The February 2012 issue of Smart Money Magazine did an article on the Financial Profession and its future. Here’s a glimpse of some of their findings:
- 250:1 — Ratio of baby boomers to financial advisors
- 55% — The pass rate for first-timers on the CFP exam.
- 30,000 — The number of financial advisors that leave the industry each year
- 2065 — After net losses (at current rates), the year that the country will run out of financial advisors
- $48,500 — Average first-year salary of an entry level financial planner
The take away from the article is that business will be good for us going forward because more and more people need us…but we have fewer people entering the business, than leaving it.