Financial Planning Manager in Hawaii Career Overview

As a Financial Planning Manager, you take on a critical role within the financial services industry, guiding individuals and organizations in making informed, strategic financial decisions. Your primary responsibility revolves around formulating, implementing, and monitoring financial plans that align with clients' goals and risk tolerance.

  • You serve as a trusted advisor, analyzing financial data, investment options, and market trends to provide tailored advice.
  • Your role requires a deep understanding of various financial products, including investments, insurance, and retirement plans, allowing you to offer comprehensive solutions to clients' financial challenges.
  • Collaboration is often a key component of your job, as you work alongside other financial professionals, such as accountants and investment analysts, to deliver a full spectrum of services to clients.
  • You play a vital role in educating clients about their financial options and potential strategies, empowering them to make educated decisions regarding their finances.
  • Your expertise in financial forecasting and risk management helps ensure that clients can achieve their desired financial outcomes, whether that be for retirement planning, wealth accumulation, or estate management.

In summary, your insights and strategies significantly impact clients' financial well-being, making your position essential in fostering sound financial management practices across various demographics and sectors.

Financial Planning Manager Salary in Hawaii

Annual Median: $123,010
Hourly Median: $59.14

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become a Financial Planning Manager in Hawaii

To pursue a career as a Financial Planning Manager in Hawaii, you will need to obtain specific educational qualifications and complete relevant training. Here are the recommended college degree programs:

  • Finance: A degree in finance typically covers topics such as investment analysis, risk management, and financial reporting, providing a solid foundation for managing financial assets and planning.

  • Financial Planning and Services: This specialized program focuses specifically on the principles of financial planning, including retirement planning, tax strategies, and estate planning. It equips you with the knowledge to develop comprehensive financial plans for clients.

  • Banking and Financial Support Services: A degree in this field offers insights into various financial services and banking operations, preparing you for roles that require a solid understanding of the financial industry.

  • Business Administration and Management: This degree provides a broad understanding of business principles and management practices. Courses in this program often include finance management, which is essential for your role as a Financial Planning Manager.

  • Accounting and Finance: A dual focus on accounting and finance prepares you for managing financial statements, budgets, and compliance issues. This background is valuable when advising clients on their financial situations.

In addition to obtaining a relevant degree, you may also consider pursuing certifications such as the Certified Financial Planner (CFP) designation, which requires a specific educational background and professional experience in financial planning.

Best Schools to become a Financial Planning Manager in Hawaii 2024

#1Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#4El Paso County

Colorado Technical University-Colorado Springs

Colorado Springs, CO

In-State Tuition:$12,036
Out-of-State Tuition:$12,036
Admission Rate:N/A
Graduation Rate:20%
Total Enrollment:24,808
#5Maricopa County

Grand Canyon University

Phoenix, AZ

In-State Tuition:$16,407
Out-of-State Tuition:$16,407
Admission Rate:78%
Graduation Rate:45%
Total Enrollment:101,816
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Financial Planning Manager Job Description:
  • Direct financial activities, such as planning, procurement, and investments for all or part of an organization.

Financial Planning Manager Required Skills and Competencies in Hawaii

  • Analytical Skills: You need strong analytical abilities to assess complex financial data and develop sound financial strategies.

  • Attention to Detail: Maintaining precision in financial planning and analysis will help you identify discrepancies and ensure accuracy in reports.

  • Financial Acumen: A thorough understanding of financial principles, investment strategies, and market trends is essential to make informed decisions.

  • Strategic Thinking: Your capability to think strategically will enable you to devise long-term plans that align with your clients' financial goals.

  • Communication Skills: Clear communication is vital for explaining financial concepts to clients and collaborating with team members and stakeholders.

  • Client Relationship Management: You should excel in building and maintaining client relationships, demonstrating empathy, and understanding their unique financial needs.

  • Problem-Solving Skills: Being able to identify problems quickly and provide effective solutions will enhance your effectiveness as a financial planner.

