Career Attributes

  • $99,140
  • 271,900
  • 2.7
  • 14.9%
  • Bachelor's degree
  • Finance
More Attributes

Financial Advisor Job Outlook

There are currently an estimated 271,900 Financial Advisors in the United States. The Financial Advisor job market is expected to grow by 14.9% between 2016 and 2026.

Financial Advisor Employability Rating

A Sokanu rates Financial Advisors with an A employability rating, meaning this career should provide great employment opportunities for the foreseeable future. Over the next 10 years, it is expected the US will need 45,300 Financial Advisors. That number is based on 40,400 additional Financial Advisors, and the retirement of 4,900 existing Financial Advisors.

Demand for Financial Advisors

Significant job growth and security are anticipated for financial advisors, partly due to the large portion of the population approaching retirement. As baby boomers in particular age and company-managed pension plans give way to self-directed retirement savings accounts, individuals will increasingly need professional guidance on investing and retirement planning. The rising number and complexity of investments and longer life spans that lead to longer periods of retirement are adding to this demand. Complex tax and estate laws should create further momentum in financial services. Coupled with these factors, deregulation of the industry is causing banks, brokerages, and insurance companies to expand their services and hire more financial planners and advisors. On the other hand, the entry of these sectors into the financial planning and advice field will increase competition for customers. Despite overall employment growth, competition for jobs in the industry is predicted to be very strong. After earning a relevant Bachelor’s Degree and gaining three years of relevant work experience, financial advisors may pursue the Certified Financial Planner (CFP) designation. This credential, awarded to candidates who pass an exam administered by the Certified Financial Planner Board of Standards, is highly regarded both in the industry and by investors. While these educational and professional designations are fundamental, it cannot be overlooked that successful financial advisors must possess or develop the sales and marketing skills to build a client base that will generate significant commissions and fees. The extremely competitive nature of the industry sustains a high turnover rate, as new entrants sometimes fail to establish a sufficiently large clientele and leave the occupation.

Supply of Financial Advisors

The Financial Advisor industry is concentrated in New York, California, and Florida.

Financial Advisor Job Market by State

State name Employed Financial Advisors
New York 28,000
California 24,790
Florida 12,600
Texas 11,530
Illinois 10,650
Pennsylvania 8,230
Massachusetts 7,350
North Carolina 6,640
New Jersey 6,090
Ohio 5,860
Missouri 4,980
Wisconsin 4,950
Georgia 4,900
Virginia 4,820
Connecticut 4,790
Maryland 4,600
Michigan 4,460
Arizona 3,850
Colorado 3,800
Minnesota 3,570
Indiana 3,560
Washington 3,550
Tennessee 2,410
Oregon 2,020
Alabama 1,950
Iowa 1,700
Kansas 1,650
South Carolina 1,620
Kentucky 1,540
Louisiana 1,350
Nebraska 1,290
Utah 1,280
Oklahoma 1,100
New Hampshire 1,060
Arkansas 870
Mississippi 750
Nevada 730
Rhode Island 690
Hawaii 570
Idaho 560
North Dakota 550
District of Columbia 520
Delaware 460
New Mexico 450
West Virginia 450
South Dakota 380
Maine 370
Montana 360
Vermont 360
Wyoming 210
Puerto Rico 180
Alaska 110

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Career Attributes

  • $99,140
  • 271,900
  • 2.7
  • 14.9%
  • Bachelor's degree
  • Finance
More Attributes