What does a Wealth Planner do?
Financial planners are also called wealth management advisors and are responsible for the analysis of a company or an individual to identify their financial risk, reward, or opportunities. They are experts in regulation and best practices and in the various financial products that are available to investors on the market.
Financial planners are responsible for the analysis of financial status, the development of budgets, and the preparation of analyst reports that pertain to their clients and duties. They perform evaluations of their clients’ financial documents, including their income, expenses, and their liabilities, and provide support and financial guidance. They inform clients about any relevant topics or investments including financial insurance or investment planning. They work with clients to create their financial plans and budgets, and they track their clients’ financial needs and circumstances. When called upon, they will also make the necessary and requested adjustments to a client's investments or plans according to changes in their finances or due to life circumstances. They also prepare financial and business analysis reports and research-based presentations. Financial planners have a bachelor’s degree and completed college coursework from a CFP Board-registered program, and they have completed a minimum of 6,000 hours of professional financial planning experience or 4,000 hours as an apprentice.
- Responsible for global financial planning, analysis, management and reporting.
- Consolidate and analyze financial data (budgets, income statement, forecasts, etc.).
- Support, analyze, and assist in the preparation and review of the company's operating and capital budget and forecast.
- Develop a rapport with clients and foster long-term relationships.
- Develop and maintain a list of complex goal based planning issues and provide recommended concepts and solutions to resolve them.
- Contribute to the continued development of budgeting, financial forecasting, operating plan and modeling tools.
- Help prepare reports and product illustrations for client presentations.
- Evaluate the financial impact of new partnerships and product extensions.
- Identify, prioritize, and assign tasks for all direct reports on the team.
- Monitor performance indicators, highlighting trends and analyze causes of unexpected variance.
- Analyze and explain variances by understanding key performance drivers and adjusts forecasts as needed.
- Initiate external and internal contacts for the development and funding of new business.
- Make decisions in financial matters within their area of responsibilities.
- Conduct analysis of monthly 3rd party contracts and provide feedback for inclusion in the planning cycle.
- Assessment of labor and overhead rates to ensure proper absorption of cost activities.
- Provide analysis of inventory to aid management decision making across the supply chain.
- Support of quarterly and annual internal and external audit requests.
- Collaborate with business unit personnel to provide assistance as needed with systems, operational procedures, customer and vendor concerns and general problem solving.
- Act as primary financial strategist and partner to senior executive leadership.
- Associate's Bachelor's Degree in finance, business, or computer science.
- Excellent leadership abilities.
- Strong critical thinking skills.
- Proficiency with Microsoft Office Suite, particularly Excel and PowerPoint.
- Comfortable using scrum and agile tactics and methodology.
- Basic understanding of variance analysis.
- Budget planning strengths.
Wealth Planner Salaries
Average Base Pay
Wealth Planner Career Path
Learn how to become a Wealth Planner, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Wealth Planner Insights
“Always willing to help me further my career with support for studies and greater responsibilities.”
“You are paid as a contractor so it is straight commission basis which can be rewarding but scary.”
“This is commission only job but you can make great commission but there are not benefits.”
“I liked my manager who was friendly and accommodating.”
“Everyone was helpful and respectful even though I was an intern.”
“We get enough training and mentoring to perform our tasks in the best possible manner.”
“Freedom to run your business the way you want but with the structure and resources to help you succeed.”
“Great to Work and Great Development Plan for Career Progression”
Wealth Planner Interviews
Frequently asked questions about the role and responsibilities of a Wealth Planner
- Financial Analyst
- Financial Manager
- Finance Manager