12 Key Attributes Personal Financial Advisors Need To Succeed In Their Career

by Jacob Brown

Monday, January 4, 2016

Office of Scientific and Technical Information

Personal financial advisors 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. In order to successfully forge ahead with their careers, analysts in a survey carried out by U.S. Department of Labor (via O*NET) have marked out the following as important attributes that personal financial advisors would need. These attributes have been selected from characteristics and requirements strongly associated with the occupation. They are

Abilities: Enduring attributes of the individual that influence performance
Interests: Preferences for work environments. Occupational Interest Profiles (OIPs) are compatible with Holland's (1985, 1997) model of personality types and work environments. Six interest categories are used to describe the work environment of occupations: Realistic, Investigative, Artistic, Social, Enterprising, and Conventional. An OIP consists of six numerical scores indicating how descriptive and characteristic each work environment (or interest area) is for an occupation
Knowledge: Organized sets of principles and facts applying in general domains
Skills: These include basic skills, which are developed capacities that facilitate learning or the more rapid acquisition of knowledge. Plus cross-functional skills, which are developed capacities that facilitate performance of activities that occur across jobs
Style: Personal characteristics that can affect how well someone performs a job

We have listed out attributes which were scored 80% or more in terms of importance by the analysts.

Having a strong preference for enterprising work environments. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Attribute Type: Interests Score: 95.29%

Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Attribute Type: Knowledge Score: 83.4%

The ability to listen to and understand information and ideas presented through spoken words and sentences.
Attribute Type: Abilities Score: 82.6%

The ability to communicate information and ideas in speaking so others will understand.
Attribute Type: Abilities Score: 82.6%

Talking to others to convey information effectively.
Attribute Type: Skills Score: 82.4%

Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Attribute Type: Skills Score: 82.4%

Having a strong preference for conventional work environments. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Attribute Type: Interests Score: 81%

Understanding written sentences and paragraphs in work related documents.
Attribute Type: Skills Score: 80%

Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Attribute Type: Skills Score: 80%

The ability to communicate information and ideas in writing so others will understand.
Attribute Type: Abilities Score: 80%

The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Attribute Type: Abilities Score: 80%

The ability to read and understand information and ideas presented in writing.
Attribute Type: Abilities Score: 80%