NAICS Code 523940-09 - Financial Planning Consultants

Marketing Level - NAICS 8-Digit

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NAICS CODE 523940-09
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NAICS Code 523940-09 Description (8-Digit)

Financial Planning Consultants are professionals who provide advice and guidance to individuals and businesses on how to manage their finances and achieve their financial goals. They analyze their clients' financial situation, including income, expenses, assets, and liabilities, and develop a comprehensive financial plan that takes into account their short-term and long-term objectives. Financial Planning Consultants help their clients make informed decisions about investments, retirement planning, tax planning, estate planning, and risk management. They also monitor their clients' progress and adjust their financial plan as needed.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523940 page

Tools

Tools commonly used in the Financial Planning Consultants industry for day-to-day tasks and operations.

  • Financial planning software
  • Investment analysis tools
  • Retirement planning calculators
  • Tax planning software
  • Estate planning software
  • Risk management tools
  • Cash flow analysis tools
  • Asset allocation tools
  • Portfolio management software
  • Financial goal tracking tools

Industry Examples of Financial Planning Consultants

Common products and services typical of NAICS Code 523940-09, illustrating the main business activities and contributions to the market.

  • Retirement planning
  • Wealth management
  • Tax planning
  • Estate planning
  • Investment planning
  • Risk management
  • Cash flow management
  • Debt management
  • Education planning
  • Insurance planning

History

A concise historical narrative of NAICS Code 523940-09 covering global milestones and recent developments within the United States.

  • The Financial Planning Consultants industry has a long history dating back to the early 1900s when the first financial planning firms were established in the United States. However, it wasn't until the 1970s that the industry began to gain significant traction. During this time, the introduction of Individual Retirement Accounts (IRAs) and 401(k) plans led to a surge in demand for financial planning services. In the 1980s, the industry continued to grow as more people became interested in investing and planning for their financial futures. The 1990s saw the rise of fee-based financial planning, which replaced commission-based models. Today, the industry continues to evolve as technology and changing consumer preferences drive innovation and growth. In recent years, the Financial Planning Consultants industry in the United States has experienced significant growth. According to a report by the Bureau of Labor Statistics, employment in the industry is projected to grow by 4 percent from 2019 to 2029, which is faster than the average for all occupations. This growth is being driven by several factors, including an aging population that is increasingly focused on retirement planning, the growing complexity of financial products and services, and the increasing popularity of robo-advisors and other digital financial planning tools. Despite these trends, the industry is also facing challenges, including increased competition from other financial services providers and ongoing regulatory changes. Overall, the Financial Planning Consultants industry is poised for continued growth and evolution in the years to come.