(NewsUSA) - Interest in, and demand for ,personal financial advice has never been greater in the United States, due in large part to the aging of the Baby Boomer generation. At the same time, the demographics of wealth in the country are changing. The purchasing power of Black and Latino communities continues to rise, women control one-third of household financial assets, and about $30 trillion in wealth is projected to shift to Millennials.
The current financial planner workforce, however, does not reflect these realities. There are more CERTIFIED FINANCIAL PLANNERTM professionals over the age of 70 than under the age of 30. Among the more than 92,000 CFP® professionals, only 23% are women, and about 8% are Latino and 7% are Black -- all smaller proportions than the broader U.S. population.