Key Responsibilities and Required Skills for Financial Planning Consultant

🎯 Role Definition

A Financial Planning Consultant provides holistic, client-centered financial planning and advisory services focused on retirement planning, investment strategy, tax-efficient solutions, estate coordination, and risk management. This role owns the client planning process end-to-end: discovery, analysis, written plan delivery, implementation oversight, and ongoing relationship management. The consultant must be comfortable with advanced financial modeling, regulatory compliance, collaborating with CPAs and attorneys, and supporting business development and practice growth initiatives.

This position requires a blend of technical expertise (cash flow modeling, investment analytics, insurance evaluation), compliance awareness (fiduciary duty, documentation, suitability), and high-touch client service (presentations, empathetic communication, proactive monitoring).

📈 Career Progression

Typical Career Path

Entry Point From:

Paraplanner or Planning Associate with 1–3 years of experience
Financial Analyst or Investment Analyst in wealth management
Client Service Associate or Advisory Support Specialist

Advancement To:

Senior Financial Planner / Lead Financial Consultant
Wealth Manager or Senior Advisor
Director of Financial Planning / Practice Manager
Partner or Head of Advisory Services

Lateral Moves:

Retirement Plan Consultant (corporate retirement advisory)
Estate Planning Specialist or Insurance Consulting
Investment Research or Portfolio Management roles

Core Responsibilities

Primary Functions

Conduct comprehensive client discovery meetings to gather goals, financial data, risk tolerance, cash flow needs, insurance coverage, tax circumstances, and estate planning objectives; synthesize qualitative objectives into quantitative planning inputs.
Develop detailed, client-specific financial plans using cash flow forecasting and Monte Carlo retirement probability analysis to recommend retirement income strategies, Social Security optimization, and withdrawal sequencing.
Construct, analyze, and recommend diversified investment portfolios aligned with client goals and risk profiles; produce asset allocation recommendations and explain tradeoffs between risk, return, liquidity, and tax efficiency.
Build and maintain complex financial models (cash flow models, retirement projections, education funding scenarios, mortgage & debt payoff analyses) to demonstrate plan impact and stress-test assumptions under multiple market scenarios.
Prepare and deliver polished, client-facing presentations and written financial plans that clearly articulate recommendations, assumptions, implementation steps, fees, and measurable success metrics.
Coordinate implementation across internal teams and external providers — place trades, open accounts, transfer assets, implement rebalancing rules, and oversee product selection (mutual funds, ETFs, annuities, managed accounts, insurance).
Advise on tax-efficient strategies including tax-loss harvesting, Roth conversions, municipal bond use, tax-aware asset location, and coordination with client CPAs to align planning recommendations with current tax planning.
Assess insurance needs and provide guidance on life, disability, long-term care, and property & casualty coverage; recommend product solutions and coordinate underwriting or policy exchanges when required.
Deliver retirement income planning solutions including guaranteed income options (annuities), laddering strategies, pension maximization analyses, and integrated distribution plans that prioritize client objectives and longevity risk management.
Monitor client portfolios and financial plans on an ongoing basis; trigger and manage periodic reviews, adjust plans for life events (marriage, divorce, inheritance, job change), and document plan changes in CRM and planning systems.
Ensure adherence to regulatory and fiduciary obligations by maintaining thorough documentation, communicating conflicts of interest, preparing suitability analyses, and participating in compliance reviews and audits.
Facilitate client onboarding and account opening processes, including KYC/AML documentation, investment policy statements, fee disclosures, and establishing account beneficiaries and legal designations.
Lead retirement plan advisory relationships for small business clients when applicable — conducting plan education, participant communication, investment line-up recommendations, and fiduciary reporting.
Provide scenario-based planning for major life events (career transition, home purchase, second home, retirement relocation, eldercare) and quantify financial, tax, and cash flow consequences for decision-making.
Collaborate with external professionals (attorneys, CPAs, mortgage brokers) to implement coordinated estate and tax strategies, trusts, charitable giving plans, and multigenerational wealth transfer solutions.
Produce product, market, and investment research to support recommendations — including manager due diligence, performance attribution, fee analysis, and peer comparisons.
Support fee proposals and new client prospect qualification by preparing financial needs analyses, proposal documents, and presenting fee structures and value propositions to prospective clients.
Mentor and coach junior planners, paraplanners, and support staff; review planning deliverables, delegate implementation tasks, and develop training materials to ensure consistent service delivery.
Maintain and update planning tools and technology (eMoney, MoneyGuidePro, NaviPlan, RightCapital or equivalent); customize templates, reporting dashboards, and model libraries to improve efficiency and client experience.
Rebalance client portfolios and execute policy-driven trades while documenting rationale and ensuring cost-effective implementation (tax impact, wash-sale considerations, transaction costs).
Maintain client records, planning deliverables, and meeting notes in CRM systems (Salesforce, Redtail, Wealthbox) to ensure audit-ready files and seamless client service continuity.
Track key performance and service metrics for assigned book of business (AUM, revenue per client, retention rates) and participate in quarterly business reviews to identify growth or retention risks.
Proactively generate client engagement through planning refreshes, personalized check-ins, educational workshops, and curated content to deepen relationships and identify cross-sell opportunities.
Stay current on fiduciary standards, compliance updates, product innovations, and tax law changes to ensure recommendations remain compliant, competitive, and in clients’ best interests.

