Is There a Shortage of Millennial Financial Managers?

June 13th, 2017

Management jobs are in demand across all industries, but some fields are seeing a shortage. As many financial managers approach retirement age, the wealth management industry is searching for new, fresh talent. The need for young financial advisors is immediate. Unfortunately, there is a shortage, and it’s only going to get worse if more students don’t choose financial planning as a profession.

CNBC reports that over the next several decades, Americans will transfer around $30 trillion in assets to the next generations – Generation Y and the millennials. While this is good news for the industry as a whole, it also means that there needs to be enough qualified financial managers to meet the demand. Moss Adams estimates that by 2022, there will be a shortage of more than 200,000 advisors.

Encouraging Millennials to Choose Finance Work

To increase the number of students choosing financial planning as their major, it’s important to raise awareness of the field and its need for top talent. Some of the elements to focus on include improving people’s lives, offering guidance and helping investors to achieve long-term security. Millennials want fulfilling work where they can make a difference in the world. Additionally, these types of management jobs in Jackson MS are compensated highly. The U.S. Bureau of Labor Statistics reports that the median salary for personal financial advisors in 2016 was $90,530.

Working with a Staffing Agency for Hard-to-Fill Positions

In the meantime, businesses that rely on financial managers will need to be connected with the best talent out there. Using a staffing firm is an excellent way to find this talent, as these agencies often work with individuals who aren’t actively looking for jobs. Until more students become trained and qualified in financial advisor work, businesses will have no choice but to be most resourceful in the candidates they do hire.

As for those who are interested in pursuing these sorts of management jobs in Jackson MS, there will be a wealth of opportunities available. Working with a staffing agency is helpful for candidates, as they can be connected with the most rewarding job opportunities. The skills and abilities that candidates possess will be highly valued as trillions of dollars are transferred in the next two decades.