Bank financial advisors need to hold a bachelor's degree in a related field. Certification is voluntary, though it may aid with career advancement. These positions have a median annual salary around $89,000.
Bank financial advisors assist their clients in determining how to best manage their money through short- and long-term investment planning. They often work with individual, financial or corporate clients as employees of a bank or other financial institution. Most hold bachelor's degrees in fields such as finance, accounting or business and have taken relevant courses such as risk management, taxes and estate planning. Some positions, such as those that require the selling of stocks and bonds, call for licensure, while professional certifications are useful for career enhancement.
|Required Education||Bachelor's degree|
|Other Requirements||Some positions call for licensing; certification may be needed for career advancement|
|Projected Job Growth (2018-2028)*||7% for personal financial advisors|
|Median Salary (2018)*||$88,890 for personal financial advisors|
Source: *U.S. Bureau of Labor Statistics (BLS)
Salary Information of a Bank Financial Advisor
In May 2018, the U.S. Bureau of Labor Statistics (BLS) reported that the median yearly wage for a personal financial advisor was $88,890. The average salary that year was $121,770 due to high incomes offered by financial investment firms, securities exchanges and credit intermediation organizations. Financial advisors can make money in a number of ways, including flat-rate salaries, hourly wages, commissions or transaction fees.
Career Information for Bank Financial Advisors
Bank financial advisors could work as advisors to the bank they're employed through or to the individual and business customers of the bank. Either way, a financial advisor works closely with his or her clients to determine how best to manage their money and assets. Financial advisors primarily give clients guidance on investments and assist in long-term financial planning. Services for individual clients often include establishing retirement plans and college funds, recommending stock purchases or managing portfolios. However, the services required depend completely on the type of customer base an advisor cultivates.
The BLS stated that a large part of a financial advisor's time is spent amassing a client base. Financial advisors need to be able to market their services well and network with potential clients in order to sell their services. They'll also need to meet with existing clients as least once a year to check in and keep them updated on the financial outlook of their investments.
Financial advisors could opt to handle all of a client's financial needs, or they might specialize in one area. For instance, a financial advisor can choose to manage only investment risk. Those who wish to work at banks might concentrate on areas of particular interest to corporate clients or clients with significant capital. For instance, a bank might not find advice on college funds as helpful as advice on investment portfolio management and diversification.
One aspect of a financial advisor's career involves selling various financial products, such as stocks, bonds, insurance policies and other financial vehicles offered by the bank or financial institution. In some cases, advisors might be required to obtain one or more licenses in order to handle or advise on these types of business transactions. Expertise and licensure in a variety of financial products and services generally increases the earning potential of a bank financial advisor, especially one who works on commission.
Bank financial advisors work with clients on ways to manage their money. These advisors can be generalists, or they can specialize in one aspect of personal finance. In some cases, a license may be required.