Mankato-North Mankato MN MSA	70	$34.34/hr	N/A
Rochester MN MSA	100	$47.74/hr	N/A
La Crosse WI-MN MSA	110	$39.49/hr	N/A
Southwest Balance of State	120	$39.54/hr	N/A
Southeast Balance of State	170	$40.05/hr	N/A
Duluth MN-WI MSA	180	$39.61/hr	N/A
Northwest Balance of State	180	$36.19/hr	N/A
Southwest Minnesota	190	$37.58/hr	-4.2%
Northeast Minnesota	190	$38.25/hr	0.0%
St Cloud MN MSA	200	$39.52/hr	N/A
Northwest Minnesota	200	$36.19/hr	-4.4%
Southeast Minnesota	230	$44.13/hr	-1.1%
Fargo ND-MN MSA	280	$41.88/hr	N/A
Central Minnesota	390	$40.35/hr	-2.4%
Seven County Mpls-St Paul, MN	5,260	$44.10/hr	6.5%
Minneapolis-St Paul-Bloomington MN-WI MSA	5,480	$44.10/hr	N/A
Minnesota	6,740	$41.89/hr	4.9%

Related Occupations

Occupations	Employment	Median Wage	Projections % Change 2020-2030
Securities, Commodities, and Financial Services Sales Agents	8,560	$36.33/hr	6.7%
Credit Counselors	670	$24.48/hr	6.4%
Accountants and Auditors	28,730	$37.36/hr	4.4%
Compensation and Benefits Managers	390	$65.18/hr	N/A
Loan Officers	8,020	$38.66/hr	2.3%
Financial Managers	14,990	$65.23/hr	15.5%
Compensation, Benefits, and Job Analysis Specialists	1,580	$38.18/hr	7.8%
Fundraisers	2,370	$31.34/hr	7.8%
Budget Analysts	330	$40.06/hr	3.1%
Survey Researchers	100	$25.91/hr	N/A

Task for Personal Financial Advisors

Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
Contact clients periodically to determine any changes in their financial status.
Answer clients' questions about the purposes and details of financial plans and strategies.
Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
Manage client portfolios, keeping client plans up-to-date.
Monitor financial market trends to ensure that client plans are responsive.
Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
Recommend financial products, such as stocks, bonds, mutual funds, or insurance.