GITNUX MARKETDATA REPORT 2024

Must-Know Financial Advisor Statistics [Current Data]

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Financial advisors are an important part of the financial industry. They provide advice and guidance to individuals and businesses on how to best manage their money. As such, it is important to understand the current trends and statistics surrounding financial advisors.

Financial Advisor: The Most Important Statistics

Employment of personal financial advisors is projected to grow 15% from 2021 to 2031.

Mobile searches for “financial advisor” have grown 75% over the last two years.

27.7% of finance advisors in the US are women, while 72.3% are men.

Financial Advisor: Statistics Overview

The Future For The Financial Advisor Profession

Employment of personal financial advisors is projected to grow 15% from 2021 to 2031.

This statistic is important because it shows that the demand for personal financial advisors is expected to increase over the next decade. This indicates that the job market for financial advisors is expected to remain strong, and that individuals looking to pursue a career in this field should have good job prospects in the future.

The number of financial advisor jobs is increasing despite a decrease in the total population of financial advisors.

This could indicate that the demand for financial advisors is increasing, and that there may be a shortage of financial advisors in the future. This could lead to increased competition for financial advisor jobs, and higher salaries for financial advisors.

Mobile searches for “financial advisor” have grown 75% over the last two years.

Here it is shown that mobile searches for financial advisors are increasing, indicating that more people are using their phones to search for advice and services related to financial planning. This trend is likely to continue, and financial advisors should consider optimizing their websites and content for mobile users in order to maximize their visibility and reach potential clients.

In 2022, 35% of Americans worked with a financial advisor, while 57% said they didn’t have one, representing a slight decrease from the previous year.

Through this statistic, it shows that the number of Americans seeking advice from a financial advisor is decreasing, which could indicate that more people are taking a DIY approach to their finances or that they are not taking the necessary steps to ensure their financial security.

The total number of financial advisors in the UK decreased from 5,746 firms in 2016 to 5,429 in 2021.

This decrease in the number of financial advisors in the UK is significant, as it indicates a decrease in the number of people available to provide financial advice to individuals and businesses. This could lead to a decrease in the quality of financial advice available, as well as a decrease in the number of people who have access to financial advice.

Discrimination In The Financial Advisor Profession

Women and minorities are underrepresented in the financial advisor industry.

This statistic is important because it highlights the lack of diversity in the financial advisor industry. This lack of diversity can lead to a lack of understanding of the needs of different communities, and can lead to a lack of trust in the industry. Improving diversity in the industry is important to ensure that everyone has access to financial advice and services.

27.7% of finance advisors in the US are women, while 72.3% are men.

A significant gender gap in the number of finance advisors in the US can be seen through this, with men making up the majority of the workforce. This can have a major impact on the financial advice that is available to the public, as well as the opportunities available to women in the finance industry.

Around 15% to 20% of financial advisors are women, and only 4.1% are black or latino. The industry is actively working to improve the diversity.

This statistic proves that the financial advisory profession has work to do on its diversity. However, this is a process and change has already begun.

The Salary You Can Expect As A Financial Advisor

Financial Advisors made a median salary of $89,330 in 2020. The best-paid 25 percent made $157,020 that year, while the lowest-paid 25 percent made $59,450.

This provides insight into the range of salaries that Financial Advisors can expect to make in a given year. It also shows the potential for growth within the profession, as the top 25% of Financial Advisors make significantly more than the median salary.

Most financial advisors base their fee on how much money they manage, while others are charging flat fees. This shows that financial advisors have different preferences when it comes to their payment methods. However, it can also be seen that a low-cost financial advisor who takes a flat fee is no worse than one who bases their price on the amount of money they manage.

The Financial Advisory Industry has experienced tremendous growth, and the future is also looking bright. Thus, this statistic proves that becoming a financial advisor is definitely a good choice, as one can assume that it is a secure job with a future.

Wealth management is a big business. It is estimated there were $103 trillion of global assets under management (AUM) as of 2020.

This illustrates that financial advisors are wanted and needed all over the world.

The current number of financial advisors (330,300) is expected to increase by close to 51,000 by 2031.

Through these statistics, it can be seen that the need for financial advisors may continue to increase in the future. Thus, it is also made clear here that financial advisor is a stable job.

Furthermore, it is shown that technological trends in robo-advising, an aging client population that seeks income rather than risk and accumulation, and regulatory changes toward fiduciary duty are all among future considerations that advisors must take heed of.

Supplementary Statistics

In 2020, there were approximately 263,000 personal financial advisors in the United States.

There is a large and growing demand for financial advisors, and that people are increasingly turning to them for help with their finances. This statistic is a testament to the value of financial advisors and the services they provide, and it is an important piece of information for anyone looking to learn more about the financial advisor industry.

The median annual wage for personal financial advisors in 2020 was $89,330.

The median annual wage for personal financial advisors was a substantial amount, demonstrating the importance of their role in helping individuals manage their finances. This statistic is especially relevant to a blog post about Financial Advisor Statistics, as it provides a tangible measure of the financial rewards associated with the profession.

As of October 2021, there were approximately 87,154 Certified Financial Planner (CFP) professionals in the United States.

With 87,154 CFP professionals, it is clear that more and more people are turning to these professionals for help with their financial planning needs. This statistic is a reminder of the importance of having a qualified financial advisor to help you make the best decisions for your financial future.

