Financial planners with a degree and/or Certified Financial Planner (CFP) qualifications are in high demand to work on financial planning remediation projects, indicating organisations were continuing to raise education standards for their candidates, according to Hays.
The recruitment firm’s July to September 2017 quarterly report said this had led to a shortage of qualified candidates, with temporary and contract staff especially in high demand in this area.
Within wealth management, more jobseekers were therefore drawn to remediation projects due to the appeal of the daily rates that were on offer.
Technically strong paraplanners and advisers were also in ongoing demand, and they have been able to obtain large daily rates, which has also added to the shortage of wealth management professionals outside this space.
In terms of salary growth, paraplanners saw the greatest increases, especially in NSW and Victoria, due to severe candidate shortages.
Wealth management saw a few trends, with hotspots of demand in financial planning including the need for financial advisers in scaled advice. There was a demand for these candidates to provide scaled financial advice on single topics such as investment and superannuation.
Western Australia was candidate rich in the banking and financial services markets, although there were more permanent roles available. Wealth management was the exception, with suitable skills in short supply.
Meanwhile, banks were also focusing on their onboarding and training programs to boost retention and provide a positive experience.
Most employers in the major banks, financial planning, investment analytics, and fund management firms were continuing to prioritise gender diversity, which featured high on their agenda.
Business development managers (BDMs) with strong networks were in high demand in the burgeoning fintech industry, with demand expected to continue to rise.
