Financial Advisor: an increasingly in-demand position in 2018
Posted at 26/06/2018
The finance sector is an important part of Canadian society. Due to the rapid dissemination of information, financial planning is today a subject that is taken very seriously, and at a much earlier stage. As such, the financial advisor profession is growing in popularity. Beyond its high demand, the financial planner faces new challenges and an increasingly well-versed clientele.
Where is the profession really headed in 2018?
What is the financial advisor profession?
Before understanding why the financial analyst position is increasingly in demand, it is important to know what the profession is.
The financial advisor's job is to help individuals and professionals in the management of their financial capital. The goal is to make them grow while limiting risks. In simple terms, the financial planner must safely manage his clients' money. For this, it is important to stay tuned in to economic news, to prospect so you can evaluate financial investments and to analyze the incomes and assets of your clients.
An advisor must therefore have excellent knowledge of management, economics, law and accounting. Moreover, it is important for the financial planner to build trusting relationships with his clients and make quick decisions about changing economic and financial realities.
Retirements and new clients
As early as 2014, growth of the profession in Quebec was expected to be 27% over the next decade compared to an average growth of 11% for all other trades. Today more than ever, demand for financial planners is increasing. Job changes and retirements must be anticipated. This demand is due to two things:
1) Increasing recognition of the financial planner’s expertise and the services he offers.
2) More and more people needing financial advice and a specific plan to secure their future.
People are becoming more aware of the importance of financial planning over the long term, especially with the unlimited access and speed of information dissemination on the internet.
Nowadays, it is no longer simply a question of planning your retirement, new generations of clients need to be advised from the start to succeed in their professional and personal endeavours.
New challenges for the future
The financial advisor faces new challenges. As of now, we notice a more varied clientele and therefore less predictable situations that make certain aspects of the profession more complex.
Moreover, we can see that there are an increasing number of independent investors: younger generations are more familiar with financial and banking operations. Firms will have to reinvent themselves to offer online solutions.
Nevertheless, these new challenges reinforce the idea that the financial advisor profession is here to stay, and better yet, that the demand is set to increase.
If, when reading this information about the financial advisor profession, you think it is an interesting career opportunity for you, do not hesitate to contact Fed Finance. Financial career specialists since 2001, our team members will be able to help you to find your dream job!