A vast majority of young financial advisors are satisfied with their career choice, according to a new Limra survey.
Ninety-one percent of advisors under the age of 40 say they are very or somewhat satisfied they chose financial planning as a career because of its potential for income, the opportunity to make a difference in people’s lives and the flexibility of the work schedule, says the Young Advisor Snapshot.
The ability to work independently, coupled with the opportunity to collaborate with others, also is valued by young advisors.
“For many years, financial services recruiters have emphasized independence and being your own boss as key benefits to the career,” says Mary Art, research director at Limra, a research and professional development organization. “But they also put a high value on collaborative efforts such as having a mentor and engaging in partnerships. “
Three-quarters of the young advisors surveyed say they have a mentor. In most cases, the mentoring relationship developed naturally, with only 18 percent saying they are part of a formal mentoring program, the survey shows.
Young advisors’ job satisfaction is important in large part because of the aging of the population of financial planners, says Limra.
“We conducted this research because our industry understands the importance of developing a sales force that can relate to future generations of consumers,“ says Art.