We have long been an advocate of understanding the demographic changes in the workforce and what opportunities are created as a result.
Wanted Analytics brings us some interesting observation regarding the growth in hiring for Financial Advisers:
A recent Investment News article talked about a looming shortage of financial advisers caused by millions of “baby-boomers” that are planning their retirement and also due to the fact that there are fewer younger financial advisers entering the workforce. We wanted to take a look at how hard-to-fill these jobs are and ways that recruiters may be able to fill them faster.
First, we’ll quickly review hiring demand for this occupation. In March, there were more than 3,000 jobs posted online for financial advisers – representing a 4-year high in demand for this occupation and a 110% year-over-year increase in hiring demand. Employers in the New York, Los Angeles, Chicago, Washington (DC), and Boston metropolitan areas posted the highest volume of job ads for financial advisers. All of these 5 metro areas saw increases in hiring demand; however, Boston saw the highest year-over-year growth at 240% and outpacing the national average.
Hiring Demand for Financial Advisers – 4 Year Hiring Trend
The skills that are most commonly required in job ads for financial advisers are:
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Excel
- Financial modeling
- Microsoft Word
- Portfolio management
- Estate planning
- Microsoft Access
- Asset allocation
The most commonly recruited certifications are:
- General Securities Representative Exam (Series 7)
- Certified Financial Planner (CFP)
- Certified Public Accountant (CPA)
- Chartered Financial Analyst (CFA)
- Chartered Financial Consultant (ChFC)
- Chartered Life Underwriter (CLU)
- Certified Management Accountant (CMA)
- Securities license (NASD Series 7)
- Chartered Investment Counselor
- Accredited Senior Appraiser
Since the demand for financial advisers is increasing, there is more competition to attract this talent by employers, therefore making the jobs harder to fill. Our Hiring Scale™ showed us that the best markets for sourcing financial advisers are Durham (North Carolina), Winston-Salem (North Carolina), Rochester (New York), Syracuse (New York), and Pensacola (Florida). In these cities, hiring demand remains low, while the available talent pool is larger. Recruiters that are able to post job ads in these cities are likely to spend less time sourcing candidates and see less competition for this talent. In fact, job ads in these areas remain online for as few as 32 days – or about 4.5 weeks. In comparison, the national average is 6 weeks – 1.5 weeks longer than in some of these areas.
5 Markets that Financial Advisers are Easy-to-Fill