Financial Consultant: Definition, Job, Salary, Why & When Do You Need One

A financial consultant is a person who assists clients in developing a strategy for their overall financial well-being. Read on, to discover more about the financial consultant, salary, job description, when you need one, and the difference between financial consultant vs financial advisor.

Financial Consultant

A financial consultant is largely synonymous with a financial advisor. They frequently provide a range of services, including financial advice tailored to the client’s unique needs and goals. A financial consultant may have more experience with financial planning than a traditional financial advisor. However, financial consultant, salary and job description also provides investment services as well.

Financial consultants may work for a firm or as a self-employed contractor, with businesses or individuals as clients.

In short, financial consultants provide customized guidance to assist investors in accumulating money. However, they will provide financial planning, recommend suitable investments, and assist with insurance decisions. They also manage their clients’ portfolios, such as stocks and bonds. In addition, others can offer financial products.

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However, before making any suggestions, a financial consultant usually works with clients to determine their financial condition. When a client undergoes a significant life change (marriage, job change, or retirement), they will almost certainly request another meeting.

Additionally, consultants devote time to selling their companies. They often fly and work outside of regular business hours to accommodate the schedules of their clients.

What Is a Financial Consultant?

A financial consultant is a subset of a financial advisor, but a consultant performs an analysis of your current financial situation and develops a strategy to assist you in achieving your potential goals.

Deeper Definition Of The Term Financial Consultant

The financial consultant assists their clients in gaining a greater understanding of their assets and the purposes for which they plan to use them in the future. For instance, if a client wishes to save for retirement but is unsure of how, a financial consultant will recommend the appropriate form of retirement plan, specific investments, and answer questions about the appropriate amount to save.

Financial consultants may be able to assist clients with more advanced needs such as tax planning and insurance, depending on their experience, history, and qualification level.

Although the words “financial consultant” and “financial advisor” are often used interchangeably, certain financial consultants hold a title called the chartered financial consultant, or ChFC. However, ChFCs can specialize in areas other than financial planning, such as business or divorce planning. To be sure, not all individuals who identify as financial consultants possess a ChFC. Meanwhile, often inquire about the relevant qualifications held by any prospective financial consultant.

Financial Consultant Responsibilities

A financial consultant examines a client’s entire financial image, including debts, properties, expenditures, and profits, in order to assist clients in determining what those targets should be. Meanwhile, financial consultants who hold the required licenses can also handle the assets of their clients. However, the services that a financial consultant provides will also vary depending on the type of consultant with whom you work. Below, are their major responsibilities:

  • Creating financial plans to assist clients in meeting their long- and short-term financial objectives.
  • Advising clients on tax, retirement, pension, and insurance matters based on their financial objectives.
  • Assessing the impact of such life events and changes in financial status on clients’ financial plans and making necessary adjustments.
  • Consultations with customers at their homes and places of business.
  • Monitors capital markets and economic developments.
  • Prospecting for new clients via cold-calling, emailing, advertising, and hosting seminars.
  • Obtaining verification from accountants, real estate brokers, lawyers, and other experts.
  • Conducting due diligence on potential investment opportunities for clients.

Requirements For Financial Consultant

  • A bachelor’s degree in finance, business administration, economics, or a closely related field is required.
  • Must have Financial Industry Regulatory Authority-licensed (FINRA).
  • Should possess the certification of a Certified Financial Planner (CFP).
  • Proven financial consulting experience.
  • Proficiency with the whole suite of Microsoft Office software.
  • Capacity for financial data analysis.
  • Superior problem-solving abilities.
  • Effective communication skills.
  • Outstanding customer support abilities.
  • Excellent market acumen.

Financial Consultant Salary

The average annual salary for a Financial Consultant in the United States is $81,578 as of May 13, 2021. In case you need a quick salary calculator, that equates to approximately $39.22 per hour. This equates to $1,569 per week or $6,798 per month.

Although ZipRecruiter reports annual salaries ranging from $160,500 to $23,000, the majority of Financial Consultant salary in the United States currently range between $50,000 (25th percentile) and $109,000 (75th percentile), with top earners (90th percentile) earning $144,500. Meanwhile, their average salary ranges significantly (up to $59,000), indicating that there could be several opportunities for promotion and improved compensation depending on skill level, position, and years of experience.

Financial Consultant Job Description

We are seeking an experienced financial consultant to provide financial advice to clients in order to assist them in achieving their money goals. The financial consultants should be responsible for evaluating clients’ financial conditions, discussing the advantages and disadvantages of different investment strategies, responding to all financial-related queries, and resolving clients’ concerns. In addition, you should be able to maintain strong client relationships.

To be effective as a financial consultant, with regards to your job description, you must stay current on economic developments and legislative changes that can affect your clients’ financial well-being. Finally, outstanding consultants should be able to show superior analytical abilities and a thorough knowledge of financial markets.

