A financial services career is more than planning

By Susan Rupe

When someone imagines a career in financial services, a financial planner is usually the first career type they think of. But the financial services industry needs more than just planners, a pair of Schwab leaders said during a recent webinar.

Sherri Trombley, director of business consulting and education at Schwab Advisor Services, and Jalina Kerr, head of advisor experience at Charles Schwab, spoke about financial service careers during the recent Diversitas symposium at the University of Akron.

“We need marketing, we need HR, we need CPAs - it’s not just planners,” Trombley said. “There’s such a wealth of opportunity in this field.”

Trombley said she is always surprised that registered investment advisor is one of the fastest-growing career fields, but one that is among the least-known careers among college students.

Kerr described RIAs as the fastest-growing segment of the financial services marketplace.

“RIAs are their own firm – they’re their own business,” she said. “They set up shop with the entrepreneurial spirit of helping clients - helping them achieve their goals, helping them unlock barriers related to financial planning. Firms vary in all shapes and sizes. There are firms with a couple million dollars under management and firms with billions of dollars under management. Each firm has its own characteristics.

“We serve about 16,000 of these advisors and I like to joke there are 16,000 different business models.”

“Advisors tell us their biggest opportunity is in finding, cultivating, maintaining and retaining that talent they need to fuel their businesses and fuel the stickiness of their client base,” Kerr said. “RIA head count has grown significantly over the past decade. It’s projected to continue. We have to help advisors find talent. Finding people who can communicate and connect with people is so critically important to advisors. They’re always asking us how we can help connect them with potential employees.

There’s a ton of growth opportunity out there. These firms are growing at a rapid clip.”

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on X @INNsusan.