by KYW's Salil Gutt
An editorial viewpoint in Investment News, a periodical for financial advisors, opined a shortage of financial advisors. The numbers of consumers needing financial advice has grown but the number of professionals giving advice has declined.
A seismic shift is underway in the financial advisory business. Baby boomers are looking for objective advice and knowledgeable advisors as they enter the "spending down" phase of their lives. Constant reports of advisors putting their interests before that of the customer has made clients wary of product salespeople. Younger customers, too, are more tech savvy and are looking to the net for their investment needs.
Financial planning is a growth industry and advisors normally enjoy high income. What has changed from the past is advisors are held to a higher standard from the point of view of education, experience and integrity. The issues have become broader and more complicated. There is simply no room today for the old line stock jockeys.
Younger people considering this line of work will find a profession with one of the highest rates of satisfaction with work. The world will be their oyster if they make the cut.
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