Demand for financial planners set to soar
Jo-Anne Bloch
Demand for financial planners is set to increase by 55 per cent within the next five years, according to a survey released by the Financial Planning Association (FPA).
The survey, which was conducted by the Future Financial Planners Council, found that rising consumer demand for professional advice will lead to an increase of 16 per cent within the next 12 months, reach 34 per cent within the next two years and 55 per cent within five years.
Demand for paraplanners was even greater and would increase by 25 per cent within the next 12 months, 36 per cent within two years and peak at 72 per cent within five years.
The research also highlighted the importance of minimum qualifications. FPA chief executive officer Jo-Anne Bloch said the biggest obstacle to recruitment is the ability to find people with the minimum qualifications who also have experience.
“Australians are experiencing some very volatile economic times and the results clearly show that more and more consumers are acknowledging the value of good, sound advice,” she said.
“However, that poses a strain on the supply of trained and experienced financial planners,” she added.”
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
