Higher education key issue for recruiters
The push for higher education standards has created greater demand for skilled advisory staff with paraplanners receiving plenty of attention in the past quarter, according to recruitment firm Hays.
In its most recent quarterly report on the banking sector, Hays found that entry level candidates for financial planning were being rejected if they did not hold a relevant tertiary degree alongside RG146 compliance level training.
According to Hays, these roles are opening up as previous hires into entry level roles have been promoted internally but the higher education standards are making it harder to fill the current demand for entry level advisers.
However, Hays noted that as wealth management and advice teams grow, the demand for paraplanners has stayed strong with experienced candidates often receiving numerous job offers but are reluctant to move employers.
Boutique firms were also struggling to attract experienced financial advisers with Hays finding that few candidates were willing to move laterally into new roles preferring to progress their careers with current employers.
While not connecting the two issues Hays did note that these smaller firms tended to make permanent hires while larger organisations were currently looking to hire on a temporary basis.
AUTHOR
Jason Spits
Recommended for you
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.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
