The country’s financial planning sector is looking to return to some semblance of normalcy since the aftermath of the financial crisis.
That economic and financial stability is now more and more promising. Northwestern Mutual representatives said there is increasing demand for financial security guidance in greater Denver.
They are aiming to add 85 financial representatives and 135 financial representative interns in the greater Denver area this year, Northwestern Mutual Denver managing partner Scott Theodore told 9NEWS.
“We’re seeing a need across all ages for a tailored planning approach,” he said. “Our recruiting efforts are a direct result of that demand.”
According to Mac Clouse, a professor of finance in the Daniels College of Business at the University of Denver, the financial services sector is regaining business because so many baby boomers are now looking to retire.
“There’s a lot of people who are thinking about retirement,” he said. “Maybe some people who haven’t thought about retirement much before and are recognizing that they may need the services of some of these financial service companies.”
People who lost jobs, or were forced to work lower paying jobs during the financial crisis, made it difficult for them to save and retire, he said.
“It’s good that they have some income now. They can think more about saving and doing things for retirement. Before — in 2008 and 2009 — most people were just thinking about surviving the next couple years.”
The hiring effort is part of Northwestern Mutual’s nationwide goal to recruit 6,400 financial professionals in 2014.
This would include office locations in Boulder, Fort Collins, Greenwood Village and Lakewood.
Theodore said offices in Vail and Colorado Springs are also looking to hire.
“With the economy improving and the market growing, we are seeing clients continue to invest for the future,” Theodore said.
Theodore said Northwestern Mutual expects more than half of the new hires to be from “career changers” — those who are looking for opportunities to grow in a new industry.
“With the continued economic uncertainty, people are seeking guidance and clarity with their long-term planning,” he said. “[We are] growing to meet that need.”