Why Now Is the Perfect Time to Become a Financial Planner
Are you thinking about becoming a financial planner? If so, we have some great news to share. Now is the ideal time for newcomers to enter the financial planning profession. Here’s why.
More Americans than ever are looking for competent, ethical financial planning advice from financial planning professionals, due to a perfect storm of demographic trends and industry developments.
These include:
- Aging baby boomers
- Increasing life spans
- A shift away from pensions toward individual retirement plans
As a result, employment in financial planning is projected to grow 13% from 2022-2032.1 The fact that a retirement wave is expected to hit the profession in the near future is another factor contributing to the growing demand for new professionals. About 37% of financial planners are expected to retire by 2029.2
Those From Diverse Backgrounds Are Welcome
Because of the changing demographics of wealth in the U.S., the financial planning profession needs more financial planners from currently underrepresented populations including women and people of color.
As financial services companies prioritize initiatives to recruit a more diverse workforce, there are ample opportunities for individuals from diverse backgrounds to become financial planners.
1. Bureau of Labor Statistics Occupational Outlook Handbook
2. "37% Of Financial Advisors Expected To Retire Over Next Decade", Financial Advisor, November 2019