Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

What is the Job Market Outlook for Financial Advisors?

Job Market Outlook October 1, 2013

According to the U.S. Bureau of Labor Statistics, the demand for financial advisors will grow much faster than normal. In fact, the optimistic forecast is a 32% increase in clientele requesting the services of financial advisors by the year 2020. These conclusions are based in large part on the generation of baby boomers reaching retirement age.

It is not a matter of replacing the positions left behind with retirement, but the anxiety of retirees to place their retirement pay, savings, social security checks and/or pensions into a fund that will generate a percentage of interest to balance the rising costs of living.

The Market Crash and the Consequences We Face

Those near retirement age or who are preparing to retire in the near future are highly conscious of the 2008 market crash that deflated their savings accounts and left a stinging defeat for their IRA investments. They’ve watched their pension plans go down the tube, and the real estate market crumble. They now face difficult financial and insurance decisions.

However, the market crash brought another serious drawback. The public has developed a distrust of finance professionals in general, with stinging reports of mutual funds that went sour, over-priced insurance plans that did not adequately cover their needs and commissions that took a better part of their potential profits. Some feel that financial advisors are little more than glorified salespeople, who are not truly interested in the well-being of their clients at all, but in selling their company’s products.

In a very real way, financial planning is a sales job. One out of every four financial advisors is self-employed. Financial advisors must establish trust among their clients and demonstrate a high level of financial expertise. Even those working for firms or institutions are often expected to find their own clientele.

Hiring requisites often favor those who have a background in customer service or sales. Financial advisors need to feel empathy for their clients, listen closely to their clients and be responsive to their needs.

As some industries, such as banking and insurance, will often train financial planners themselves, there is a misconception among the public that anyone can work within this job capacity. In actuality, most industries require at least a Bachelor’s degree in economics, finance or business. Successful financial planners become certified and join a professional association such as the Financial Planning Association or National Association of Personal Financial Advisors.

Despite Skepticism, Outlook Remains Positive

There are many new start-up businesses, and with their emergence, a rising need for sound investment plans, employee insurance and benefits, and personal budget management. Real estate has slowly regained its footing, with young to middle-aged families contemplating housing and nest egg holders interested in reinvesting in rental units and apartment complexes.

For those who are considering a career as a financial advisor, any initial job with a firm or institution is a good one. It will give you a chance to gain experience and develop a portfolio. While software applications have paved the way for self-planning, there are many who are still nervous about investing in a volatile market without an advisor. Their confidence will increase if you can demonstrate the success of your guidance.

Financial advisors are paid an hourly wage, a salary or a commission depending on the policies of the firm or institution. Commission based averages around ten thousand dollars for every one million dollars, in assets a financial advisor handles. The average salary is around $65,000 a year.

The downside is gaining the trust and confidence of the public that has been jaded. The positive side is a job that will continue to be in demand and the potential to become your own business.

