Now's a Great Time to Become a Financial Adviser: Here's Why
There's a growing need for financial advisers. Why not take on a role that offers earning potential and work-life balance and helps change lives?
This year is poised to move fast — and not in the way you might think. Dreams of professional mobility are making many people wonder about climbing a new career ladder.
According to Gallup, the proportion of Americans seeking new job opportunities is the highest it’s been in the last decade. Meanwhile, people’s satisfaction with their current employer is at a record low.
Moreover, employees’ expectations for their employers are rising. Today’s talent is looking for better compensation and recognition, work-life balance and development opportunities in roles that make a difference.
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Those trends are tailwinds for the financial adviser profession, where we expect to see thousands of new entrants in 2025.
Making an impact
Financial advisers help people identify their blind spots and protect what matters most: their families, their ability to retire comfortably and the goals that define their purpose. In 2024, 64% of Americans who worked with a financial adviser said they felt financially secure compared to a mere 29% without an adviser.
Moreover, 75% of Americans who worked with a financial adviser said they’ll be prepared for retirement compared to 45% of those without one. People with a financial adviser also expect to retire two years earlier with double the retirement savings of those who don’t work with one.
Interested in more information for financial professionals? Sign up for Kiplinger’s new twice-monthly free newsletter, Adviser Angle.
This is a career where professionals can meet people where they are, help positively change the trajectory of their lives and build a plan for the creation of intergenerational wealth.
Our advisers are there for families when they are needed the most — helping ensure loved ones can come together in difficult moments and grieve, knowing their finances are in order. And while that opportunity for impact is enough for many mission-driven individuals, there’s more.
Work-life independence
While other professions may require set hours, advisers have control over how they work and who they choose to work with. It’s an opportunity to help others live their best life — and for talented advisers to start living their best life, too.
Financial advisers have the freedom to own their own business and organize their own career. But unlike other entrepreneurial roles, they never have to feel like they are by themselves. Supportive team members and experienced advisers are always lending a hand and offering guidance.
Potential for income and equity
Most Americans believe when they work harder and deliver stronger results, they should earn more money. But for many salaried employees, that connection between effort and rewards isn’t always clear.
On the other hand, for financial advisers, hard work pays off — literally. If they help more Americans build financial security, they build more value for themselves. Our most successful advisers build generational wealth for themselves and for their families.
This earning potential is especially attractive for people who are successful in their current roles but feel like they’re reaching the top in their current careers and want to push higher.
In my role at Northwestern Mutual, I’ve met successful advisers from a wide variety of backgrounds: from accountants and lawyers to teachers, nurses, electrical engineers, athletes and even actors.
Through ample training and mentorship opportunities, countless career-changers have been able to break through ceilings and reach higher in a new profession that’s ripe with opportunity.
Growing need for financial guidance
More than 100 million Americans are uninsured or underinsured. The gap between Americans’ retirement goals and savings continues to grow. And 30% of U.S. adults say they feel financially insecure.
Meanwhile, America’s financial adviser population is aging — and many see retirement on the horizon. The average age of financial advisers today is 56, with 44% of advisers over 55 and only 10% under 35. According to a Cerulli report, 37% are expected to retire this decade.
To put more Americans on the path to financial security, the industry must grow the number of advisers who can make a positive, sustainable difference in people’s financial lives and meet the needs of the marketplace for comprehensive financial planning.
We are doing our part at Northwestern Mutual, by setting a goal to recruit more than 5,000 financial representative and intern candidates — from not only across the country, but across industries.
By continuing to recruit and train talented individuals who bring their own unique set of skills, perspectives and expertise to the table, we as an industry can better serve clients and help them reach their financial goals.
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