The financial planning profession is a melting pot of professionals from various backgrounds, experiences, and reasons for choosing a path in one of the most compelling careers. Many people will ask our team as part of a grander profession-wide question “Why Financial Planning?” When I reflect on why I chose financial planning, there’s never just one reason I can express. However, I identify with many of my colleagues who align with the desire to help others, especially with sensitive and lesser-known topics throughout our lives. I ultimately chose financial planning for reasons that include but are not limited to it being a newer, growing profession that I felt I could have a direct impact on, the ability to make financial planning more accessible in all communities, and the boundless opportunities that are not limited to being a traditional financial advisor.

Whether you’re a second or third-generation financial professional that always knew that you wanted to pursue a career in financial planning, or someone that learned about the profession through life events or educational exposure, there are many reasons that financial planning is one of the most compelling careers. Here are a few:

• Continued Education: Financial Planning is an ever-evolving field and a playground for lifelong learning. As the nature of the subject requires, there are elements that change at different variables, and for different reasons, the constant development of technology and its ability to allow us to serve clients better, and the nature of evolving our planning, processes, and practices that remain current and aligned with client’s current needs.
  • The standard of continued learning is exemplified by conferences, summits, and organizations that aim to further the knowledge of financial planners, and thus develop the knowledge and benefits of the clients that are served.
    • Check out our May candidate blog that gives tips for getting involved as a new planner.

• Relatability: Regardless of how you may have learned about financial planning, there is a knack and niche for any set of interests. The root of our knowledge and services are helpful for anyone to know at any age, but create a segue for professionals that may learn about financial planning and best practices through their real-life events. From the person that found a passion for planning through creating and following a plan for their student loan debt, to the only child that has been submerged in estate planning responsibilities unexpectedly, there is something for everyone.
  • Our profession is a mixture of ideas, backgrounds, and reasons for choosing planning, with the common factor of relatability and accessibility for career entry. We represent a melting pot of professionals who previously were established in other professions, and found their “why” in financial planning. 
  • For myself, my “aha” moment was unrelated to the day-to-day of being a planner. I, like many other professionals, found excitement in the work of financial planning and fitting it into other areas that help make financial planning work on a large scale. Whether you see yourself heavily involved in the traditional planning process or not, there is something for you. I found my passion for financial literacy and education as a tool to help people learn more about financial planning as a whole.

• Career Satisfaction: Having a fulfilling and enjoyable career is just as important as the service you provide. According to The CFPⓇ Board’s “Survey of CFPⓇ Professionals,” 93% of respondents stated being ‘strongly satisfied’ with their career choice in financial planning. This number holds steady in comparison to a reported 93% in 2019, and 92% in 2017. It doesn’t get much better than this as similar satisfaction surveys for comparable professions tend to average in the 70% range.
  • Volunteer Efforts:  In addition to planning professionals having a genuine enjoyment for what they do, they are drawn to maintain a spirit of altruism. 74% of respondents reported engaging in volunteer activities in the past year that spanned from pro bono financial planning to establishing or helping organize fundraisers for groups in need (CFPⓇ Board).
  • Compensation: You can of course make money too! Financial planning done in a fiduciary capacity allows you to keep the client’s best interest in mind as you are helping them make and execute plans toward their financial goals. Additionally, it provides a pathway for organic growth professionally. Based on our most recent Salary Report, the average salary for a Financial Planner (defined as someone with 5+ years of experience and who has 1st chair responsibilities in the financial planning process) is $110,553. This is substantial growth compared to the average salary for a Paraplanner (defined as someone with 0 to 2 years of experience who primarily supports the back-office functions of the planning process) which is $63,071.

Ultimately, each member of our profession finds a personal connection to financial planning that they carry with them. The financial planning profession provides an environment where planners are encouraged to continually hone their skills, network, and build community with other planners and clients, and regardless of area of planning, find reasons to love what they do. In addition to the day-to-day, the profession finds ways to give back to our communities. What makes financial planning most compelling is that it requires us to remain active and steadfast in our “Why?” and the connection that it brings us with various topics, people, and our ability to meet and serve them at any point in their life and financial journey.

If you are entering the financial planning profession or seeking the perfect fit with a top-tier financial planning firm, submit your resume here or peruse our openings for entry-level planners. We are here to help you in any way we can so you can secure your dream job!

Jayla Blakemore 

 

Reference

Feese, J. (2021, September 8). Survey of CFP® professionals shows continued high satisfaction with their career choice, CFP® certification. CFP Board. Retrieved August 4, 2022, from https://www.cfp.net/news/2021/09/survey-of-cfp-professionals-shows-continued-high-satisfaction