Building A Career Path
Wednesday, November 09, 2005
So I'm trying to decide if I should start on my path towards becoming a Certified Financial Planner.. I guess I'm struggling with a few things. I don't want to sell people mutual funds or insurance. I'd love to write about saving money or teaching/coaching people to save money rather than sell, sell, sell.
I don't want to work in a bank, because if you decide to leave you can't take your book with you.
Many companies are hiring independent financial advisors (ie; Investor's Group I have already met with them, Clarica and BMO) But they are start from scratch type advisor programs which are commission based. So starting out is a real struggle and you sometimes don't come home with a pay check some months.
The outlook for the industry is incredibly positive:
Canadian economic developments indicate enormous growth for the financial security
planning market.
- 87 per cent of Canadians want financial planning
- 55 per cent of Canadians know little or nothing about investing and are actively seeking to learn more about it
In 2008, there will be a large population of echo boomers in Canada, born between 1977 and 1997. The oldest among them will have just begun to think about their financial needs.
The combined financial force of the baby boomers and echo boomers - 70 per cent of the Canadian population - is about $9 trillion.
Echo boomers are my peer group and I would be more comfortable dealing with clients my own age so this trend is good.
Research indicates that as the baby boomers start retiring, Canadians can expect a trillion-dollar transfer of wealth from one generation to the next.
Between the years 2000 and 2010, annual inheritances are estimated to double from $14 billion to $28 billion. By 2015, this number will reach $33 billion.
"It will take about half a century before nearly all the inheritances will be completed but peak periods occur and we're starting to enter them now."
posted by aforward @ 3:52 PM,
