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Wealth Management Vice Presidents

Outlook

Employment for personal financial advisors (including wealth managers) and top executives is expected to grow by 4 percent from 2019 to 2029, according to the U.S. Department of Labor. Demand is increasing as a result of the growing numbers of Americans who are classified as being extremely wealthy.

To a degree, technology has tempered growth for both professions in recent years. For example, the DOL indicates that chief executives, specifically, will experience a 10 percent employment decline through 2029, noting that "improving office technology and changing organizational structures have increased these workers’ ability to perform tasks previously done by multiple chief executives." In the case of personal financial advisors, robo-advisors were expected to decrease demand for professionals in this field. However, the DOL explains that "the impact of this technology should be limited as consumers continue turning to human advisors for more complex and specialized investment advice over the next 10 years."

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