How to become a Personal Financial Advisor

Overview, Courses, Exam, Colleges, Pathways, Salary

Finance and Accounts


Who is Personal Financial Advisor ?

A personal financial advisor is a professional who lends their expertise to offer tailored financial advice geared towards specific financial goals. By gaining a thorough understanding of the client's financial history, they are able to assist their clients in attaining their desired financial future. Their clients can be individuals or companies. They do so by creating effective financial strategies for their client, including management of savings, investment and retirement planning, while accomodating for their taxes status, insurance coverage, mortgages, and other expenses. Their knowledge of the financial market, regulatory changes, and trends allow them to assist the client to strategically manage their monetary resources to mitigate risk and avoid costly errors in order to achieve their financial goals sooner. Simply put, the aim of a Personal Financial Advisor is to devise a path for their client to lower costs and generate more wealth. A personal financial planner proposes these strategies in accordance with the client's appetite for risk and reward. 


Typical day at work

What does Personal Financial Advisor do?

As a part of their job, a personal financial advisor's responsibilities include:

  • Soliciting clients and setting up meetings with them to discuss their current standings and goals.
  • Gathering comprehensive information about the client and his financial journey, including their age, income, marital status, assets and liabilities as well their risk attitudes.
  • Evaluating current and future financial states of the client, including their projected income and expense levels.
  • Carry out market research to gather information about new and existing financial products/services that suit the client's needs.
  • Evaluating investment opportunities and building a portfolio of suitable investments.
  • Compiling and analyzing information to develop a tailored financial plan to best meet the client's requirements.
  • Communicating information about the strategies, products, and services included in the financial plan being proposed to the client.
  • Resolving the client's doubts and concerns regarding the potential risks and returns involved.
  • Accounting for any changes in the financial products or regulations that may affect the financial plans and their returns as well as keeping the client updated on the same.
  • Addressing and responding to any changes in the client's financial matters and objectives.
  • Maintain client database and documentation.
  • Monitor the client's investments by analyzing performance reports and summaries of financial documents and present the same to the client.
  • Setting follow up meetings to check progress and adjust financial plans as necessary.


Abilities and Aptitude needed

What are the skills, abilities & aptitude needed to become Personal Financial Advisor?

A job as a personal financial advisor shall require strong analytical skills and specialist knowledge of investment strategies, market performance as well as that financial products and services, including stocks, bonds, funds. A thorough understanding of regulatory aspects surrounding the products and services they endorse is another crucial element to do justice to this job. Their networking and public speaking skills are paramount to attract and recruit clients. Since a major part of their work involves gathering information about the client's requirements and their current financial circumstances as well as offering advice through one-on-one conversations, their listening skills must be excellent.  In order to build sustainable working relationships and assist them to pursue the course of action that is in their best interest, a personal financial advisor should be excellent at salesmanship as well. Other elements that are critical for this job include decision-making and problem-solving skills to offer the client the most effective strategies.


Salary for Personal Financial Advisor?

Salary of Personal Financial Advisor is as follows :

  • Minimum Monthly Salary: As an entry-level Personal Financial Advisor, you can earn a minimum monthly salary ranging from INR 25,000 to INR 35,000. These initial earnings are typical for individuals starting their careers and building their client base in financial advising.
  • Maximum Monthly Salary: Experienced and accomplished Personal Financial Advisors with a proven track record, extensive client base, and specialisation in high-demand areas may earn anywhere from INR 60,000 to INR 1,20,000 or more monthly. Advisors who excel in serving affluent clients, providing comprehensive financial planning, or offering niche expertise tend to command higher incomes.
  • Annual Salary: The annual salary for an entry-level or junior Personal Financial Advisor could range from INR 3,00,000 to INR 4,80,000. As you gain more experience, build a loyal client portfolio, and develop expertise in investment strategies, retirement planning, and tax optimisation, your annual income can increase from approximately INR 6,00,000 to INR 12,00,000 or higher.
  • Highest Paying Jobs and Scope: Personal Financial Advisors specialising in complex financial scenarios, serving high-net-worth individuals, or offering unique investment insights often enjoy better salary prospects. Roles such as wealth management advisors, investment strategists, and retirement planning specialists can command higher earnings. With increasing financial awareness and the growing need for professional financial guidance, the demand for skilled Personal Financial Advisors is rising in India. As individuals and families seek expert assistance in achieving their financial goals and navigating intricate financial landscapes, those who stay current with market trends, regulatory changes, and innovative financial solutions will likely have promising career growth opportunities.

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How to become an Personal Financial Advisor?

Entrance Exam

Entrance Exam for Personal Financial Advisor ?

To enroll into a Bachelor's Program, it is essential for the aspiring candidate to clear entrance exams conducted by various educational institutes.


Which course I can pursue?


Which Industries are open for Personal Financial Advisor?

