The following guest post comes on the heels of “Should Your Financial Advisor Be Richer Or Smarter Than You?” where I discuss the plight of the less experienced wanting to break into a notoriously difficult industry with a high failure rate. Ben from Wealth Gospel shares his experience going through training as a junior financial advisor. I can’t help but wonder by the end of the article whether the key to any successful career is to just survive through the initial hardship. Hope you enjoy the insights!
According to the Bureau of Labor Statistics, a career in financial planning is on the up and up. Their research shows that the number of financial advisors is expected to increase by 32% from 2010 to 2020, much faster than the 14% average growth across all career fields. But if you take a look at the current group of advisors, less than 5% of them are under 30. That means the insane growth is more likely to come from career changers than young college graduates. Why is that?
Well, having worked in the industry, I’ve seen first-hand why the younger generation doesn’t want to touch it. But at the same time, I also learned how to scale those barriers that are scaring people away from a potentially lucrative and meaningful career in financial planning.
The Inverted Triangle