Last week, I talked about the fear that financial planners have of being shoved out of our careers by robo-advisers. This is kind of funny because the other gloom and doom projection for my industry is that we are woefully short of financial planners.
So, which is it?
Let’s take a look.
According to an article by Dan Butcher on January 4, 2016 on efinancialcareers.com, “U.S. advisers’ average age was close to 60 as of last year, with 43% more than 55-years-old and a mere 11% younger than 35, according to research firm Cerulli Associates. Meanwhile, consulting firm Moss Adams estimated that by 2022 the U.S. wealth management industry is likely to face a shortfall of at least 200,000 advisers.”
Sounds like a great place for young people to start career building. But what kind of person makes a good financial adviser?
It’s not just number-crunching nerds like you may think. Here are some characteristics that go a long way to making a good financial planner:
- You like to work with people, not just stare at spreadsheets.
- You are a good listener.
- You are self-motivated – it takes work to find clients, after all.
- You can use numbers (yes there is that element) to interpret trends and help clients make data- supported decisions.
- You are good at verbal and written communication.
Financial planning is also a great second career.
I’ve seen people make the jump from teachers, counselors, and law firms. You can go to www.cfpboard.net to find out more about getting a Certified Financial Planner designation and careers in financial advising.
More 4-year universities are incorporating the CFP program into their curriculum. When students graduate, they have passed the tests and are ready to get the 2-years’ experience required to use the CFP ® trademark. Purdue, Louisiana State University (geaux Tigers!), Texas Tech, Kansas State, and Colorado State University are just a few of the schools offering CFP ® education along with business degrees.
Jump on in the financial planning pool! The water’s fine!