3 Reasons Why We Will Need More Certified Financial Planners
In the following article, Lewis Daidone discusses the reasons why becoming a Certified Financial Planner could be an excellent career choice
One of the fastest growing professions within the world of financial services is the role of the Certified Financial Planner (CFP). If you’re a charismatic go-getter with a gift for numbers, this might be the career for you. Here’s why CFP services are going to become increasingly valuable.
The population is aging.
People are living longer, and the need for stable finances throughout retirement is going to increase. One of the biggest worries of soon-to-be retirees is running out of money as they age. There are millions of seniors who will need solid retirement, insurance, tax, and estate planning advice, and the numbers are only going to get bigger.
College degrees are essential, but the costs are increasing.
Even though it is generally agreed that a college education is crucial to finding skilled employment, paying for college is a bigger challenge than it was even 20 years ago. Parents need to set up funds for their children’s educations, and they need the help of CFPs to assist them in determining the best strategies.
Children are caring for diminished parents.
Although people are beginning to outlive their ability to care for themselves, a disturbingly large percentage of the population doesn’t plan for the possibility of physical or age-related cognitive decline. In addition, a shocking number of elderly folks experience some kind of financial fraud. While children might do their best to help their elderly parents, many simply don’t have the time or the financial/accounting acumen to make the appropriate decisions or prevent the predatory practices of criminals preying on the elderly. As a result, having the requisite skills to assist people with a limited ability to understand their finances and provide valuable guidance and support as it relates to protecting their assets will be in high demand as the population ages.
Lewis Daidone is a Certified Public Accountant and a consultant to technology companies and financial services firms.