Financial Planners

Employment for financial planners is expected to grow much faster than the average for all careers from 2023 through 2033, according to the U.S. Department of Labor. Strong employment growth is expected for a number of reasons. More funds should be available for investment, as the economy strengthens and personal income and inherited wealth grow. Demographics will also play a role; as increasing numbers of baby boomers near retirement age, demand will grow for retirement-related investments. Most people, in general, are likely to turn to financial planners for assistance with retirement planning. Individual saving and investing for retirement are expected to become more important, as many companies reduce pension benefits and switch from defined-benefit retirement plans to defined-contribution plans, which shift the investment responsibility from the company to the individual. Furthermore, a growing number of individual investors are expected to seek advice from financial planners regarding the increasing complexity and array of investment alternatives for assistance with estate planning.

Due to the highly competitive nature of financial planning, many beginners leave the field because they are not able to establish a sufficient clientele. Once established, however, planners have a strong attachment to their occupation because of high earning potential and considerable investment in training. Job opportunities should be best for mature individuals with successful work experience. Those who have certification will also have the best job prospects.

The DOL predicts that the emergence of robo-advisory software "may partially temper demand for personal financial advisors. However, the impact of this technology should be limited as consumers continue turning to human advisors for more complex and specialized investment advice over the projections decade."