The Demand Grows for Financial Investment Advisors
The Demand Grows forFinancial InvestmentAdvisorsBy Frank LaRosa
At his firm, ELITE Recruiting and Consulting, Inc.,company President Frank LaRosa provides placementservices for experienced financial advisors andmanagers as well as trainees. With extensiveexperience as a financial advisor and senior executiveat leading financial services companies, Frank LaRosais knowledgeable about future prospects for financialinvestment advisors.
Forecasters at the Bureau of Labor Statistics projectthat between 2010 and 2020 financial advisor jobs willgrow by up to 32%, a rate faster than average. As theretirement of the Baby Boomer generation progresses,there will be an increased demand for professionalswho provide investment advice and wealth managementservices. In addition, as younger working individualsexpect to live longer and maintain employment later inlife, they will be contributing to self-directed retirementplans, such as 401(k) programs. With fewer individualsworking for employers that sponsor pension plans, self-managed retirement plans have become the norm.Furthermore, as wealth has expanded for those at thehighest income levels, they will demand more financialproducts and the guidance of financial services experts.
Another factor that bodes well for those entering thefinancial advisor profession is that seasonedprofessionals will leave the field as they age. ForbesMagazine reports that the average age of financialadvisors is 50 and only about 5% of professionals areunder 30. Due to cost-cutting measures, many largefinancial service companies have cut their trainingprograms, which makes entry into the profession moredifficult. However, companies will be pressed to thinkabout succession planning, and this should provideopportunities for older financial advisors to mentoryounger financial advisors who will take over inmanaging their books of business.