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Employment for financial planners is expected to grow much faster than the average for all careers through 2020, according to the U.S. Department of Labor. Strong employment growth is expected for a number of reasons. More funds should be available for investment, as the economy, personal income, and inherited wealth grow. Demographics will also play a role; as increasing numbers of baby boomers turn 50, demand will grow for retirement-related investments. Most people, in general, are likely to turn to financial planners for assistance with retirement planning. Individual saving and investing for retirement are expected to become more important, as many companies reduce pension benefits and switch from defined-benefit retirement plans to defined-contribution plans, which shift the investment responsibility from the company to the individual. Furthermore, a growing number of individual investors are expected to seek advice from financial planners regarding the increasing complexity and array of investment alternatives for assistance with estate planning.
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