The financial advisory industry is projected to grow 4% annually from 2019 to 2029.

It suggests that the industry is likely to remain a viable and profitable option for those looking to pursue a career in financial advising. This could be a great opportunity for those looking to enter the field, as the projected growth rate could lead to increased job opportunities and higher salaries. Additionally, this statistic could be used to demonstrate the importance of financial advisors in helping individuals and businesses make sound financial decisions.

81% of financial advisors work for companies, while 19% are self-employed.

This reveals that the majority of financial advisors are employed by companies, while a smaller portion are self-employed. This information can be used to inform readers about the different career paths available to them in the field of financial advising.

47% of financial advisors in the United States work at banks.

Banks are a major player in the field, and that a large portion of financial advisors are employed by them. This is important to consider when discussing the industry, as it provides insight into the dynamics of the profession.

By the year 2030, approximately $30 trillion in wealth will change hands from baby boomers to their children, affecting financial advisor practices.

With such a large sum of money being transferred, financial advisors will need to be prepared to help their clients navigate the complexities of this transition. This statistic is a reminder that financial advisors must stay ahead of the curve and be ready to provide the best advice and guidance to their clients.

Around 46% of financial advisors plan to retire within the next 14 years.

Nearly half of financial advisors planning to retire within the next 14 years, it is essential that the industry takes steps to ensure that there are enough qualified advisors to fill the gap. This statistic highlights the need for financial advisors to start planning for the future and for the industry to start recruiting and training the next generation of advisors.

90% of financial advisors use social media for business purposes.

The majority of financial advisors recognize the potential of social media to reach new clients, build relationships, and increase their visibility. This statistic is a valuable insight into the current state of the financial advisor industry and can be used to inform blog posts about the importance of social media for financial advisors.

Financial advisors who receive referrals from a professional network generate $8.3 million in assets on average.

Referrals from a professional network can be a major boon to a financial advisor’s business, resulting in an average of $8.3 million in assets. This is a great reminder for financial advisors to invest in building relationships with other professionals in their field.

Only about a third of Americans use a financial advisor.

A large portion of the population is not taking advantage of the services of a financial advisor. This could mean that many people are not taking the necessary steps to ensure their financial security, or that they are not aware of the benefits of working with a financial advisor. Either way, this statistic serves as a reminder of the importance of seeking professional financial advice.

Financial advisors in the United States manage a total of over $110 trillion in assets.

It speaks to the sheer amount of wealth that is managed by these professionals, and the trust that people have placed in them to manage their finances. It is a clear indication of the importance of financial advisors in the US economy, and the impact they have on the lives of millions of people.

Conclusion

In conclusion, financial advisors are an important part of the financial industry. They provide invaluable advice and guidance to their clients, helping them to make sound financial decisions.

The statistics presented in this blog post demonstrate the importance of financial advisors, as well as the potential growth of the industry. With the right education and training, financial advisors can help to ensure that their clients achieve their financial goals.

References

US Bureau of Labor Statistics: “Personal Financial Advisors”, cited February 2023. (Source)

BRENDONGAILLE: “29 Financial Advisor Industry Statistics and Trends”, cited February 2023. (Source)

Investment Advisor Association: “Industry Snapshot Confirms Sector Growth of 16.7% Year-Over-Year”, cited February 2023. (Source)

Think with Google: “Marketing Strategies”, cited February 2023. (Source)

statista: “Share of Americans who work with a financial advisor in 2022”, cited February 2023. (Source)

Zippia: “FINANCE ADVISOR DEMOGRAPHICS AND STATISTICS IN THE US”, cited February 2023. (Source)

statista: “Number of financial advisers in the United Kingdom (UK) from 2016 to 2021”, cited February 2023. (Source)

IBISWorld: “Financial Advisers in the UK – Market Research Report”, cited February 2023. (Source)

Investopedia: “The Financial Advisor Industry Still Lacks Diversity”, cited February 2023. (Source)

FT Adviser: “FCA data shows just 16% of advisers are women”, cited February 2023. (Source)

US News: “How Much Does a Financial Advisor Make?”, cited February 2023. (Source)

nerdwallet: “How Much Does a Financial Advisor Cost?”, cited February 2023. (Source)

Career Employer: “Financial Advisor Statistics: Industry Growth and Income Potential”, cited February 2023. (Source)

Investopedia: “How Big Is the Wealth Management and Financial Adviser Industry?”, cited February 2023. (Source)

Investopedia: “What the Next Decade Holds for Financial Advisors”, cited February 2023. (Source)

Zipflix – Statistieken over Financieel Adviseur

FAQs

What is a Financial Advisor?

A Financial Advisor is a professional who provides financial advice and guidance to individuals and businesses.

What services do Financial Advisors provide?

Financial Advisors provide advice on investments, retirement planning, estate planning, insurance, taxes, and other financial topics.

What qualifications do Financial Advisors need?

Financial Advisors need to have a bachelor's degree, and they must also be licensed and registered with the Financial Industry Regulatory Authority (FINRA).

How much does a Financial Advisor cost?

The cost of a Financial Advisor can vary depending on the services they provide, but typically they charge a flat fee or an hourly rate.

What is the difference between a Financial Planner and a Financial Advisor?

A Financial Planner is a type of Financial Advisor who specializes in helping clients create a comprehensive financial plan for their future. Financial Advisors provide more general advice on a variety of financial topics.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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