It’s not very often an opportunity comes around where a financial advisor can make a tremendous difference in the lives of clients in need and add significant AUM to their book of business.
The projected explosive growth of jobs in the healthcare and education sectors presents such a large and potentially lucrative opportunity, especially for advisors who are positioned to help these workers plan for retirement and manage their portfolios through their workplace 403(b) plans.
Employment growth for both sectors between now and 2024 is projected to run well above the national average, according to recent estimates from the U.S. Bureau of Labor Statistics (BLS). Healthcare jobs are expected to skyrocket in the coming decade—the BLS notes that 1 in 4 new jobs created between now and 2024 will be healthcare-related, and 7 out of the top 10 fastest growing occupations are in the healthcare sector.
For this very reason, the growth of the retirement advice business for workers in education, healthcare and non-profit institutions has attracted the interest of asset managers, plan providers and investment advisors. Opportunities in the 403(b) market may be different now than they were more than 20 years ago, but there remains great potential for advisors who are willing to focus on this market and offer a solution that participants find valuable--such as portfolio and risk management.