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Over the past few years, there has been an increase in financial advisors. Why do you think that is?

As a high school junior, I spend a lot of my time planning my goals and how to achieve them. I researched my career and realized that there has been in an increase in demand for such prestigious people. I thought of why that was. #business #finance #banking #helping-others #investment

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Paul’s Answer

I happen to be a Certified Financial Planner (CFP) and in my opinion the growth in the industry is directly correlated to the increase in the number of retirees. As more and more individuals retire they realize that they need someone to assist them with how to spend their money once they have stopped working. Imagine working your whole life earning a paycheck then all of the sudden you retire with a large sum of money. You want to make sure you don't spend too much because that paycheck is no longer coming.


Another reason for the increase in financial advisors is the sharp increase in college tuition. Parents always want the best for their children which naturally means sending them to college. With the cost of tuition rising faster than inflation, parents worry they may not be able to afford funding their own retirement plans and sending their kids off to the colleges of their dreams. Therefore, they enlist the services of a financial planner to help them with their budget.


These are just two reasons I can think of off the top of my head but the point is that if demand increases so does supply.

Thank you comment icon Thank you very much for helping me understand why there has been an increase. Ichelle
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Katya’s Answer

Financial advisors is a very competent filed in today’s market. This is a great field after you take all the necessary exams -it’s a great paycheck, it could be a career in the banking or you could have your own business down the road. Many companies are hiring now around fincnail advisors- because most offer a very low salary and a very competitive commission based and bonus . So, if you interested in having a commission based job, interested in stock market, enjoy helping clients around managing their financials such as retirement , saving for the future, college saving, elderly planning, medical planning, ets, you would need to give a lot of financial advise - ht8s field has great potential around growing your career.
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Paul’s Answer

For several decades money management was not a top priority for the majority of Americans. With pensions becoming a thing of the past, there has been an increased focus in individuals either managing their own money or seeking the advice from someone else to help them achieve financial goals.
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Mary’s Answer

Hi,

Financial planning is becoming more and more important at this time not only to plan well for kids school fund, retirement planning, etc but to be able to maximise the returns of our savings and to learn how to make our money work for us rather than the opposite. In the past we simply put our savings in the bank of which the interest earned is too low to even cover for the rate of inflation. Now there are so many financial products that you can choose from depending on your risk appetite and to maximise returns. Financial advisors are the ones who help us navigate the complexity of these financial products and help us choose the right investment portfolio that we would like. However, these days it is more beneficial if you yourself is knowledgeable about these things to ensure you can do your own financial planning.

I hope this helps.

Regards,
Mary
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