As Americans continue to endure tough financial times, the demand for financial solutions is increasing rapidly. Response to this demand will inevitably result in an explosion of new financial offices emerging around the country.
Additionally, we are about to experience the biggest wealth transfer in our world’s history, due to the baby boomer generation. Between 1946 and 1964, 76 million babies were born. It is going to have a massive impact on the American economy as a whole. In 1946, as the boom began, it was Gerber which created baby food, Johnson and Johnson creating baby shampoo, and Mattel capitalizing on the toy industry.
As they got older and into the 1950’s, the construction industry took off because schools needed to be built. In the 60’s, it was the automotive industry as they started to turn the age of 16, in the 70-80’s the real estate boom took off because they were starting families, and since then they’ve worked to save for retirement.
Baby boomers are retiring at a rate of about 10,000 per day and from 2011-2029 this will continue to be the case. The supply of financial professionals does not meet the demand of this proportion. We are facing an aging workforce. In 1970, there were roughly 500,000+ financial professionals for a population of roughly 204 Million people. In 2013, there’s roughly half of the 500,000 financial professionals left and a population of roughly 316 Million. The demand for professionals in our industry is at an all-time high! WILL YOU MISS THE NEXT BOOM?
The key to entrepreneurship is: finding a problem and creating a solution.
There has never been a bigger demand for professionals in the financial services industry than today!
The biggest misconception I hear from people looking at our industry, is that I don’t have any experience in that field” or “I’m not a salesperson”. GREAT! We’re not looking for salespeople or people with experience. We’re looking for people who can show clients what their options are for making smart financial choices. For example, Would I have to sell you on saving money each month, sheltering the growth of your money from taxes, or making sure you save enough money to put your children through college? Probably not.
The fact is, many of the most successful people in our industry come from different backgrounds with no financial experience. The key is high integrity, strength of character, and good people skills, because you’re dealing with people’s livelihood.
With the resources and systems available today, what used to take entrepreneurs decades to accomplish, is now taking years or even months to accomplish. There is no reason to know the answer to everything, all you need to know is where to get the answer.
So think about the wealthiest person you know. Are they an employee or an entrepreneur? Would agree that success has a lot to do with timing? Are you going to join the BOOM or MISS IT?”