Financial Consultant Near Me

There are many places to search for a financial advisor:

Conduct an online search for advisors

U.S. News maintains an online directory of financial advisors located throughout the region. You may use the search to learn more about advisors in your field and their specialties and experience.

Request reviews from peers, relatives, and coworkers

Obviously, you’re more likely to find a collaborator if your peers, relatives, or coworkers are in a similar tax bracket to you.

The Garrett Network for Planning features a map of the United States that allows users to click on a state to access a directory of financial consultants who specialize in middle-income clients.

Association of Personal Financial Advisors in the United States

You can locate a financial planner near you by visiting the association’s website,

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Automated advisors

You may want to consider a cost-effective solution such as an automated portfolio management service. For instance, Schwab Intelligent portfolios are fee-free and commission-free, but you will need $5,000 to get started. Meanwhile, Wealthfront, another common Robo advisor, requires a $500 minimum account balance and charges a 0.25 percent annual advisory fee on all assets under management.

Search Engines

This may seem self-evident, but the strength of search engines cannot be underestimated. Most likely, you arrived here through a search engine. Therefore, if none of the preceding methods prove fruitful, consider conducting a fast Google search for “financial advisor near me” or “financial advisor for the middle class.” If you’re certain you want someone to assist you with financial planning rather than simply purchasing and selling, you might include the word “fiduciary” in your search terms. This way, you can identify fee-only advisors rather than commission-based brokers.

The website of the Accredited Financial Counselors

“I would highly advise true middle-income individuals to search for an accredited financial advisor (at,” says Justin Chidester, who is both an accredited financial counselor and a licensed financial planner as well as the owner of Wealth Mode Financial Planning in Logan, Utah.

Financial Consultant vs Financial Advisor

Often, the distinction between a financial consultant and an advisor is unnoticeable. Numerous investment companies use the words synonymously.

Financial consultants and financial advisors are both permitted to possess a number of licenses or designations. Numerous individuals hold FINRA licenses, such as the Series 7 and 66, which authorize them to sell investments. (FINRA is a self-regulatory body for broker-dealers.) Others may be ChFCs or hold a specialized designation, such as certified financial planner, or CFP.

Due to the lack of regulation governing how finance professionals refer to themselves, the duty is on the client to exercise extreme caution when dealing with one. Finding a fee-only fiduciary is one of the easiest ways to ensure you can trust your financial consultant. However, fiduciaries are financial consultants or advisors who are not compensated for the investments they offer and are obligated to act in their clients’ best interests.

Often conduct a background check on a prospective consultant to ascertain the precise meaning of their certifications and licenses. For instance, not all CFPs are fee-only fiduciaries.

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Do You Need a Financial Consultant?

Whether or not you need the services of a financial consultant depends on your situation. If you have a relatively simple investment portfolio, you could use a robo-advisor to handle it for you if you’re not comfortable managing it yourself.

However, if your finances are very complicated or you need assistance with matters other than wealth management such as estate planning, tax planning, or debt repayment, it might be worthwhile to work with a financial consultant or to explore online financial planning services.

When significant life changes or incidents occur, it may be prudent to seek advice from a financial consultant. Getting married, raising a child, or changing jobs can all have a significant impact on your financial situation. Therefore, consult a specialist to assist you in navigating these changes and adjusting your overall financial strategy.

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When Do You Need a Financial Consultant?

You may want to work with a particular form of financial consultant or advisor to help you meet various milestones in your financial life, depending on your needs and goals. Bear in mind that hiring a financial consultant, vs advisor, or analyst is more realistic when you have enough funds set aside to invest in those milestones.

For instance, when you have several retirement accounts to handle, they may be beneficial. When you first open a 401(k), you do not need financial advice. However, as you progress through various occupations and have to juggle several accounts, you will have additional financial problems beyond retirement. Perhaps, a consultant or accountant might be able to assist you in rolling over your accounts in order to build a financial plan that takes advantage of various investment and tax strategies.

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However, If you’re just getting started with your portfolio, a consultant or advisor will help you plan and review it so you can stay on track with your retirement and other money goals. A broker or consultant will also help you re-evaluate your portfolio and diversify it to improve your net worth over time if you lose money on your investments.

In addition, Financial consultants or lawyers may assist you in creating and managing an estate plan to ensure your assets are passed on to loved ones or charitable organizations with the least amount of tax liability. An estate plan should not only preserve inherited properties but also incorporate a strategy to help them grow over time, ensuring that the legacy can be passed down through the generations.


While the words financial consultant vs advisor are interchangeable, there is a distinction to be made. Having a thorough understanding of the financial consultant or advisor industry would make your final decision much better. Pay careful attention to a consultant’s designations to determine what sorts of specializations they might have. Meanwhile, hopefully, this article has unveiled all you need to know about the financial consultant, vs advisor, near me, salary, and job description.

Chiemerie Ozurumba (Adorablepen) is a freelance writer & Computer Science degree holder, a personal finance expert, blogger, public speaker, and poet. He is also a relationship & life coach. Currently a writer at BusinessYield.

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