The vast majority of young financial advisors report being at least somewhat satisfied with their career choice, according to a new survey from LIMRA.
For Gen X and Gen Y advisors under the age of 40 and with less than eight years in the industry, 44 percent report being very satisfied with their work. For those with more than 8 years of experience, 60 percent reported being very satisfied.
When accounting for the “somewhat” satisfied, the figure jumps to about 90 percent for advisors above and below the eight-year threshold.
That level of satisfaction suggests income and workplace flexibility are at least being closely matched with the expectations advisors held when they decided to join the industry.
Six in 10 young advisors said they chose their career path to make a difference in people’s lives. For Gen X advisors, those altruistic instincts had even more sway in their decision than earning potential, as “making a difference” in people’s lives was the top reason for becoming an advisor.
Along with the independence that recruiters often tout as a key fringe benefit to the advisory industry, younger advisors also put a high value on collaborative and mentoring relationships with more seasoned advisors.