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
  • Ready to earn your business degree? If you identify with at least one of the statements below, GCU could be a good fit for you!
  • I have worked in the business field for a number of years and want to further my education in order to qualify for promotions, leadership positions, and salary increases.
  • I am graduating from high school and am interested in pursuing a career in a business field, but I first need the skills experience.
  • I am interested in a Bachelor's, Master's or Doctoral degree in my specialized business area of focus.
  • I want flexible course offerings, such as the option of 100% online, evening or campus classes.
  • I need a university that provides quality educational offerings through academic excellence and real-world relevance. Does this sound like you? Apply today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Our online program blends modern business theory with real-world applications
  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
  • Ranked one of the best for vets business schools by Military Times
  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Design thinking is a powerful process of problem solving that begins with understanding unmet customer needs.
  • From that insight emerges a process for innovation that encompasses concept development, applied creativity, prototyping, and experimentation.
  • Online Courses
  • Are You a Natural Leader or Good with Numbers? Get Educated in the Business Field.
  • Build the Capabilities and Connections to Power Your Future.
  • Business Administration & Management, Accounting, Marketing Degree Programs and More From Top Colleges that Fit Your Needs.
  • Find Schools Online or Near You & Get Info for FREE Today!
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Do you have entrepreneurial visions to advance your career in the business world? Learn about the options available at GCU.
  • Earn a competitive bachelor's or master's degree in the areas of business administration, business analytics, accounting, marketing and more.
  • Many of our business degrees have attained elite accreditation from the Accreditation Council for Business Schools & Programs (ACBSP).
  • GCU nurtures the startup spirit, propelling your entrepreneurial visions on a powerful platform with opportunities to help you thrive.
  • Pursue a next-generation education with an online program or join Grand Canyon University's vibrant and growing campus community in beautiful Phoenix, Arizona.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Our online program blends modern business theory with real-world applications
  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
  • Ranked one of the best for vets business schools by Military Times
  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Design thinking is a powerful process of problem solving that begins with understanding unmet customer needs.
  • From that insight emerges a process for innovation that encompasses concept development, applied creativity, prototyping, and experimentation.
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses
  • Are You a Natural Leader or Good with Numbers? Get Educated in the Business Field.
  • Build the Capabilities and Connections to Power Your Future.
  • Business Administration & Management, Accounting, Marketing Degree Programs and More From Top Colleges that Fit Your Needs.
  • Find Schools Online or Near You & Get Info for FREE Today!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!