Career Swap: Why 7 Advisors Left These 7 Professions

Now is the “golden age” for financial advisors, says Joseph Maugeri, a managing director at the Certified Financial Planner Board of Standards who’s charged with expanding the number of CFPs. Demand is growing as baby boomers prepare for retirement – about 10,000 retire every day – and others, including millennials, plan their futures while the supply of advisors is shrinking.

“Roughly 44% of advisors are over the age of 50,” says Maugeri. “There is a real need for more [because] many of them will be retiring over the next 10 years.”

Enter the career changer — the professional who doesn’t necessarily work in finance, sees an opportunity in providing financial advice and grabs it. There are “many more career changers than undergraduates” enrolled in the roughly 240 CFP programs offered at colleges and universities, says Maugeri.

They offer something first-career advisors usually don’t have: life experience, which can be particularly appealing to potential clients who are approaching middle age or past it.

ThinkAdvisor wanted to find out who these advisors are, why they made the change and what advice they have for others who are thinking about doing the same. We asked the CFP board and others in the industry for names, then interviewed some of those advisors. Here’s what we found.


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