Secondary Functions

Support business development activities by participating in client seminars, webinars, and local networking events; assist in preparing marketing collateral and thought leadership content.
Assist with ad-hoc analyses requested by leadership — market commentary, pricing analysis for advisory services, or profitability reviews for specific client segments.
Contribute to firm-level process improvement initiatives by documenting workflows, proposing automation opportunities, and piloting new planning tools or integrations.
Participate in performance review meetings and help prepare materials for senior leadership to evaluate team productivity and client outcomes.
Manage case coordination with custodian platforms (Schwab, Fidelity, Pershing) for account transfers, beneficiary changes, and complex account structures (IRAs, trusts).
Support periodic compliance and audit processes by assembling client files, attestations, and training documentation for regulatory exams.
Provide occasional support for estate settlement or beneficiary communications during client life events, coordinating with family members and external professionals to ensure ease of transition.

Required Skills & Competencies

Hard Skills (Technical)

Financial planning and advice delivery (retirement income planning, cash flow modeling, scenario analysis).
Proficiency with financial planning software — eMoney, MoneyGuidePro, NaviPlan, RightCapital, or equivalent.
Advanced quantitative modeling in Excel (financial functions, pivot tables, scenario managers, VBA familiarity a plus).
Investment strategy and portfolio construction (asset allocation, manager selection, diversification, rebalancing).
Tax-aware planning knowledge (Roth conversion analysis, tax-loss harvesting, taxable vs. tax-deferred asset location).
Estate planning coordination (trusts, beneficiary designations, probate avoidance strategies) and ability to work with estate attorneys.
Insurance analysis and product knowledge (life, disability, long-term care, annuities) including suitability and replacement analysis.
Knowledge of regulatory and compliance frameworks (SEC/FINRA requirements, fiduciary standard, KYC/AML processes).
Client relationship management with CRM platforms (Salesforce, Redtail, Wealthbox) and documentation best practices.
Financial reporting and performance attribution — interpreting returns, benchmarks, and risk metrics for client communication.
Retirement plan advisory skills for qualified plans (401(k), 403(b)) including vendor selection and participant education.
Familiarity with custodial platforms and account operations (Schwab, Fidelity, Pershing) and transfer/settlement procedures.

Soft Skills

Exceptional verbal and written communication — translate complex financial concepts into clear, actionable recommendations.
Strong client relationship management and empathy — build trust with diverse client profiles and multi-generational families.
Critical thinking and problem solving — develop creative, tax-efficient strategies tailored to client goals and constraints.
High ethical standards and fiduciary mindset — prioritize client interests and maintain confidentiality.
Project management and organizational skills — manage multiple client plans, deadlines, and implementation steps concurrently.
Presentation and storytelling capability — deliver compelling plan narratives in meetings and group education settings.
Sales acumen and business development orientation — qualify prospects and support revenue growth through consultative conversations.
Attention to detail and documentation discipline — produce audit-ready files and ensure compliance with internal policies.
Time management and prioritization — balance client service, planning production, and business development duties.
Collaboration and teamwork — partner effectively with custodians, internal investment teams, and external advisors.

Education & Experience

Educational Background

Minimum Education:

Bachelor's degree in Finance, Accounting, Economics, Business Administration, or related field.

Preferred Education:

Certified Financial Planner (CFP®) designation or active progress toward CFP.
Master’s degree in Finance, Financial Planning (MSFP), or MBA is a strong plus.

Relevant Fields of Study:

Finance
Accounting
Economics
Personal Financial Planning
Business Administration

Experience Requirements

Typical Experience Range: 3–7 years in financial planning, advisory, wealth management, or related roles.

Preferred: 5+ years of direct client financial planning experience, demonstrated track record advising HNW or mass-affluent clients, experience with custody platforms and financial planning software, and possession of (or commitment to obtain) professional credentials such as CFP®, ChFC®, CFA®, or relevant insurance licenses (Life & Health).