According to “WANTED Analytics,” the competition for hiring Financial Advisors is heating up. In the first two months of 2012, there were almost 5,000 new job ads placed for Personal Financial Advisors, up 51% versus the same time period last year.
According to the BLS, “Growing numbers of advisors will be needed to assist the millions of workers expected to retire in the next 10 years. As more members of the large Baby Boom generation reach their peak years of retirement savings, personal investments are expected to increase and more people will seek the help of experts.” By 2018, the number of personal financial advisors is expected to increase by more than 60,000, a 30% growth from 2008. This rate is well above the national average of job growth of 10.1%. Because of the level of certification required, as well as the long hours and heavy traveling, advisors are paid well. Not surprising was news that 24/7wallst.com ranked Personal Financial Advisors as one of its top 10 best paying jobs of the future.
Jeanne Branthover, Leader of Boyden’s Global Financial Services Practice and Managing Director at Boyden New York, says it’s not a rosy picture for other financial services positions: “Many firms are eliminating entire functions or departments such as M&A, Investment Banking and Proprietary Trading to clean up and deliver their balance sheets. Major institutions will look leaner in hopes of becoming more nimble and opportunistic.” She continues, “This year, companies will continue to invest in Wealth Management, Asset Management, Risk and Compliance and Technology.”
Janice Detta Colli, a Managing Director at Boyden Toronto, states, “Sales and marketing executives are in demand in Canada as financial services companies look to drive growth by building customer loyalty and delivering customer value in an uncertain economy. In the last few months, there has also been a real emphasis on corporate customers compared to a more retail-based focus last year.”
For companies looking to recruit Financial Advisors, the competition will only increase over the next six years as more and more companies look to fill the demand of the consumer looking for financial services and retirement planning advice. All in all, the financial services sector, which had been hard hit over the past several years, is beginning to look more positive.