The demand for financial advisors varies depending on the economy.
When markets are good, people tend to invest more, and therefore the demand for financial advisors is higher.
When the economy is struggling, the demand for financial advisors usually decreases because people are more cautious with their money.
Personal financial advisor growth is projected at 15% over the next decade.
This is faster than the average for all occupations, so the demand for financial advisors is expected to continue to be high.
Now is an excellent time to enter the field if you’re interested in becoming a financial advisor.
How to get started
There are many ways to become a financial advisor, but most start by working for a financial planning firm.
Many financial advisors are also certified public accountants (CPAs), which can give them an edge when it comes to providing financial advice.
If you’re interested in becoming a financial advisor, you should consider pursuing a degree in finance or accounting.
You’ll also need to complete a financial planning designation, such as the Certified Financial Planner (CFP) designation.
Once you have your degree and designation, you can start working as a financial advisor.
Work for a financial planning firm or start your own financial planning practice
Most financial advisors work for a financial planning firm, but you can also start your own financial planning practice.
A firm will be able to provide assistance with marketing, business operations, and compliance with regulations.
You’ll also have access to senior financial advisors who can provide mentorship and guidance.
If you start your own financial planning practice, you’ll be responsible for all aspects of the business, from marketing to compliance.
This can be much work, but it can also be gratifying.
Starting your own financial planning practice will give you more control over your work schedule and allow you to be your own boss.
You’ll likely have to put a lot more work in in the beginning, but it can be a great way to build your career in the long run.
You’ll need to be self-motivated and have a strong work ethic to be successful as a financial advisor when you go out on your own.
No matter which path you choose, becoming a financial advisor can be a rewarding career that helps people reach their financial goals.
Additional articles on this topic