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  • Business-Hero

    By Heather Luea, Academic Department Chair

    Industry Trends: Change is the name of the game! One of the largest trends in wealth management this year is managing change. From technology to industry reorganization, change is occurring rapidly. Technology innovations have impacted the way clients participate in their wealth management planning, which includes apps for mobile devices that put the ease of making decisions at their fingertips. Mergers of some of the largest wealth management firms are likely to have impacts on the structure of the market. This may have implications for fee pricing for client services as well as competition that remaining firms face. Either way, wealth management firms will need to learn to adapt to an ever rapidly changing environment. For more on industry trends, visit the Financial Planning site: http://www.financial-planning.com/gallery/fp/Top-10-Trends-in-Wealth-Management-in-2013-2682857-1.html

    Career Information: “Financial planner” is one of the roles that wealth managers may play. The financial planning field has changed dramatically over the last decade, and financial advisors find themselves giving advice across a wide range of issues, which requires planners to have completed thorough and comprehensive training in such areas as estate planning or securities analysis.

    The career outlook for personal financial advisors is expected to stay positive. High employment growth is anticipated, as indicated in Figure 1. Specifically, employment of personal financial advisors is expected to be 30 percent through 2024, which is more than twice the average of all occupations.*

    According to the Bureau of Labor Statistics, personal  financial advisors were expected to have at least a bachelor’s degree; in addition, there were 249,400 jobs in this area (see Figure 2). The number of jobs is expected to rise to over 324,000 by 2024.

    Figure 2: Quick Facts

    Job Title

    Entry-Level Education

    Number of Jobs, 2014

    Personal Financial Advisor

    Bachelor’s Degree

    249,400*

     

     

    *Source: U.S. Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook, 2016-17 Edition, Personal Financial Advisors, on the Internet www.bls.gov/ooh/Business-and-Financial/Personal-financial-advisors.htm. National long-term projections may not reflect local and/or short-term economic or job conditions, and do not guarantee actual job growth.

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