(News USA) – The interest and demand for personal financial advice has never been greater in the United States, largely due to the aging of the baby boomer generation. At the same time, the demographics of wealth in the country are changing. The purchasing power of Black and Latino communities continues to rise, women control a third of household financial assets, and an estimated $30 trillion in wealth is expected to be transferred to millennials.
The current workforce of financial planners, however, does not reflect these realities. There are more CERTIFIED FINANCIAL PLANNERTM professionals over the age of 70 than under 30. Of the more than 92,000 CFP® professionals, only 23% are women, about 8% are Latino and 7% are black – all lower proportions. than the entire American population.
The gap between the current state of the financial planner profession and what is needed in this changing landscape presents great career opportunities for aspiring CFP® professionals, especially women and minority candidates.
If you’re looking for a rewarding and flexible career, financial planning might be right for you. Here are four benefits of careers in financial planning:
1. Opportunity to make a difference. CFP® professionals help people in important and life-changing ways. By taking a holistic look at their clients’ finances, CFP® professionals help families build wealth, manage financial challenges and achieve their goals.
2. Career flexibility. You can choose to work for a large company, a small company, a bank or a broker. You can decide to start your own business. About 20% of personal financial planners are self-employed, according to the Bureau of Labor Statistics.
3. Work-life balance. Financial planning careers offer the flexibility to balance work demands with your personal life, whether you spend time with your family or other important activities.
4. Financial rewards. Financial planning careers offer excellent earning potential comparable to other distinguished careers. According to the Bureau of Labor Statistics, the median salary for personal financial planners is $89,000.
The CFP Board Center for Financial Planning offers a variety of resources and programs to help you launch a career in financial planning, including a Financial Planning Careers Guide that provides information on financial planner career paths and types companies that hire them. The Center also administers scholarship programs that help cover the cost of education required for CFP® certification, as well as a mentorship program that can connect you with experienced CFP® professionals. Visit CFP.net/Center to learn more.