Top Ten Reasons To Become A Financial Advisor In 2023

Should you, or shouldn’t you?

Maybe you’ve been pondering a career in financial advising for some time or maybe this article is your first bit of research.

Regardless, we’re glad you’re here.

Consolidated Planning was founded out of a sense of frustration with the financial planning industry and its failure to deliver real solutions. Here, financial advisors pride themselves on delivering real solutions to their clients, helping them to find a meaningful career with us.

Deciding to change careers is a big deal and should be treated as such. To best decide if this career path is right for you, let’s take a look at what the future may hold for a career in financial advising in ten reasons.

Reason #1: High Demand

Financial advisors are in high demand for a number of reasons. Here are a few key factors that contribute to the high demand for financial advisors:

• Complexity of financial decisions: The financial world can be complex, and many people feel overwhelmed by the various financial decisions they need to make. As a result, they turn to financial advisors for help navigating the financial landscape.
• Aging population: As people get older, they tend to have more complex financial needs. For example, they may need help planning for retirement, managing their investments, or making decisions about long-term care. This is creating a growing demand for financial advisors.
• Increased focus on financial planning: In recent years, there has been a greater emphasis on the importance of financial planning. As a result, more people are seeking out the services of financial advisors to help them plan for their financial future.
• Changes in the economy: Economic changes, such as market fluctuations or changes in tax laws, can create uncertainty and lead people to seek the guidance of financial advisors.
• Increased life expectancy: As people are living longer, they need to plan for a longer retirement. This is creating a greater need for financial advisors who can help people plan for the longer-term.

Overall, the demand for financial advisors is likely to remain high due to the complexity of financial decisions, the aging population, the increased focus on financial planning, changes in the economy, and increased life expectancy.

Reason #2: Good Job Prospects

Financial advisors have good job prospects for a number of reasons. Here are a few key factors that contribute to the strong job prospects for financial advisors:

• High demand: The need for financial planning and advice is only expected to grow in the coming years as people seek help navigating an increasingly complex financial landscape.
• Good job growth: The Bureau of Labor Statistics predicts that employment in the financial advisor field will grow much faster than the average for all occupations over the next decade.
• Opportunities for self-employment: Many financial advisors are self-employed and have the opportunity to build their own business. This can be a great way to create job security and increase earning potential.
• Job security: Financial planning is an essential service, and as long as people need help managing their finances, there will be a demand for financial advisors.

Financial advisors can expect good job prospects due to the high demand for their services, strong job growth in the field, opportunities for self-employment, and job security.

Reason #3: Opportunities For Professional Growth

As a financial advisor, you’ll have the opportunity to build your own business and shape your own career path. You’ll also have access to ongoing training and development opportunities to help you stay up-to-date on industry trends and best practices.

As an advisor with Consolidated Planning, you’ll follow our practice building playbook as you build a financial planning practice helping 125 families over the first five years of your career. You’ll work alongside our advisor support teams, your mentors, and industry leaders to develop the skills necessary to thrive.

Reason #4: Helping others

Financial advisors help others by providing guidance and advice on financial matters. Specifically, financial advisors can help clients in a number of ways, including:

• Setting financial goals: Financial advisors can help clients set and prioritize financial goals, such as saving for retirement, paying off debt, or saving for a down payment on a home.
• Developing a financial plan: Financial advisors can help clients create a financial plan that outlines steps for achieving their financial goals. This may include creating a budget, developing a savings plan, or making investment recommendations.
• Providing investment guidance: Financial advisors can help clients select investments that align with their financial goals and risk tolerance. They can also provide ongoing guidance on portfolio management.
• Managing risk: Financial advisors can help clients identify potential risks to their financial well-being and develop strategies to mitigate those risks. This may include recommending insurance products or developing a plan for long-term care.
• Navigating financial transitions: Financial advisors can help clients navigate significant financial transitions, such as retiring, starting a business, or going through a divorce.

As a financial advisor at Consolidated Planning, you’ll help clients organize, protect and focus their resources using our planning process.

Reason #5: High Earning Potential

Financial advisors have the potential to earn a good income, especially as they build their client base and gain experience in the field. According to the Bureau of Labor Statistics, the median annual wage for personal financial advisors was $89,160 in 2020. However, financial advisors who are self-employed or who work for larger firms tend to earn more. 

