Industry Update: Finance

February 15

Demand for personal financial advisors is projected to grow a whopping 41% between 2006 and 2016.

  • 10-year growth: 41%
  • Current total employment: 20,000

The personal financial advisor profession has exploded as baby boomers reach retirement age and seek advice on making their nest eggs last. Meanwhile, younger adults are seeking guidance on managing savings and retirement accounts in lieu of a company pension plan.

"People know they have to manage their own financial futures, and they're turning to financial advisors to help," says Richard Salman, president of the Financial Planning Association.

Even as recruitment numbers are off from their pre-crisis peaks, Wall Street firms continue to hire freshly minted MBAs in droves, notes Greg Ruf, CEO of MBA Focus, which maintains an online database of business school job seekers used by companies around the world.

"Banks are nervous if they don't hire enough they will be caught two years from now without having enough people to be involved in major deals," he said.

But even in down markets, companies can usually identify an area to expand, said Richard Staite, a London-based banking analyst with Atlantic Equities. For example, Goldman Sachs is said to be looking to hire up to 200 staffers for its asset management business, according to a report in the Financial Times reported earlier this week.

Source: October, 2009

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