U.S. News & World Report yesterday published its list of the top 25 jobs of 2012 and being a financial advisor was ranked No. 23, and the magazine, whose lists of top colleges and places are extremely influential reports that financial advising is expected to be " one of the faster-growing occupations over the next decade."
You're a financial advisor and I have to ask you: Do you believe this?
The report cites data from the U.S. Bureau Of Labor Statistics showing a projected growth rate in the number of financial advisor jobs of 32.1% between 2010 and 2020.
"During that time frame, 66,400 jobs are expected to be added to the 206,800 jobs that already exist," says U.S. News. "The impending retirements of 78 million baby boomers is expected to create strong demand for advisory services."
The report does note that two trends could interfere with the rosy BLS prediction: "The market meltdown of the most recent recession left many people deeply suspicious of financial professionals, and many websites have developed increasingly powerful advisory tools that may meet consumers' needs," says U.S. News.
Call me crazy, but I see a shakeout ahead over the next decade as discount brokers and technology companies offer apps that replace many services advisors now provide. What do you think?