Financial advisors are one of the least happy careers in the United States.
At CareerExplorer, we conduct an ongoing survey with millions of people and ask them how satisfied they are with their careers. As it turns out, financial advisors rate their career happiness 2.7 out of 5 stars which puts them in the bottom 10% of careers.
To put this into perspective, we compared how happy financial advisors are to similar careers in the industry. Take a look at the results below:
Salaries and satisfaction ratings in similar careers
Career
Satisfaction
Avg Salary
Account manager
2.7
$47k
Securities and commodities broker
2.7
$63k
Financial analyst
2.7
$92k
Compliance manager
2.7
$125k
Advertising sales agent
2.7
$52k
Financial advisor
2.7
$94k
Cost estimator
2.7
$65k
Revenue agent
2.7
$57k
Investment banker
2.7
$73k
Tax preparer
2.7
$46k
So what does it mean to be happy in your career? Let’s break it down into different dimensions:
Salary: Are financial advisors happy with their salary?
Meaning: Do financial advisors find their jobs meaningful?
Personality fit: How well suited are people’s personalities to their everyday tasks as financial advisors?
Work environment: How enjoyable are financial advisor’s work environments?
Skills utilization: Are financial advisors making the best use of their abilities?
Are financial advisors happy with their salary?
Financial advisors rated their satisfaction with their salaries 3.0/5. Few are explicitly unhappy with their salaries, with most financial advisors having generally positive views of their salary.
We asked financial advisors how fairly compensated they are for their work. Their response was:
3.0 out of 5 stars
1042 financial advisors
5 Star
12%
12% of financial advisors rated their compensation 5 stars
4 Star
26%
26% of financial advisors rated their compensation 4 stars
3 Star
26%
26% of financial advisors rated their compensation 3 stars
2 Star
20%
20% of financial advisors rated their compensation 2 stars
1 Star
15%
15% of financial advisors rated their compensation 1 stars
Do financial advisors find their jobs meaningful?
On average, financial advisors rate the meaningfulness of their work a 2.6/5. While most financial advisors aren’t very fulfilled by their work, some people may still manage to find meaning in it.
We asked financial advisors how meaningful they found their work. Their response was:
10% of financial advisors rated how meaningful they found their career 5 stars
4 Star
17%
17% of financial advisors rated how meaningful they found their career 4 stars
3 Star
23%
23% of financial advisors rated how meaningful they found their career 3 stars
2 Star
25%
25% of financial advisors rated how meaningful they found their career 2 stars
1 Star
25%
25% of financial advisors rated how meaningful they found their career 1 stars
How well are people’s personalities suited to everyday tasks as financial advisors?
Financial advisors rated their personality fit with their work an average of 3.5/5. The majority of financial advisors find their personalities quite well suited to their work, with relatively few having complaints about their fit.
We asked financial advisors how well their personalities fit into their careers. Their response was:
3.5 out of 5 stars
1111 financial advisors
5 Star
21%
21% of financial advisors rated their career fit 5 stars
4 Star
35%
35% of financial advisors rated their career fit 4 stars
26% of financial advisors rated their career fit 3 stars
2 Star
13%
13% of financial advisors rated their career fit 2 stars
1 Star
6%
6% of financial advisors rated their career fit 1 stars
How enjoyable is a financial advisor’s work environment?
As a whole, financial advisors rated their enjoyment of their work environment 3.3/5. Most of them tend to enjoy, or at least not be actively bothered by, their work environment.
We asked financial advisors how much they enjoyed their work environment. Their response was:
3.3 out of 5 stars
1110 financial advisors
5 Star
15%
15% of financial advisors rated their work environment 5 stars
4 Star
32%
32% of financial advisors rated their work environment 4 stars
3 Star
28%
28% of financial advisors rated their work environment 3 stars
2 Star
18%
18% of financial advisors rated their work environment 2 stars
1 Star
7%
7% of financial advisors rated their work environment 1 stars
Are financial advisors making the best use of their abilities?
Former financial advisors on CareerExplorer have rated their skills utilization 2.9/5. Financial advisors tend to feel that they don’t manage to use their abilities to their fullest, when compared to other careers.
