Which Financial Sector Needs for More Talent?

According to Halah Touryalai, a Forbes.com writer, financial advising is “a segment of the financial industry in desperate need of talent.”  She quotes Danny Sarch, a Wall Street recruiter and Forbes contributor, as saying, “From the heights of the most frenzied bull markets, to the depths of the worst bear markets, even as other professionals within the same industry are laid off, financial advisors today who are compliance clean, who generate a substantive amount of revenue, have the most secure job in the world.”

That’s quite an endorsement considering that countless professions are floundering in the current economy while countless individuals are bracing themselves for an even deeper recession come 2013.

But considering that the average age of a financial advisor is 50 and numberless Baby Boomers are currently approaching retirement, it makes sense that this profession is looking to fill its ranks with younger talent. In fact, the Bureau of Labor Statistics anticipates a 32% growth rate in that industry over the next 10 years (this percentage is more than twice as much as average growth rates for occupations in general).

In addition to talent shortages, the field of financial advising has evolved.  Once upon a time, brokerage firms provided the necessary training for employees to succeed. That’s no longer the case. Because of this, there are more freelance advisors running their own firms, and this sector looks more favorably upon mentoring young blood.

While it definitely helps to have an accounting background, there are no strict requirements to becoming a financial advisor.  Touryalai explains, “A bachelor’s degree is key, and certain certifications like the Certified Financial Planner (CFP) designations are a big plus.  But advisors come from all different backgrounds.”

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Touryalai, Halah.  “One of the Fast-Growing Careers is in Desperate Need of Young Talent.” 8 August 2012  Forbes.com