The new e-book, produced and distributed by Vook, describes the growing demand for financial advisors, and how the industry is in desperate need of young talent.
Forbes says: As Baby Boomers retire, the demand for financial advice is increasing. The financial advisor profession is expected to boom over the next decade, with a projected 27% growth rate. To put this into context, the average growth rate for all U.S. occupations tracked by the Bureau of Labor Statistics is just 11%.
However, the average age of a financial advisor is 51 years old, and 43% of advisors are over 55. The industry predicts that every year for the next 10 years, 12,000 to 16,000 financial advisors will retire each year. To keep up with increased demand, the industry will need to attract 237,000 new financial professionals over the next decade. This creates a huge opportunity for young people—from all backgrounds—to take advantage and score a long-lasting, rewarding career. At the moment, less than 5% of the existing 316,000 financial advisors in the country are under age 30.
Experts say you don’t need to have a financial background to be successful in the field, and that advisors come from all different backgrounds. They say the most important skill is the ability to learn new material and to work hard.
Scote Tobe, President and Managing Partner of Signature Financial, a $250M firm, said “I was a psychology and communications major. I don’t love math. What you need to do as a financial planner is understand the psychology of money; the fears people have around it and learn what motivates them. It’s not simply about money management, our job is to be a financial partner to clients and provide the sleep-at-night factor.”
Forbes’ 2014 e-book line will feature several unique subjects over the upcoming months, including How To Get Your Dream Job; and What You Need To Know To Succeed As An Entrepreneur.
