The Certified Financial Planner Board of Standards recently revealed the results of a survey showing that nearly a third of American families work with financial planners. The Investment Company Institute’s 2010 report showed that U.S. client assets under the management of investment companies totaled more than $13 trillion. This report also revealed that American households combined, held nearly $4 trillion in bonds and $8 trillion in cash or cash equivalents. The notion that more people are taking responsibility for their own financial futures is supported by the fact that in 2010, 70% of American households had savings in tax-deferred retirement-specific savings accounts, while 44% had investments in at least one mutual fund.
According to the 2011 Deloitte Analysis and Oxford Economics report, in just the past three years 1.5 million American households have achieved millionaire status. Another 10.1 million are expected to hit this benchmark by 2020. The U.S. Bureau of Labor Statistics shows this reflected in the 30% job growth expected for personal financial advisors in the coming years.
The individual interested in learning how to become a financial planner recognizes the importance of career planning, and also understands the importance of effective financial planning. Whether looking towards a comfortable retirement, establishing a college savings plan for their children, or looking to maximize returns on investments today, Americans will continue to turn to knowledgeable financial planners for their expertise in paving the way to financial freedom.
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