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 2024

Geography	Employment	Emp SE*	Percentiles
Geography	Employment	Emp SE*	Mean	10th	25th	Median	75th	90th
Northwest Minnesota	150	15	$55.44/hr	$23.16/hr	$30.64/hr	$38.86/hr	$74.08/hr	>$100/hr

Leading Industries for Personal Financial Advisors

Industry	OES Employment (Statewide)	OES Median Wage (Statewide)
Information	N/A	N/A
Financial Activities	5,860	$48.72/hr
Professional and Business Services	130	$52.72/hr
Education and Health Services	N/A	N/A
Other Services	N/A	N/A
Public Administration	N/A	N/A

Other Regional Data for Personal Financial Advisors

Geography	Employment	Median Wage	Projections % Change 2022-2032
Northeast Balance of State	20	$46.29/hr	N/A
Grand Forks ND-MN MSA	50	$47.86/hr	N/A
Mankato-North Mankato MN MSA	60	$45.74/hr	N/A
Rochester MN MSA	80	$48.68/hr	N/A
La Crosse WI-MN MSA	100	$39.15/hr	N/A
Southwest Balance of State	100	$42.16/hr	N/A
Northeast Minnesota	130	$40.01/hr	14.8%
Duluth MN-WI MSA	130	$39.26/hr	N/A
Northwest Balance of State	130	$38.40/hr	N/A
Northwest Minnesota	150	$38.86/hr	16.5%
Southwest Minnesota	160	$47.70/hr	15.3%
St Cloud MN MSA	170	$49.20/hr	N/A
Southeast Balance of State	170	$47.70/hr	N/A
Southeast Minnesota	220	$46.01/hr	18.1%
Fargo ND-MN MSA	230	$50.49/hr	N/A
Central Minnesota	350	$49.76/hr	15.5%
Seven County Mpls-St Paul, MN	4,430	$49.68/hr	11.1%
Minneapolis-St Paul-Bloomington MN-WI MSA	4,620	$49.77/hr	N/A
Minnesota	6,020	$48.72/hr	12.3%

Related Occupations

Occupations	Employment	Median Wage	Projections % Change 2022-2032
Securities, Commodities, and Financial Services Sales Agents	7,830	$36.43/hr	6.2%
Credit Counselors	710	$28.85/hr	5.3%
Accountants and Auditors	30,370	$38.52/hr	5.6%
Compensation and Benefits Managers	280	$68.09/hr	1.3%
Loan Officers	7,270	$40.54/hr	0.7%
Financial Managers	16,400	$74.37/hr	16.3%
Compensation, Benefits, and Job Analysis Specialists	1,940	$38.85/hr	7.9%
Fundraisers	2,510	$33.78/hr	6.8%
Budget Analysts	300	$41.91/hr	3.6%
Survey Researchers	120	$35.68/hr	-0.9%

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.