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FedEd Academy
FINDING THE RIGHT NICHE IS THE CHALLENGE FOR MOST ADVISERS
Why Work with Federal Employees?
Financial advisors and their firms interested in expanding into a rewarding niche market should know that the Federal government employs almost 2.7 million full-time, permanent civilian workers. In addition to all workers having access to the same employee benefits programs, the Office of Personnel Management’s 2014 Common Characteristics of the Federal Government report says that:
- 85% of all Federal employees work outside of the Washington, D.C., area. The 10 states with the highest number of Federal employees are California, Virginia, Texas, Maryland, Florida, Georgia, Pennsylvania, New York, Washington, and Ohio.
- Federal employees are paid competitively and have many types of jobs, including attorneys, physicians and law enforcement officers.
- The Federal workforce is highly educated. More than 62% of Federal workers have associate’s, bachelor’s or post-graduate degrees, compared to 54% in the private sector.
- The Federal workforce is diverse. Men comprise 56.5% of all Federal employees. Minorities constitute 33.4% of the workforce, with the largest members of this group being African-American (17.9%) and Hispanic (7.2%).
- The Federal workforce is aging. Nearly 39% of Federal workers are 50 years of age or older (contrasted to about 24% in the private sector). The average Federal employee is 47 years old with 16.3 years of service, according to the Office of Personnel Management (OPM), which projects that one out of every three Federal employees will be ready to retire by 2018.
Would you like to GROW your client list with a stable and affluent FEDERAL workforce?
One of the big keys to success for financial advisers is to have a market that can produce a consistent, repeatable, and sustainable source of prospective clients’ year after year. The Federal government has the largest employees with over 2.7 million full-time, permanent civilian and postal workers. Currently, few financial advisers have the skills needed to properly assist Federal employees with their risk management, investment, and retirement needs.
FedEd Academy
Our FedEd Financial Adviser Training program provides financial advisers with a thorough understanding of Federal employee benefits programs, helps them find Federal employee and agency prospects, and offers the marketing support to help you build your clientele. We include (at no additional charge) a one-year license to the AskTrak Federal Gap Calculator software available from Retire Ready Solutions. The software can perform benefits calculations and produce reports for your Federal clients and prospects.