Employment of personal financial advisors is projected to grow 32 percent from 2010 to 2020, much faster than the average for all occupations.
The primary driver of growth will be the aging population. As large numbers of baby boomers approach retirement, they will seek planning advice from personal financial advisors.
Decreased funds for corporate and state pensions also are expected to contribute to the trend of hiring personal financial advisors. Private corporations and state and local governments are facing shortfalls in their pension funds, which may lead to benefit reductions. This will require more financial planning from individuals and increase the demand for personal financial advisors.
Personal financial advisors are expected to face competition as the combination of relatively high wages and few formal educational requirements attracts many applicants for each opening.
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition