Diverse Candidates Needed in the Financial Planning Profession
(NewsUSA) - Interest in, and demand for ,personal financial advice has never been greater in the United States, due in large part to the aging of the Baby Boomer generation. At the same time, the demographics of wealth in the country are changing. The purchasing power of Black and Latino communities continues to rise, women control one-third of household financial assets, and about $30 trillion in wealth is projected to shift to Millennials.
The current financial planner workforce, however, does not reflect these realities. There are more CERTIFIED FINANCIAL PLANNERTM professionals over the age of 70 than under the age of 30. Among the more than 92,000 CFP® professionals, only 23% are women, and about 8% are Latino and 7% are Black -- all smaller proportions than the broader U.S. population.
The gap between the current state of the financial planning profession and what is needed in this shifting landscape presents big career opportunities for aspiring CFP® professionals, particularly female and minority candidates.
If you're looking for a rewarding and flexible career, financial planning could be a good fit for you. Here are four benefits of financial planning careers:
1. Opportunity to make a difference. CFP® professionals help people in important, life-changing ways. By taking a holistic look at their clients' finances, CFP® professionals help families build wealth, manage financial challenges and achieve their goals.
2. Career flexibility. You may choose to work for a large firm, a small company, a bank or a broker dealer. You may decide to start your own business. About 20% of personal financial planners are self-employed, according to the Bureau of Labor Statistics.
3. Work-life balance. Financial planning careers offer the flexibility to balance professional demands with your personal life, whether you are making time for family or for other activities that are important to you.
4. Financial rewards. Financial planning careers offer excellent income potential that is comparable to other distinguished careers. According to the Bureau of Labor Statistics, the median pay for personal financial planners is $89,000.
The CFP Board Center for Financial Planning offers a variety of resources and programs to help you launch a financial planning career, including a Guide to Careers in Financial Planning that provides information on career paths for financial planners and the types of firms that hire them. The Center also administers scholarship programs that help cover the costs of education requirements for CFP® certification, as well as a mentorship program that can connect you with experienced CFP® professionals. Visit CFP.net/Center to learn more.