  • Regulatory Knowledge: An understanding of relevant financial regulations and compliance standards will keep your planning strategies aligned with legal requirements.

  • Project Management: Strong organizational skills and the ability to manage multiple projects simultaneously are important for meeting deadlines and achieving targets.

  • Technological Proficiency: Familiarity with financial software, data analysis tools, and spreadsheet applications is necessary for effective financial planning and reporting.

  • Ethical Judgment: You should possess a strong sense of ethics and integrity to ensure trustworthiness and transparency in your financial advice.

  • Team Leadership: If overseeing a team, your leadership skills will be fundamental in guiding team members, fostering collaboration, and achieving shared objectives.

Job Duties for Financial Planning Managers

  • Delegate authority for the receipt, disbursement, banking, protection, and custody of funds, securities, and financial instruments.

  • Develop and maintain relationships with banking, insurance, and external accounting personnel to facilitate financial activities.

  • Evaluate needs for procurement of funds and investment of surpluses and make appropriate recommendations.

Technologies and Skills Used by Financial Planning Managers

Accounting software

  • Intuit QuickBooks
  • Sage 50 Accounting

Enterprise resource planning ERP software

  • Microsoft Dynamics
  • SAP software

Presentation software

  • Microsoft PowerPoint

Basic Skills

  • Reading work related information
  • Thinking about the pros and cons of different ways to solve a problem

People and Technology Systems

  • Measuring how well a system is working and how to improve it
  • Thinking about the pros and cons of different options and picking the best one

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Job Market and Opportunities for Financial Planning Manager in Hawaii

The job market for Financial Planning Managers in Hawaii exhibits a dynamic landscape, characterized by a growing demand for professionals who can navigate the complexities of personal and organizational finance. Several factors contribute to this trend:

  • High Demand: As individuals and businesses increasingly seek to optimize their financial strategies, the need for skilled Financial Planning Managers is on the rise. The emphasis on holistic financial wellness and long-term planning has underscored the importance of this role across various sectors.

  • Growth Potential: The financial services industry in Hawaii is evolving, with an uptick in new financial products and services. This evolution opens doors for growth, offering opportunities for Financial Planning Managers to expand their expertise and advance in their careers. Additionally, regulatory changes and financial literacy efforts further increase the demand for professional financial guidance.

  • Geographical Hotspots: Certain areas in Hawaii are experiencing more significant growth in the financial sector. Key locations include:

    • Honolulu: As the state capital and a central business hub, Honolulu presents numerous opportunities in both personal financial planning and corporate finance. Many financial institutions and firms are headquartered here.
    • Kona and Hilo: The Big Island's growing communities are fueling demand for financial services, particularly among retirees and entrepreneurs, leading to opportunities for financial planners who specialize in these demographics.
    • Maui: With a strong tourism sector and a significant number of high-net-worth individuals, Maui offers a promising market for Financial Planning Managers focusing on asset management and estate planning.

  • Sector Growth: There's notable diversification within the financial services sector. You may find opportunities not just in traditional finance roles but also in emerging sectors such as digital financial services, financial technology (fintech), and sustainable investing, all of which are gaining traction in Hawaii.

  • Networking Opportunities: The relatively small professional community in Hawaii allows for robust networking opportunities. Engaging with local financial associations and attending industry events can help you forge connections that may lead to job opportunities and collaborations.

By keeping an eye on these trends and geographical hotspots, you can position yourself effectively in Hawaii's evolving job market for Financial Planning Managers.

