Time to look for new planning talent: academic
The financial planning profession will have to start looking to grow its own talent rather than just poaching from elsewhere in the financial services industry if it wants to expand, according to a financial planning academic.
"The recruitment of the next generation of talent is another one of those emerging issues for financial planners," according to Dr Mark Brimble, associate professor of finance at Griffith University and member of the Financial Planning Academics Forum.
"The industry has long lived off poaching the existing talent that's there, but that will have to change as we move towards expanding the industry," he said.
Brimble said the existing talent pool won't be able to support continued growth indefinitely, and warned the costs of developing new talent would not be cheap.
"It will become even more expensive as you move to that professional training paradigm where you have new talent coming in and being nurtured by the industry and developed to feed the industry rather than [relying on] what's already there," he said.
Larger licensees are increasingly looking to university graduates as a way to recruit new staff rather than going to market, Brimble said.
AUTHOR
Staff Writer
Recommended for you
Minister for Financial Services, Stephen Jones, has said he did not expect backlash to changes around advice fee deduction and believes the second tranche will have greater impact, committing to enact it by May 2025.
Financial adviser numbers are “back in black” for the year to date, thanks to 50 new entrants joining the industry over the last four weeks.
An equity partner firm of Count has purchased a Brisbane-based accounting business for nearly $1 million, as Count drives forward its inorganic growth momentum.
Australia’s looming intergenerational wealth transfer remains a crucial opportunity for financial advisers, with 14 per cent of consumers looking to transfer $1 million or more.
