The University of South Florida will be offering a new bachelor’s degree program next fall to meet a growing demand for personal financial planners, who help people manage their retirement accounts.
“The average person now is retiring with a defined contribution program. They don’t know what to do with it themselves,” says Dr. Laura Mattia, Program Director of Personal Financial Planning, who was hired to start the degree program. “They’re looking for somebody that can provide them with good advice.”
The U.S. Department of Labor’s Occupational Outlook Handbook shows there is “much faster than average” growth expected in the personal financial advisors’ field, with jobs projected to increase 30 percent between 2014 and 2024.
Florida, known for its retirement communities, is one of the states with the most opportunities, according to the Department of Labor’s Bureau of Labor Statistics. Annual mean wages were $123,690, or $59.47 an hour in Florida in 2016.
Baby boomers are hitting retirement age at a time when people are living longer. Some retirees may live without regular income for 35 years, Mattia points out.
A 30-year veteran of the finance industry, she notes the need to ensure vulnerable people are not deceived by unethical -- or uneducated -- advisers. As an example, she describes a 70-year-old woman, too old to go back to work, whose “nest egg is gone,” because she was too trusting.
Industry leaders are recognizing that their advisers are aging and they need to beef up the employee pipeline for the future, she explains.
“The financial service industry is waiting for these students,” she asserts.
Students in the degree program should have a desire to work with people. They will need problem solving and analytical skills.
“This is not heavy math. It’s kind of basic, maybe algebra,” she explains. “I don’t want to scare certain people that might be very good at this,” she says.
The program will meet educational requirements for the Certified Financial Planner exam, including courses on planning for insurance, income tax, investment, retirement and estates. It also is expected to include internship opportunities.
A kickoff event is scheduled from 4:30 p.m. to 7:30 p.m. April 20 at the USF Muma College of Business on the Tampa campus. The program includes networking and a discussion panel, including representatives of Raymond James, Charles Schwab, SunTrust Investment Services, Inc. and Financial Planning and Advice.
The new USF program will be second such program in the state, Dr. Mattia says.
The University of North Florida in Jacksonville already offers a Certified Financial Planner certification program.
For additional information, contact Mattia or USF Admissions.