Top Related Careers to Financial Planning Manager 2024

Procurement Manager
Chief Financial Officer
Investment Manager

Additional Resources To Help You Become a Financial Planning Manager in Hawaii

  • Certified Financial Planner Board of Standards (CFP Board)
    Provides information on the Certified Financial Planner designation and resources for continuing education.
    CFP Board

  • Financial Planning Association (FPA)
    A professional organization for financial planners, offering resources for education, networking, and professional development.
    FPA

  • National Association of Personal Financial Advisors (NAPFA)
    An organization for fee-only financial planners that provides various resources, including educational opportunities and a searchable database of advisors.
    NAPFA

  • Securities and Exchange Commission (SEC)
    Offers a wealth of information on regulations, investment advice, and consumer alerts pertinent to financial planning.
    SEC

  • Financial Industry Regulatory Authority (FINRA)
    Access educational materials and resources regarding investments, broker-dealers, and financial planning regulations.
    FINRA

  • Investopedia
    A comprehensive financial resource that provides educational articles, tutorials, and tools on various financial planning topics.
    Investopedia

  • Hawaii Department of Commerce and Consumer Affairs
    Offers resources for consumers and financial professionals, including licensing information and regulations within Hawaii.
    Hawaii DCCA

  • Kaiser Family Foundation
    A resource regarding health care costs and insurance planning, particularly relevant for financial planning related to health.
    KFF

  • American College of Financial Services
    Provides educational programs and credentials for financial professionals, focusing on life and retirement planning.
    American College

  • Society of Financial Service Professionals
    A professional organization that offers education, networking opportunities, and resources for financial planners.
    FSP

  • Wealth Management Magazine
    A publication focusing on trends and important topics in wealth management and financial planning.
    Wealth Management

  • Hawaii Financial Planning Association
    Local chapter of the FPA offering networking opportunities, educational events, and resources specific to Hawaii.
    Hawaii FPA

These resources will enhance your understanding of financial planning and provide networking opportunities and professional development paths in Hawaii's financial landscape.

Frequently Asked Questions (FAQs) About Financial Planning Manager in Hawaii

  • What is the primary role of a Financial Planning Manager?
    A Financial Planning Manager oversees the financial planning process for an organization, which includes creating budgets, forecasting financial performance, and analyzing financial data to support decision-making.

  • What qualifications do I need to become a Financial Planning Manager?
    Typically, a bachelor’s degree in finance, accounting, or a related field is required. Many professionals also pursue certifications such as Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA) to enhance their qualifications.

  • What skills are essential for a Financial Planning Manager?
    Key skills include strong analytical abilities, proficiency in financial modeling and analysis, excellent communication skills, and a solid understanding of financial regulations and compliance.

  • What tools or software do Financial Planning Managers commonly use?
    Financial Planning Managers often use tools such as Microsoft Excel, financial planning software (like Adaptive Insights or Planful), and enterprise resource planning (ERP) systems for budgeting and forecasting.

  • Is prior experience necessary to become a Financial Planning Manager?
    Yes, most positions require several years of experience in finance or accounting roles. Entry-level positions in financial analysis or budgeting can serve as a stepping stone.

  • What is the average salary for a Financial Planning Manager in Hawaii?
    Salaries can vary based on experience and the specific employer, but Financial Planning Managers in Hawaii generally earn between $90,000 and $130,000 per year.

  • What industries commonly employ Financial Planning Managers in Hawaii?
    Common industries include tourism, healthcare, real estate, and governmental organizations, as these sectors often require detailed financial oversight.

  • What are the growth opportunities in this career field?
    Financial Planning Managers can advance to senior management positions, such as Chief Financial Officer (CFO) or other executive roles. Continuous professional development and networking can also open up opportunities.

  • How important is networking in this field?
    Networking is essential, as many job opportunities are found through professional relationships. Engaging in industry associations and attending conferences can help build a strong network.

  • What are some common challenges faced by Financial Planning Managers?
    Common challenges include adapting to changing financial regulations, managing budget constraints, dealing with data inaccuracies, and ensuring alignment between financial planning and organizational goals.

  • Can Financial Planning Managers work remotely?
    While some aspects of the role may allow for remote work, many Financial Planning Managers may need to work on-site to collaborate effectively with other departments and stakeholders.

  • What continuing education options are available for Financial Planning Managers?
    Options include obtaining advanced degrees (like an MBA), industry certifications, attending workshops, or participating in relevant online courses to stay updated on financial regulations and practices.