Employment demand for financial planners is rising and so are salaries, but paraplanners are struggling to find roles, according to the latest recruitment data.
Demand is being driven by banks and the big financial institutions, according to the latest data from eJobs Recruitment Specialists. The data covers the three months to January 31, 2010, and depicts a 38 per cent month-on-month increase in financial planning job ads in January.
The recruitment firm pointed to particular demand for advisers in Sydney from banks and institutions, with the bank demand also serving to drive average salaries on offer higher.
The most regularly advertised salary band for advisers has been $70,000-$90,000, but there were also many banking roles on offer at $90,000 for those with at least three years’ experience and a proven track record in sales and customer support.
Financial planners with five years’ experience and CFP candidates could demand up to $100,000, an increase from the $90,000 previously being offered for such candidates.
But the employment outlook for paraplanners is not as positive. According to eJobs both demand and salaries for paraplanning roles has fallen.
Before the financial crisis, paraplanners with two years’ experience and diploma qualifications could demand $75,000-$85,000. Over the past 18 months that fell to $65,000-$75,000, and has now fallen further to $55,000-$65,000, eJobs said.
The recruitment firm also pointed to a failure by advertisers to convey the duties and responsibilities expected in advertised roles, saying the term ‘financial planner’ has become too broad.
“Why give the same job title to a sales- and product-focused adviser in a bank environment, to a member-focused adviser in a super fund and to the more holistic, advice-driven adviser in a fee-for-service environment?”
EJobs suggest titles such as ‘product adviser’, ‘member adviser’ and ‘financial advice planner’ could assist job applicants in “identifying the sort of company they are applying to”.