What Is a Client Advisor?

Client advisors act as a bridge between a financial institution and the individuals, businesses or other entities they serve. You may consider a career as a client advisor in finance if you’re passionate about helping clients develop financial plans that allow them to fully realize their goals. Pursuing this path takes the right knowledge and a strong set of communication and analytical skills.

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What Is Client Advisor in Finance?

Broadly speaking, the term “client advisor” describes someone who advises clients in a professional setting. Client advisors can work in a variety of industries, ranging from tech to sales to transportation.

But in finance specifically, a client advisor is a professional who advises clients on behalf of a financial institution, such as a bank, insurance company or wealth management firm. Client advisors may go by other job titles, including:

Financial advisor
Financial consultant
Investment advisor
Wealth advisor
Financial planner
Private client advisor

Client advisors may work for public or private companies, and serve a broad range of clients, or narrow. The average advisor may have anywhere from 50 to 100 clients they work with regularly.

What Do Client Advisors Do?

An advisor reviews the primary responsibilities of a client advisor.

A client advisor’s primary responsibility is managing existing client relationships and developing new ones. The strength of client-advisor relationships is critical to an advisory firm’s long-term success, influencing both retention and referral rates.

The scope of a client advisor’s duties may include:

Nurturing new client relationships through networking
Analyzing client portfolios to develop customized solutions that meet their needs
Preparing and managing client communications
Developing financial plans and monitoring client portfolios
Coordinating with other members of the advisory team to provide clients with superior service

Client advisors may specialize in one or two areas of financial planning. For example, client advisors who work in insurance may focus on annuities or employee benefits planning.

Client Advisor Job Requirements

What is a client advisor expected to have? It often depends on the job description and what a hiring firm is looking for.

Some of the most common requirements for a client advisor include:

5+ years of experience working in financial planning, investment management or wealth management
Bachelor’s degree or higher in finance, business or a related field
One or more professional designations
One or more securities licenses, including Series 7 and Series 65 licenses
Business development experience
Tech skills, including familiarity with CRM solutions
Excellent analytical, organizational and communication skills
Problem-solving and time-management skills
An ability to work independently or as part of a team when required
Sales skills

Client advisors also need to be good at marketing to develop new client relationships. Without a proper marketing plan in place, it can be difficult to create and maintain a solid pipeline of new leads.

How to Become a Client Advisor

If you’re interested in the client advisor career path, getting an education is the first step. A bachelor’s degree in accounting, business or a similar field can give you the foundational knowledge you need to work in finance and find an entry-level job.

Obtaining professional designations and licenses is the next step. Here are some of the credentials you might consider:

Certified Financial Planner™ (CFP®)
Chartered Financial Consultant (ChFC)
Chartered Financial Analyst (CFA)
Certified Investment Management Analyst (CIMA)
Certified Public Accountant (CPA)
Chartered Life Underwriter (CLU)

Each designation signifies that you have specialized knowledge and skills in one or more areas. Earning these designations typically means completing certain education requirements, passing one or more exams, and having relevant work experience. The CFP mark also has an ethics requirement.

Financial designations serve a different purpose from securities licenses. A Series 7 license, for instance, authorizes you to buy and sell securities. The Series 65 license qualifies you as an investment adviser representative (IAR). To get a securities license, you’ll need to:

Pass required exams
Register with FINRA
Register with the SEC and/or state regulatory authorities if you plan to become a registered investment advisor (RIA)

Whether you need a professional designation, a securities license or both to work as a client advisor depends on the types of clients you plan to serve and the services you’ll offer.

You’ll also need to develop your skills. Both hard and soft skills matter for client advisor roles. Hard skills, such as SEO knowledge or experience with social media, can be hugely helpful in building out a marketing plan.

Strong written and oral communication skills, meanwhile, are essential for nurturing good client relationships and professional relationships with the other members of your team. Client advisors must also be detail-oriented and organized, with solid analytical skills.

Frequently Asked Questions (FAQs)

What Do Client Advisors Make?

Client advisor salaries can vary by location, experience and industry. On average, a client advisor makes around $65,000 annually, with salaries approaching $190,000 annually at the higher end.

What Is the Role of a Client Advisor?

A client advisor’s role is to assist clients. In finance, that means offering investment advice, developing financial plans, monitoring portfolio performance and helping clients achieve their goals.

Is Becoming a Client Advisor Worth It?

Working as a client advisor can be a worthwhile career option for professionals who are committed to helping clients get ahead financially. The most successful client advisors understand the importance of valuing client relationships over revenues, and are driven by a desire to produce the best outcomes possible.

Bottom Line

An woman researches the job requirements for a client advisor.

Client advisors serve an important function in the finance world by helping clients get where they want to go. Learning more about what client advisors do can help you decide if it’s the right role for you. And if you decide you’re interested in pursuing a role as a client advisor, attaining the right education and certifications can help you along the way.

Tips for Growing Your Advisory Business

One of the challenges of starting a new advisory firm or building an existing one is getting traction with your marketing. With so many other advisors competing against you, it can be difficult to make your brand stand out. Partnering with an advisor marketing platform like SmartAsset AMP could help you connect with leads and give you the tools you need to follow up. Schedule a demo to learn how you can leverage it to grow your business.
Client advisors are subject to compliance rules, and it’s important to familiarize yourself with the different regulations that apply to your business. RIAs, for instance, must follow the SEC’s marketing rule when promoting their businesses. Compliance missteps can be costly, so it’s to your benefit to know how to avoid them.