Financial advisors sitting pretty

Financial advisors sitting pretty

Financial advisors sitting pretty You might complain about CRM2 and the extra paperwork it’s creating but the reality is you’ve got it pretty good when it comes to career choices.

U.S. News and World Report’s annual list of the 100 Best Jobs was mentioned by Investment News Tuesday. Like any good financial publication it focused squarely on business-related jobs including financial advisor.

The number one job in the U.S. according to U.S. News? Dentist, followed closely by nurse practitioner and software developer.

Fear not, financial advisor is ranked 25th out of 100. Over the next decade the U.S. Bureau of Labor Statistics expects the number of financial advisor positions to increase by 27%. Other factors putting advisors in the top quartile include good work-life balance and strong job security. Most importantly, the job jumped 16 spots from 2013’s ranking.

What qualifies as a “best job”? For starters it has to pay well.

Other factors considered in the rankings include job growth in terms of both volume and percentage, job prospects, the employment rate, stress level, and work-life balance. The seven components are rated between 0 and 10 and then weighted according to their level of importance in the rankings. E.g. median salary gets a 30% weighting, the highest overall. Once this process is complete a score between 0 and 5 is arrived at for each profession which is then used to rank them.

Although financial advisor doesn’t make it on to U.S. News’ separate report about the best paying jobs, it does have a median annual salary of $75,320, which isn’t too shabby compared to the median income of $53,891 for the average American.

While these are U.S. statistics it’s likely that the Canadian experience isn’t too far off the mark.

As we make our way through the first month of the year, it’s important to remember that financial advisors have it pretty good despite the current regulatory nightmare.

Here’s to a great career and a very successful 2015.