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Key Responsibilities and Required Skills for Financial Planning Associate

💰 $65,000 - $95,000

FinanceFinancial ServicesWealth ManagementFinancial Planning

🎯 Role Definition

The Financial Planning Associate is a cornerstone of our advisory team, providing critical support to Senior Financial Advisors in all aspects of the client service and financial planning process. This individual acts as a key liaison between clients and the advisory team, ensuring a seamless and positive client experience. You will be deeply involved in the analytical and operational work that forms the foundation of our clients' financial success, from data gathering and plan construction to portfolio analysis and implementation. This position is ideal for a proactive and ambitious professional who is passionate about personal finance and eager to grow within a collaborative, client-focused registered investment advisory (RIA) firm.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Client Service Associate
  • Paraplanner / Junior Paraplanner
  • Financial Analyst Intern
  • Operations Associate in a Financial Firm

Advancement To:

  • Financial Advisor / Wealth Advisor
  • Lead Financial Planner
  • Portfolio Manager
  • Senior Financial Planning Associate

Lateral Moves:

  • Investment Analyst
  • Relationship Manager
  • Compliance Specialist
  • Trading and Operations Specialist

Core Responsibilities

Primary Functions

  • Assist lead advisors in preparing for client meetings, including gathering client data, preparing agendas, generating portfolio performance reports, and creating financial plan summaries.
  • Develop and construct comprehensive financial plans addressing retirement readiness, cash flow management, education funding, insurance needs, and estate planning considerations.
  • Conduct investment research and due diligence on various asset classes, mutual funds, ETFs, and other investment vehicles to support portfolio recommendations.
  • Manage the entire client onboarding process, from opening new accounts and facilitating asset transfers to ensuring all required documentation is complete and compliant.
  • Prepare and process trades for equities, fixed income, and mutual funds under the direction of a Senior Advisor, ensuring accurate and timely execution.
  • Serve as a primary point of contact for client service requests, handling inquiries regarding accounts, transactions, and statements with professionalism and efficiency.
  • Utilize and maintain proficiency in financial planning software (e.g., eMoney, MoneyGuidePro) and CRM platforms (e.g., Salesforce, Redtail) to manage client information and workflows.
  • Prepare and assemble all necessary materials for client review meetings, including updated financial plans, investment proposals, and market commentary.
  • Proactively identify opportunities to enhance the client experience, streamline internal processes, and add value to client relationships.
  • Coordinate with clients' external professional partners, such as CPAs and attorneys, to ensure a cohesive and integrated approach to their financial well-being.
  • Analyze client investment portfolios, prepare rebalancing recommendations, and review asset allocation for alignment with their stated goals and risk tolerance.
  • Assist in the preparation of tax-planning analyses, including capital gain/loss reports and required minimum distribution (RMD) calculations.
  • Maintain a deep understanding of financial markets, economic conditions, and regulatory changes to provide informed support to the advisory team.

Secondary Functions

  • Support ad-hoc data requests and exploratory data analysis to answer complex client financial questions.
  • Assist with the documentation and maintenance of the firm’s investment models and strategies.
  • Collaborate with the operations team to resolve complex client service issues and improve back-office efficiency.
  • Participate in team meetings to discuss client cases, investment strategies, and firm-wide best practices.
  • Help generate performance reports and benchmarks for client portfolios and internal investment models.
  • Support compliance efforts by ensuring all client interactions and transactions are properly documented and adhere to regulatory standards.
  • Analyze clients’ existing insurance policies (life, disability, long-term care) and assist in making recommendations for appropriate coverage.
  • Contribute to the creation of educational content and marketing materials for clients and prospects.
  • Document all client communications and service activities within the firm's CRM system to maintain a detailed and accurate client history.

Required Skills & Competencies

Hard Skills (Technical)

  • Financial Planning Software: High proficiency in tools such as eMoney, MoneyGuidePro, or similar comprehensive planning software.
  • CRM Mastery: Experience using and maintaining client data in CRM systems like Salesforce, Redtail, Tamarac, or Junxure.
  • Advanced Excel Skills: Ability to perform complex functions, create financial models, run pivot tables, and manage large datasets for analysis.
  • Investment Acumen: Strong knowledge of investment products, including stocks, bonds, mutual funds, ETFs, and alternative investments.
  • Portfolio Management Tools: Familiarity with portfolio accounting and rebalancing software (e.g., Orion, Black Diamond, Tamarac).
  • Licensing: Active FINRA Series 7 and 66 (or 63/65) licenses, or the ability to obtain them within a specified timeframe.

Soft Skills

  • Extreme Attention to Detail: A meticulous and precise approach to all tasks, from data entry to client presentations, ensuring accuracy and quality.
  • Client-Centric Communication: Exceptional verbal and written communication skills, with the ability to explain complex financial topics clearly and empathetically.
  • Analytical & Problem-Solving Mindset: The ability to dissect complex financial situations, identify key issues, and propose thoughtful solutions.
  • Organizational Prowess: Superior time management and organizational skills to effectively manage multiple competing priorities in a fast-paced environment.
  • Integrity and Discretion: Unwavering commitment to ethical conduct and the ability to handle sensitive and confidential client information with the utmost discretion.
  • Proactive & Self-Motivated: A strong desire to learn, take initiative, anticipate needs, and contribute to team success without constant supervision.
  • Team Collaboration: A natural ability to work collaboratively and build strong relationships with colleagues across different functions.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor's Degree from an accredited university.

Preferred Education:

  • Bachelor's Degree in a relevant field of study.
  • Progress towards or completion of the Certified Financial Planner (CFP®) designation is highly preferred.

Relevant Fields of Study:

  • Finance
  • Economics
  • Accounting
  • Business Administration

Experience Requirements

Typical Experience Range: 2-5 years of experience in a similar role within the financial services or wealth management industry.

Preferred:

  • Direct experience at a Registered Investment Advisor (RIA) or wealth management firm.
  • Demonstrated experience in a client-facing or direct advisor-support capacity.
  • A clear track record of supporting the financial planning process from start to finish.
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