The growth of wealth management services is helping to create more opportunities for financial professionals in the institutional sector, but boutique financial services will take a conservative approach to hiring this quarter.
That's according to Hays Banking's latest hiring report for the January-to-March quarter, which found that there would be a consistent push by large banks to hire experienced paraplanners and financial planners.
Accounting firms and financial planning dealerships will also be seeking wealth management experts to service existing books of business.
While wealth management professionals remain in high demand for boutiques, large banks and financial services firms, offering competitive remuneration packages is only one way employers are bridging the skills shortage gap, the report stated.
According to Hays, a number of organisations across the boutique and banking sector are offering books of business to attract experienced financial planners and are using contract staff to fill paraplanning duties.
In addition, Hays stated that employers are considering overseas candidates and becoming more flexible regarding a candidate's background.
They are offering accredited financial planners defined career paths and professional development opportunities in order to position the business as the "employer of choice" for candidates.
For major banks, there will be particular focus on hiring processing staff as they reshape their management and operational structure.
Non-institutional financial services firms will continue to restructure as a means of cutting costs and improving productivity.
While employers will be seeking staff with adequate experience, they will need to attract candidates by offering job security and financial stability, the study stated.
