Intellectually, both parties make a good case and weak one. What is right for you is dependent on who you are and who you serve. If your authentic personality draws you to putting bean bags in your lobby, go for it and market to people of similar style. If you or your clients are more traditional, go for that. Trying to be something you are not is not a sustainable approach.
High Demand For Next Gen Talent Versus No Jobs
A speaker at a recent conference said the current pace of the aging of the advisor workforce is such that 200,000 positions will need to be filled in the next 15 years. Demand will be high and supply low because financial planning programs aren’t producing enough graduates.
We are currently hiring for an entry level financial planner here in the beautiful beach community of Melbourne, Fla. In addition to students about to graduate, we are receiving applications from quite a few graduates that haven’t been able to find a job in financial planning.
Why the contrast? From what I can tell, a fair part of the difference is an apples to oranges problem. The 200,000 statistic stems from the broad use of the term “Financial Advisor”. Our already graduated applicants are deciding to try to hold out for a financial planning job. They often tell us they don’t want to work at a bank, brokerage or insurance company and have declined such opportunities.
The core of the financial planning profession is still quite small and varied with respect to business management versus the financial services industry. There just aren’t that many good open positions in financial planning. They are great gigs if you can get one. The person we hire has the opportunity to grow and develop one heck of a great life.
I can say more about all these and other interesting conflicts. I’m sure Financial Advisor readers can think of a bunch more too. Let me know. I’d love to hear about them.
Dan Moisand, CFP® has been featured as one of America’s top independent financial advisors by Financial Planning, Financial Advisor, Investment Advisor, Investment News, Journal of Financial Planning, Accounting Today, Research, Wealth Manager, and Worth magazines. He practices in Melbourne, Fla. You can reach him at www.moisandfitzgerald.com.