Brief History on the Financial Advisor
For as long as humans have had money to invest, there have been financial advisors around to help them decide the best ways to make their money grow. Whether it has been helping clients decide whether they need additional life insurance, which piece of real estate to buy or what stocks would make the most sense in their portfolio, financial advisors have been providing a necessary service to people for hundreds of years.
As far back as the 18th-century, financial advisors were helping the wealthy decide how best to use their money. Gaining more prominence in the 20th-century, they began to be seen as more important to people as the concept of retirement began to take hold in America. Suddenly people needed help figuring out how to have enough money to live on after they quit working, so financial advisors started becoming more well-known to both wealthy clients as well as workingclass citizens who needed help figuring out a 401K or other savings plan.
Currently in the 21st-century, financial advisors still play a key role in helping people from all walks of life decide how best to use their money. Making annual salaries that average $67,000,financial advisors will continue to be in demand as more and more baby boomers start to retire and find themselves needing advice on taxes, insurance and more. Demand for financial advisors will continue to be high, with projected job growth through 2022 expected to be 27 percent, considered much faster than average. Needing only a Bachelor’s degree to enter the field, more and more financial advisors have started appearing to help meet the growing demand.
Many of today’s financial advisors are self-employed, choosing to be their own boss versus working for others. Being their own boss allows them the freedom to meet with clients whenever they wish, as well as provide a level of personal service they could not otherwise give. A major reason financial advisors will be in high demand in 2015 and beyond is the lack of pensions or other retirement programs offered by corporations as well as state and local governments. Without these pensions, people will be forced to do more financial planning, and thus will need the services of professional financial advisors.
As 2015 brings many new financial challenges to retirees and others, financial advisors will be there to provide answers to key questions regarding taxes, insurance and investments.
This post was repurposed for distribution. To read more articles just like this from Jonah Engler, visit his main website at JonahEngler.com.