Earning potential also tends to increase with experience, as financial advisors develop expertise in specific areas and build a strong reputation in the industry. Financial advisors who are able to provide a comprehensive range of services to their clients may also have the potential to earn more.

At Consolidated Planning, we’ve developed a practice building playbook that will guide you to build a financial planning practice earning $250,000 by your fifth year in the business. This success focuses on helping 25 families each year through our planning process.

Reason #6: Flexibility

One of the benefits of being a financial advisor is the flexibility that comes with the job. Financial advisors often have the freedom to set their own schedules and work with clients in a way that works best for them. This can be especially appealing for those who value a good work/life balance.

Many financial advisors are able to set their own schedules and choose when and where they work. This can be especially useful for those with other commitments, such as caring for children or elderly family members. Financial advisors may also have the option to work remotely, which can further increase their flexibility.

Additionally, financial advisors have the flexibility to choose which clients they work with and which services they offer. This allows them to build a practice that aligns with their interests and goals.

The flexibility of a career as a financial advisor can be a major advantage for those who value the ability to shape their own schedules and work with clients in a way that works best for them.

Reason #7: Variety 

No two days as a financial advisor are the same. You’ll have the opportunity to work with a diverse range of clients and help them with a variety of financial challenges. A day in the life of a financial advisor is always exciting.

Reason #8: Personal Satisfaction

Many financial advisors find great personal satisfaction in their work. One of the primary sources of satisfaction is the opportunity to make a real difference in people’s lives by helping them make informed financial decisions. Financial advisors often report feeling a sense of fulfillment in knowing that they are helping their clients achieve their financial goals and secure their financial future.

Another source of satisfaction for financial advisors is the ability to build relationships with their clients. Financial advisors often work closely with their clients over a long period of time, and this can lead to the development of strong and meaningful relationships.

Additionally, financial advisors may find satisfaction in the variety of their work. No two days as a financial advisor are the same, and the opportunity to work with a diverse range of clients and help them with a variety of financial challenges can be personally rewarding.

The personal satisfaction of being a financial advisor can be a major advantage of this career. Many financial advisors find great fulfillment in knowing that they are helping others and making a positive impact on their clients’ lives.

Reason #9: Work/Life Balance

Work/life balance refers to the balance between an individual’s professional and personal commitments. It’s an important aspect of a healthy and fulfilling life, and can be particularly challenging for those in demanding or high-stress careers.

For financial advisors, achieving a good work/life balance can be a challenge, especially when starting out in the field. Building a successful practice often requires a significant amount of time and effort, and financial advisors may find themselves working long hours in the early stages of their career. However, as financial advisors build their client base and develop their practice, they often have the opportunity to delegate tasks to support staff, which can help them achieve a better work/life balance.

Financial advisors who are able to build a successful practice may also have the flexibility to set their own schedules and choose when and where they work. This can help them achieve a better balance between their professional and personal commitments.

Achieving a good work/life balance is an important aspect of a healthy and fulfilling career as a financial advisor. While it can be a challenge, especially in the early stages of a financial advisor’s career, Consolidated Planning’s advisor resources help to achieve a balance between work and personal life with time and effort.

Reason #10: Job Security

Job security refers to the likelihood that an individual will keep their job over a long period of time. Financial advisors generally have good job security due to the essential nature of their work.

Financial planning is an essential service that people rely on to help them navigate an increasingly complex financial landscape. As long as people need help managing their finances, there will be a demand for financial advisors. Additionally, the Bureau of Labor Statistics predicts that employment in the financial advisor field will grow much faster than the average for all occupations over the next decade, indicating strong job prospects for financial advisors.

Another factor that contributes to the job security of financial advisors is the opportunity to build their own business. Many financial advisors are self-employed and have the ability to create their own job security by building a successful practice.

How Do You Become A Financial Advisor In 2023?

New year, new you? Ready to take the next step toward becoming a financial advisor in 2023? To learn more about launching your financial planning practice with Consolidated Planning, reach out to our team for a copy of our Practice Building Playbook.

 

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