Changing Careers? Consider Financial Planning

If you are thinking about a career change, consider financial planning. Based on a composite of responses in the Survey of Trends in the Financial Planning Industry, which was published by the College for Financial Planning®—a Kaplan Company, 77% of respondents are more satisfied with their career since earning their most recent financial credential^*. This article explains what financial planning is, why it might be a good career change, and how you can make the change.

About Financial Planning

Professionals in the financial planning field help clients with investment decisions, taxes, and selecting insurance policies and retirement plans. They work with their clients to create comprehensive plans for meeting their long-term personal financial goals, such as retirement, college tuition, business startup, a home, and so on.

While no two days will ever be the same, much of the job involves meeting with clients, analyzing financial information, and researching new opportunities. The most recent data from The Bureau of Labor Statistics in the U.S. estimates that the employment of personal financial advisors could grow 10 percent from 2024 to 2034, much faster than the average for all occupations.

Career Changers

Answers to the questions about why respondents became financial planners indicate that 32 percent joined their financial profession because they were looking to help others^*. One respondent said, “I wanted to help people succeed in an area of life where many struggle.”

• 25% say they hold a passion for the financial market and enjoyment for the subject.^*

• 15% reported that they “pivoted” their financial profession or joined the field due to the benefits offered by the job.^*

• 18% entered through personal connections or family business.^*

• 6% were attracted by the earning potential and autonomy.^*

• 4% were inspired by a desire for personal financial literacy.^*

Before You Commit to Financial Planning as a Career Change

Before you jump into financial planning, we advise you to work your way through steps for a smooth and successful transition:

1. Ask yourself why: Look at the data to see where you fit. Are you The Helper (32%^*), motivated by a desire to make a positive difference in clients' lives? Or are you The Intellectual (25%^*), driven by a passion for markets and analysis? Understanding your primary driver—whether it’s service, academia, or entrepreneurship—will help you sustain a long-term career. 

2. Research the Human Element: While roles like wealth manager and asset manager remain core to the field, the latest landscape requires a new focus. Note that 39% of professionals view AI as a major industry challenge^*; however, the consensus is that AI cannot match the human connection, trust, and empathy that a successful advisor provides. 

3. Informally interview people in the field: Seek out The Networkers—the 18% of professionals who entered the field through personal connections or mentors^*. Ask them how they are balancing the human element of advice with the disruption of new technology. 

4. Build relationships with financial planning contacts: Networking isn't just about finding a job; it’s about observing how professionals build trust-based relationships. Joining LinkedIn groups or local meetups can help you understand the friction points current planners face, such as regulatory uncertainty or shifting client expectations.

5. Inventory your Soft Skills: Don't worry if your background isn't in finance. The #1 factor for success in this industry is people and communication skills, cited by 91% of surveyed practitioners^*. If you can explain complex topics in a simplified manner, you already have the most critical ingredient for the job.  

How to Become a Financial Planner

Because financial planning is such a broad field, the steps for landing a job in a given role can differ. However, these three basic tips can apply to many different roles:

• Earn a bachelor’s degree: Many practicing financial planners majored in some type of business or finance program.

• Find an entry-level finance job: Consider looking on job websites, and make sure you are prepared if you are asked for an interview.

• Earn the necessary licenses and consider certification: Earning the CFP® mark can help you specialize or differentiate yourself from your competition. If the role you want involves selling securities or insurance, you’ll need a license.

Ready to Make the Switch?

If a job in financial planning seems like a good fit for your career change, the College for Financial Planning®—a Kaplan Company can help you learn more and get started.