Growth of employment in the Financial Sector

It seems that small firms, web based investment accounts, web insurance marketing, and online banking are EXTRA modes of distribution that have increased market share and exposure. Moreover, that the number of Americans with investments has risen dramatically over the years. Now about 50%. See: http://www.sptimes.com/2002/09/27/Business/More_Americans_invest.shtml

Thus, there are more consumers of: Banking, Insurance and Investments, & Personal Financial Services. Therefore, there must be a rise in total customers, total workers, and the breadth of providers and number of investors is also expanding.

JUMP IN RIAs - A Schwab study shows many brokers are switching to the registered investment adviser (RIA) channel. New RIAs increased significantly in 2005 and are expected to double in 2006. The trend is being driven by captive brokers' desire for independence and RIA firms' need for help. This demand is helping drive banner recruiting efforts by smaller asset or portfolio management firms.   280,000 ADVISORS - Cerulli Associates says that at the end of 2004, the whole arena of advisers consisted of about 280,000 individuals in the USA.  RIAs and 81,412 reps at independent broker-dealers, 47,623 reps at insurance broker-dealers, 73,394 brokers at wirehouse firms, 22,725 brokers with bank-owned brokerage houses and 22,618 advisers with regional broker-dealers. See: http://www.fsonline.com/enews_archive/enews051506/enews0515.shtml

As for "Institutional Investors being the largest investors, we believe that this includes Mutual Funds and other Retirement Funds, thus, this should include virtually all Americans who have retirement accounts that use portfolios of funds etc.: http://financial-dictionary.thefreedictionary.com/Institutional+Investor  An institutional investor is a non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. Institutional investors face less protective regulations because it is assumed that they are more knowledgeable and better able to protect themselves.  http://en.wikipedia.org/wiki/Institutional_investor

With evaluating the term "PFA" personal financial advisor, this term "in general" is a person who acts as a stock broker. However, in many countries outside of the USA, a licensed professional may be able to handle banking, brokerage and insurance.   Stock Brokers or Financial Advisors are regulated by the NASD in the USA and must have proper licenses such as:  Series 7 (to sell stocks for commission or fee), Series 65 for (charging a fee for investment advise). Further, most financial advisors must take the State Exam which used to be known as the Series 63 or Combination investment advisor and state exam such as a Series 66.*Please research this on your own.   In sum, any advisor must be licensed or hosted by a brokerage or investment firm that sponsors them and supervises their activity [or work for or own an RIA or Trust Department].    You could be a 'un-licensed" financial planner who helps people budget and develop a plan to pay off bills, but that is more simplistic.  http://www.nasd.com/RegistrationQualifications/BrokerGuidanceResponsibility/RegisteredRepresentatives/EntireDocument/index.htm   Note: Most banks in the USA these days have an "investment division" that is a "registered broker dealer" or working in conjunction with a broker dealer.

Many financial professionals call themselves Financial Advisors. Moreover, professionals from both the brokerage and insurance industry refer to themselves as "Financial Planners".  Many high net worth client professionals achieve financial designations. Designations such as the CWM  Certified Wealth Manager and CFA Chartered Financial Analyst require a college degree, executive course or various exams, and other organizations offer a financial planner certification that focuses on 5-6 primary topics for the insurance business and sales consulting.   However, to sell securities, stocks and bonds in the USA you must be licensed by the NASD or be a "registered investment advisor". To sell insurance or annuities, you also need to be licensed in "Health and Life". Remember, the annuity is an insurance contract that owns securities. http://www.sec.gov/answers/annuity.htm  OR http://www.pueblo.gsa.gov/cic_text/money/annuity/annuities.htm

Overall, it must be stressed that while dealing with any complex subjects in Tax, Trusts, Retirement Planning, Business Planning, or Estate Planning, consumers should consult with a licensed attorney or lawyer and work in conjunction with their CPA Certified Public Accountant.