Adviser demand dropping
The latest data on advertised industry roles suggests many PS 146 equipped candidates are failing to secure industry positions due to a shift in the demand and supply ratio.
The eJobs Recruitment Specialists snapshot of vacant financial planning roles across the nation shows job number growth has slowed.
According to the report, industry job numbers have continued to fall since March and are currently sitting 5 per cent below last year’s level.
When combining this with the increasing popularity of PS 146 courses, many candidates are finding it difficult to obtain employment due to their lack of industry experience and customer-facing skills.
The eJobs report states that the industry is looking for paraplanners and advisers who are not only qualified but have good all-round skills in administration, technical understanding, client rapport, sales abilities and life experiences. “If the expectations of new industry staff can be managed to accept a slower progression in advising (via a managed and acceptable career path), and if salary expectations can be better managed (with sensible starting salaries and regular reviews), then perhaps employers would be [more] willing to take on apprentices,” the report said.
The report is in contrast to a recent Financial Planning Association report, which forecasted a 16 per cent increase in demand for advisers in the next 12 months and a 55 per cent increase over the next five years. EJobs claims this prediction is overly optimistic.
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