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Liberty University provides a worldclass education from a christ-centered worldview
  • 100% online programs at associate, bachelor’s, master’s, and doctoral levels
  • No standardized testing if student meets admission requirements
  • Accredited by the Southern Association of Colleges and Schools Commission on Colleges
  • 87% of Liberty University students receive some form of financial aid
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Topped the list as Best Online Bachelor’s Program in Virginia by U.S. News & World Report in 2019.
  • Regent is ranked among Top National Universities by U.S. News & World Report, 2019.
  • Flexible online, on-campus and evening courses offered in 135 areas of study, including Business, Nursing, Psychology, & more.
  • Regent is recognized among Top #10 Military Friendly Schools by Military Friendly®, 2019.
  • 88% of Regent University students receive financial aid, with $24 million awarded in institutional scholarships & aid in 2017-18.
  • Online Courses
1 Program(s) Found
  • Career training since 1963.
  • Gives you the freedom and flexibility to learn on your own time, at your own pace and in your own environment.
  • Complete your education and gain technical skills when and where it's convenient for you!
  • Accredited by the Accrediting Council for Independent Colleges and Schools (ACICS).
  • We Change Lives...One Person At A Time. ®
  • Online Courses
5 Program(s) Found
  • Separate yourself from the pack by completing one of Saint Leo’s highly-rated Business degree programs. Associates, Bachelors, and Graduate degrees in highly sought-after concentrations available!
  • Learn the necessary skills and build the foundation to propel your business career by receiving an education from our faculty members with true real-world experience.
  • Saint Leo University provides academic excellence, flexibility, affordability, and a wide range of educational programs with financial aid and scholarships available to those who qualify.
  • Saint Leo offers a 14:1 Student-Teacher Ratio to ensure you get the personal attention you deserve.
  • Learn on your schedule with our 6 convenient available start dates throughout the year. Get started on earning your accredited Business degree today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Trusted San Antonio college and Institution of the Year 2018 offering campus-based and online accredited programs in Aviation Maintenance, Information Technology, Cybersecurity, Business, and Nursing.
  • Accelerated programs designed with affordability and convenience in mind. Achieve your professional goals faster and affordably. Financial aid, scholarships, and U.S. veterans benefits available.
  • Hallmark University offers master’s, bachelor’s, and associate’s degrees that align with current industry needs to give graduates the best opportunity for success.
  • Hallmark's Student Affairs’ team works directly with industry leaders to assist students in securing employment after they graduate. Our goal is 90% placement within 90 days of graduation!
  • Hallmark's 20:1 student-teacher ratio allow instructors to give students constant, personal help and attention. And with 6 terms a year, you never need to wait to apply. Get started today!
  • Online Courses
5 Program(s) Found
  • Averett University is a top-ranked, fully-accredited institution that offers students over 30 undergraduate majors, minors and special programs, and 5 master's programs.
  • Accelerated programs designed for convenience: choose from weekly evening courses at one of Averett's Virginia locations or study online and on your own time.
  • Averett University was named one of Virginia’s top colleges for return on investment, and their average scholarship package lowers the cost of attendance further by almost 40%.
  • Averett offers students learning experiences that mirror real-life situations. This means you can put today's lesson to the test during tomorrow’s workday.
  • Averett University's 12:1 student-professor ratio makes your education a collaborative endeavor based on close relationships between students and faculty.
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Liberty University provides a worldclass education from a christ-centered worldview
  • 100% online programs at associate, bachelor’s, master’s, and doctoral levels
  • No standardized testing if student meets admission requirements
  • Accredited by the Southern Association of Colleges and Schools Commission on Colleges
  • 87% of Liberty University students receive some form of financial aid
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Topped the list as Best Online Bachelor’s Program in Virginia by U.S. News & World Report in 2019.
  • Regent is ranked among Top National Universities by U.S. News & World Report, 2019.
  • Flexible online, on-campus and evening courses offered in 135 areas of study, including Business, Nursing, Psychology, & more.
  • Regent is recognized among Top #10 Military Friendly Schools by Military Friendly®, 2019.
  • 88% of Regent University students receive financial aid, with $24 million awarded in institutional scholarships & aid in 2017-18.
  • Online Courses
1 Program(s) Found
  • Career training since 1963.
  • Gives you the freedom and flexibility to learn on your own time, at your own pace and in your own environment.
  • Complete your education and gain technical skills when and where it's convenient for you!
  • Accredited by the Accrediting Council for Independent Colleges and Schools (ACICS).
  • We Change Lives...One Person At A Time. ®
  • Online Courses
5 Program(s) Found
  • Separate yourself from the pack by completing one of Saint Leo’s highly-rated Business degree programs. Associates, Bachelors, and Graduate degrees in highly sought-after concentrations available!
  • Learn the necessary skills and build the foundation to propel your business career by receiving an education from our faculty members with true real-world experience.
  • Saint Leo University provides academic excellence, flexibility, affordability, and a wide range of educational programs with financial aid and scholarships available to those who qualify.
  • Saint Leo offers a 14:1 Student-Teacher Ratio to ensure you get the personal attention you deserve.
  • Learn on your schedule with our 6 convenient available start dates throughout the year. Get started on earning your accredited Business degree today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits

Login to your account

Can't remember your Password ?

Register for this site!