We asked financial advisors how well their abilities were used in their careers. Their response was:
2.9 out of 5 stars
1110 financial advisors
5 Star
12%
12% of financial advisors rated their how well their skills were utilized in their career 5 stars
4 Star
22%
22% of financial advisors rated their how well their skills were utilized in their career 4 stars
3 Star
25%
25% of financial advisors rated their how well their skills were utilized in their career 3 stars
2 Star
25%
25% of financial advisors rated their how well their skills were utilized in their career 2 stars
1 Star
16%
16% of financial advisors rated their how well their skills were utilized in their career 1 stars
A financial advisor is a great career path for someone who wants to use both analytical skills and so-called soft skills. Financial advisors should have an aptitude for math and the ability to determine the best course of action for their clients.
Do financial advisors find their jobs meaningful? On average, financial advisors rate the meaningfulness of their work a 2.6/5. While most financial advisors aren't very fulfilled by their work, some people may still manage to find meaning in it.
INTJs are introverted intuitives who prefer roles that require them to think theoretically, making financial advisor, economist, and financial executive the best roles for this type. INTJs are creative perfectionists and enjoy doing things their ways.
Lack of work ethic. It takes a lot of hard work and discipline to break into a career as a financial advisor. While many are willing to work hard for a period of time, fewer are willing and able to maintain the high-level work ethic required to survive and thrive as a successful advisor.
Beyond financial rewards, helping clients achieve their financial dreams and navigate life's financial challenges brings deep emotional satisfaction. Witnessing their progress and knowing that you played a pivotal role in their success is a rewarding experience.
Because of the potential volatility of the financial market, being a financial advisor will inevitably generate high levels of stress. As a financial advisor, you'll be asked to wear multiple hats when dealing with clients, as well as deal with second-hand stress from these same clients.
According to various studies and publications, the average age of financial advisors is somewhere between 51 and 55 years, with 38% expecting to retire in the next ten years.
The drawbacks include high stress, the hard work needed to build a client base, and the ongoing need to meet regulatory requirements. This is a lucrative career, but it's one with a high burnout rate.
80-90% of financial advisors fail and close their firm within the first three years of business. This means only 10-20% of financial advisors are ultimately successful.
These are neuroticism, conscientiousness, agreeableness, extraversion and openness. At the end of the day, the authors conclude, these personality traits all have an influence on client choices about wealth accumulation, and they should be factored into any holistic financial plan.
The good news is that being an introvert doesn't mean you can't achieve success in the financial industry. In fact, introverts have unique qualities that can make them valuable assets in the field.
Meanwhile, you must have a deep understanding of the markets, analytical skills and training, and a passion for finance. Soft skills are as critical as hard skills, like investing skills and market timing. Successful advisors are more than good with numbers.
Financial advisor stress is real, and you're not alone if you feel the pressure. According to a survey carried out by Financial Planning Association, Janus Henderson, and Investopedia: 71% of advisors have experienced moderate or high levels of negative stress, compared to 63% of investors.
If you're wondering whether doom and gloom stories about financial advisors becoming obsolete, here's some reassurance: people will always need financial advice.
According to a recent study from Deloitte, 77% of professionals shared that they've experienced burnout. The financial advisory profession isn't any different from these general trends. In one study from the Financial Planning Association, 71% of advisors reported being stressed out.
Over the next decade, the job outlook for financial advisors looks extremely promising, with abundant opportunities nationwide. The Bureau of Labor Statistics predicts employment of financial advisors will expand much faster than the average occupation.
Working hours are often long, particularly in the early stages of growing an advisor business. Constant interaction with others can make this career less attractive for individuals who are introverted. Starting an advisor practice can require a sizable amount of capital.
The average salary of financial advisors with 1-2 years of experience in the U.S. is $63,210 while those with over 10 years of experience earn over $107,068 per year. Glassdoor: According to Glassdoor, the average salary of a financial advisor is $118,385 yearly.
A financial advisor is worth paying for if they provide help you need, whether because you don't have the time or financial acumen or you simply don't want to deal with your finances. An advisor may be especially valuable if you have complicated finances that would benefit from professional help.
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