Financial planner job market weaker in 2012: eJobs
The financial planning job market has experienced its first year-on-year monthly falls since December 2009, with the start to the year being significantly weaker than in 2011, according to research conducted by eJobs Recruitment Specialists.
The number of job ads fell by more than 10 per cent since January last year, with almost half of practice principals separately surveyed by eJobs intending to keep the same level of employment in 2012.
The upcoming regulatory changes, increased compliance costs and the current state of the markets are seen by practice principals as the main inhibitors to employment growth in financial planning, according to the survey.
"It is an industry which has gone (and is still going) through a lengthy and very difficult period of reduction, redevelopment and renewal," said Trevor Punnett, managing director and financial planning recruitment manager at eJobs.
"Along the way many practices have disappeared, many staff have had their careers disrupted and many business growth intentions have been put on hold," Punnett said.
Some businesses have "managed to do well" by retaining their fee-for-service clients, increasing their use of technology and diversifying into other areas, but Punnett said these practices make up a small minority.
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