What Does a Financial Planner Do?

Learn About the Salary, Skills, & More


A economic planner advises individuals in coping with their private price range. Many planners work independently or in small companies, though larger monetary services firms both are including economic planners to their staffs or are insisting that their monetary advisers or economic specialists also grow to be certified as monetary planners. 

A financial planner deals with topics including:

  • Saving for retirement
  • Saving for college
  • Saving for home or automobile buy
  • Budgeting
  • Expenditure control
  • Borrowing
  • Investing

A monetary planner allows customers create non-public budgets, manipulate fees, set desires for saving, and enforce strategies for amassing wealth. They might also have operating relationships with financial advisers, funding managers, or mutual fund companies, utilizing those professionals for the actual investment in their customers' finances.

The activity requires retaining current with traits in monetary merchandise, tax law, and strategies for non-public financial management, specially concerning retirement plans and estates. Success also calls for sales potential, both in the purchase of new clients and in the development of new thoughts to enhance the monetary situation of current customers.

Financial Planner Duties & Responsibilities

A economic planner's everyday duties include:

  • Providing financial planning, insurance, and investment offerings to customers
  • Ensuring purchaser records are maintained and saved modern
  • Cultivating and maintaining ongoing relationships with customers through monitoring their successes and preserving them informed about any modifications which could have an effect on their price range
  • Acting as a liaison among the customer and other financial professionals
  • Guiding clients via non-public economic evaluation, consisting of aim setting
  • Assisting clients with property control, tax returns, budgets, or different economic obligations

Financial Planner Salary

Financial planner salaries range depending on whether or not you work for a financial organization or are in non-public exercise. Other figuring out elements include areas of know-how, certifications, and levels:

  • Median Annual Salary: $sixty two.000 ($22.72/hour)
  • Top 10% Annual Salary: $112,000 ($50.00/hour)
  • Bottom 10% Annual Salary: $40,000 ($13.23/hour)

Education Requirements & Qualifications

To grow to be a monetary planner, education can play a good sized position.

  • A bachelor's degree is the minimum instructional requirement predicted of a economic planner.
  • Coursework in finance, accounting, or economics is helpful however no longer required.
  • A Master of Business Administration (MBA) diploma may also make you an especially perfect job candidate, relying on the firm.

The legal requirements for running as a monetary planner vary by using nation. However, even in states wherein it isn't always obligatory, passing the exam to end up an authorized economic planner (CFP) is particularly really helpful. The CFP designation increases your credibility and marketability to capability employers and clients.

According to the Certified Financial Planner Board of Standards Inc. (CFP Board), to emerge as certified, you need to satisfy the following requirements:

  • Education: Completion of a college-degree degree in personal economic planning or a CFP Board-customary equivalent, which include final touch of a economic plan improvement (capstone) path registered with the CFP Board. 
  • Examination: A bachelor's diploma is a situation of initial certification, however, it does no longer need to be met before registering for the exam.
  • Experience: Because CFP certification indicates to customers your ability to provide financial planning without supervision, the CFP Board requires you to have 6,000 hours of enjoy thru the same old pathway, or 4,000 hours of experience through the apprenticeship pathway that meets additional requirements.
  • Ethics: As an authorized monetary planner, you must agree to comply with the high standards of ethics and practice outlined inside the CFP Board’s Standards of Professional Conduct. In addition to undergoing a background check, you'll want to complete a CFP certification utility on which you will need to reveal records about your heritage.

Financial Planner Skills & Competencies

Financial planners want an collection of qualities to perform their task optimally:

  • Analytical and problem-solving capabilities: Ability to analyze the market's financial statistics and provide right economic advice to clients
  • Exceptional conversation, presentation, and negotiation abilities
  • Communications and interpersonal competencies: Ability to solicit new business, network with friends, and manage relationships with clients
  • Organized and detail-oriented: Properly allocating the time important to manage every customer's finances and risks, and checking details to reduce the probability of errors

Job Outlook

Financial advising jobs, under which monetary planning is classed, are predicted to continue to grow by means of 15% to 2026, in keeping with the Bureau of Labor Statistics. The subcategory of financial planning tends to song closely with the trend for monetary advising as a whole.

Work Environment

Financial planners usually paintings in investment firms or banks. Others are self-employed or hired in small, unbiased practice corporations. Their work may require them to tour, together with attending conferences, teaching finance guides, visiting clients, and attending networking activities to attract new clients.

Work Schedule

The time commitment is exceedingly variable and dependent on the type of exercise, patron workload, and effort and time required to advantage new customers. Thus, it is able to range from a component-time effort of below forty hours in keeping with week to one which a ways exceeds forty hours.

To accommodate their customers' schedules, economic planners have to be available for conferences and cellphone consultations inside the evenings and on weekends. In addition, longer hours can be required to behavior evaluation, studies, and persevering with education.

Comparing Similar Jobs

Those interested in a economic making plans career might also need to bear in mind those similar positions, at the side of the median profits:

Source: PayScale, March 2019

How to Get the Job


A range of profession web sites encompass process listings for economic planners, iHireFinance functions economic planner positions. Other process sites include LinkedIn, Indeed, and CareerBuilder. These sites also offer suggestions for resume and cover letter writing, as well as getting and learning an interview.


Look for internships from various financial planning firms on your vicinity, and work with distinctive corporations to determine the form of firm and commercial enterprise that match your profession desires.


has membershipships to key groups offer networking opportunities that could result in a process. The Financial Planning Association (FPA) and the National Association of Personal Financial Advisors (NAPFA) GENESIS offer such opportunities.