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As a personal financial advisor, you can help people make the most of their money through smart planning and investment strategies.

Personal financial advisor careers in brief

Personal financial advisors help clients develop a financial strategy and manage their money accordingly. Depending on the client's career and retirement objectives, education expenses and personal temperament, the financial advisor recommends an investment and savings plan. Advisors also provide expert advice on tax preparation, risk management, insurance and investment products. They may be licensed to buy and sell stocks, bonds, derivatives, annuities and insurance on behalf of their clients.

Personal financial advisors serve as the connection point between people and their money, so they need to be adept at both communicating and crunching numbers. Many advisors -- about a third -- are self-employed. The other two-thirds work for finance or insurance companies, including banks, investment firms, insurance carriers or securities and commodities brokers.

Personal financial advisor salary 2012

A personal financial advisor salary varies widely depending on experience and performance. The U.S. Bureau of Labor Statistics reports a 2010 average salary of $91,220 and a median figure is $65,750. The disparity in this number indicates very high salaries among the top-paid advisors. The top 10 percent earn over $166,400 per year, while the lowest 10 percent earn $32,660. According to GlassDoor.com, the personal financial advisor salary 2012 at financial institutions is generally in the $50,000 to $75,000 range.

Salary potential varies by employer and location. The BLS lists security and commodity brokerage firms, accounting service providers and investment firms as the top-paying employers for financial advisors, with average 2010 salaries ranging from $105,890 to $107,520. Salaries are highest in the northeast corridor, from New Jersey to Massachusetts. New York tops the list at $136,310 average annual income.

For financial advisors willing to relocate, regions with low cost of living and high pay offer an attractive financial prospect. Consider these places:

• Dallas, Texas: Average salary of $90,750 and a cost of living well below the national average (92.3 on the ACCRA Cost of Living Index).
• Fayetteville, Arkansas-Missouri: Fayetteville doesn't have a large financial advisor sector, but its 140 advisors are certainly well compensated at $127,480, average annual wage. This sum goes a long way in a place with a rock bottom (91.3) cost-of-living rating.
• Montgomery, Alabama: Also thriving in the deep South are Montgomery's financial advisors, who earned an average wage of $120,640 in 2010. Cost of living is just shy of the national average, at 97.8.
• Atlanta, Georgia: For a larger job market (over 3000 jobs) with strong financial prospects, check out Atlanta. Advisors earn an average salary of $99,870 and enjoy a 94.4 cost of living.

From personal financial advisor training to professional success

Results and experience are the two primary factors that qualify you as a top earner. To learn the ropes, most personal financial advisors begin their career with a bachelor's degree. A master's degree in finance or MBA can also help establish your credibility and build your skills. Personal financial advisor schools offer courses in financial planning, investments, taxes and risk management. With three years of experience, you may take the exam for voluntary certification as a Certified Financial Planner (CFP). A graduate degree and certification can help you advance into a management role or achieve success as an independent financial advisor.

Career outlook for personal financial advisors

Personal financial advisors can look forward to very rapid job growth in coming years, as aging baby boomers and a growing population of very wealthy individuals seek help managing their money. The increasing complexity of financial products and investments will also drive demand for financial experts. The BLS predicts 30 percent job growth in the 2008-2018 period, making this the 27th fastest-growing occupation in the U.S.

To make money by managing other people's money, explore personal financial advisor training.