Here are some industries where Personal Financial Advisors can find opportunities:

  1. Financial Services and Banking: Banks, credit unions, investment firms, and financial planning companies employ Personal Financial Advisors to offer comprehensive financial planning and investment advisory services to clients.
  2. Insurance: Personal Financial Advisors in the insurance industry specialize in helping clients choose appropriate insurance policies, such as life insurance, health insurance, and long-term care coverage.
  3. Investment Management: Asset management firms and companies hire Personal Financial Advisors to provide personalized investment advice and portfolio management services.
  4. Wealth Management: Wealth management firms cater to high-net-worth individuals and families, offering sophisticated financial planning, estate planning, and tax optimization strategies.
  5. Retirement Planning: Advisors specializing in retirement planning work with clients to create retirement savings plans, analyze pension options, and ensure a financially secure retirement.
  6. Accounting and Tax Consulting: Personal Financial Advisors with expertise in taxation assist clients in minimizing tax liabilities and optimizing their financial strategies.
  7. Real estate agencies may employ Personal Financial Advisors to guide clients on real estate investments, property financing, and rental income management.
  8. Estate Planning: Advisors in estate planning help clients create wills, trusts, and estate distribution plans to ensure the smooth transfer of assets to heirs.
  9. Nonprofit and NGOs: Nonprofit organizations and charitable foundations may hire Personal Financial Advisors to manage endowment funds, donor contributions, and financial planning for beneficiaries.
  10. Educational Institutions: Universities, colleges, and educational institutions may employ Personal Financial Advisors to provide financial literacy education and counselling to students.
  11. Government and Public Sector: Personal Financial Advisors in government agencies offer public sector employees financial planning and retirement counselling.
  12. Legal Firms: Personal Financial Advisors may collaborate with law firms to provide expertise in financial matters related to legal cases, such as divorce settlements and estate disputes.
  13. Healthcare: Personal Financial Advisors specializing in healthcare finance help clients navigate medical expenses, health savings accounts, and insurance coverage.
  14. Entrepreneurship and Startups: Entrepreneurs and startup founders seek financial advice from Personal Financial Advisors to manage personal finances while launching and growing their businesses.
  15. Consulting Firms: Management consulting firms may offer financial planning services to their corporate clients, covering executive compensation, employee benefits, and retirement plans.
  16. Technology Sector: Tech companies often employ Personal Financial Advisors to provide financial wellness programs and advice to their employees.
  17. Travel and Hospitality: Advisors in the travel and hospitality industry may help clients plan for vacation expenses, travel insurance, and retirement-related travel.
  18. Media and Entertainment: Personal Financial Advisors in the entertainment industry guide artists, athletes, and performers in managing their income, royalties, and financial stability.
  19. Manufacturing and Industrial Sector: Personal Financial Advisors may assist employees in manufacturing companies with retirement planning and financial goal setting.
  20. Retail and Consumer Goods: Retailers may offer financial planning services to employees as part of their benefits packages.


Are there internships available for Personal Financial Advisor?

Internships for aspiring Personal Financial Advisors provide valuable hands-on experience in the financial industry, allowing individuals to learn about financial planning, investment strategies, client interactions, and regulatory compliance. Here are some potential places where you might find internships as a Personal Financial Advisor:

  1. Financial Advisory Firms: Established financial advisory firms often offer internships where you can work closely with experienced advisors, assist in client meetings, and learn about financial planning processes.
  2. Wealth Management Companies: Wealth management firms may provide internships focusing on serving high-net-worth clients, managing investment portfolios, and planning estate.
  3. Banks and Credit Unions: Many banks and credit unions offer internships in their retail banking or wealth management divisions, providing exposure to various financial products and services.
  4. Investment Firms: Interning with investment companies allows you to learn about different investment vehicles, asset allocation strategies, and risk assessment.
  5. Insurance Companies: Insurance firms may offer internships focusing on insurance products, risk management, and financial planning for clients' insurance needs.
  6. Financial Planning Associations: Professional organizations like the Financial Planning Association (FPA) often provide internship programs or connections to firms looking for interns.
  7. Accounting Firms: Interning with accounting firms can offer insights into tax planning, retirement planning, and other financial services.
  8. Brokerage Firms: Brokerage houses may have internships where you can learn about securities, trading, and investment research.
  9. Real Estate Companies: Real estate agencies sometimes offer internships to learn about real estate investments and the financial aspects of property transactions.
  10. Consulting Firms: Consulting firms with a financial services division might offer internships focused on financial analysis, financial planning, and client services.
  11. Startups and FinTech Companies: Emerging technology startups may offer internships to assist with developing financial planning tools, apps, or platforms.
  12. Nonprofit Organizations: Nonprofits that offer financial literacy education might provide internships to help with workshops, seminars, and educational materials.
  13. Retirement Planning Firms: Specialized retirement planning firms often offer internships focused on helping clients plan for retirement and manage their pensions or 401(k)s.
  14. Educational Institutions: Universities with financial planning programs may have internships available within their departments or career services offices.
  15. Government Agencies: Government entities that offer financial education or counselling services might provide internships to assist with public outreach.
  16. Corporate Human Resources: Some internships within corporate HR departments involve assisting with employee financial wellness programs.
  17. Community and Credit Counseling Agencies: These organizations may offer internships to help individuals and families with budgeting, debt management, and financial education.
  18. Estate Planning Firms: Interning with estate planning firms exposes you to the intricacies of wills, trusts, and estate distribution.
  19. Educational Workshops and Seminars: Financial education providers might offer internships to assist with organizing and conducting workshops on various financial topics.
  20. Online Financial Platforms: Some online platforms that offer financial planning tools and resources may have internship opportunities.

Career outlook

What does the future look like for Personal Financial Advisor?

Most commonly, a personal financial advisor shall work independently in the financial investment sector. However, they can find employment opportunities at insurance companies, wealth management firms, investment firms as well as financial advisory companies and banks. Those personal financial advisors who are employed by corporates help by offering an objective second opinion about the profitability of its business decisions. It is typically a desk job with standard business hours, although they are occasionally required to travel on workdays to meet with clients and attend seminars/workshops. They can choose to work full-time or part-time as well. They earn by charging a flat fee for their services, although most personal financial advisors are also compensated by commission payments from the sale of certain investments and managed funds to their clients. With more years of experience in the field, they are able to earn higher incomes. The demand for financial planning services is expected to steadily rise with an increase in life expectancies and changes in the traditional pension plans followed by companies.