Financial planners still a hotspot of demand
Financial planners and paraplanners remain an ongoing hotspot of demand as the wealth management industry continues to battle candidate shortages, according to the latest report by Hays Recruitment.
Hays Quarterly Report noted that fewer people entered the advice market in 2008 and 2009 when the industry's reputation suffered, the consequence of which is a shortage of talented wealth professionals today.
Hay's Recruitment expects the proposed Future of Financial Advice reforms to lead to an increase in adviser use as a whole, with the knock-on effect of the talent vacuum increasing.
"These advice reforms will naturally create a need for compliance professionals as the industry fights to regulate and restore consumer confidence," the report stated.
Furthermore, headhunting is increasing for financial planners. The traditional dealer group model of on-boarding trainee advisers into the network is once again becoming prevalent and retail banks are launching similar schemes.
"In all other areas of the banking and financial services sector hiring intentions are more reserved, particularly on the permanent side," the report said.
AUTHOR
Milana Pokrajac
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