No slow-down for wealth management
Hiring activity in wealth management — including the financial planning sector — is currently at its highest levels in two years, a recruitment expert has said.
Hays Recruitment regional director Nick Murphy said while hiring activity usually slowed down in the December-January period, wealth management recruitment had experienced a massive boost in the lead-up to Christmas.
"Increased hiring started after the election, continued growing towards Christmas and it just did not stop," Murphy said.
"From beginning of December to the end of January it is usually quiet, but it just seems to get busier and busier for wealth management," he added.
"That's because in the last few years companies have been so cautious and reluctant to make permanent staff decisions."
Similarly, hiring activity in the financial planning space is also at its highest levels in a long time. Few large institutions have reported massive shortages, Murphy said, adding there was still a very strong demand for bank financial advisers.
"However, the financial planning sector seems to be candidate-short," he said. Employers are looking for financial planners who are already fully trained in the Future of Financial Advice (FOFA) compliance system, with most firms still getting their heads around it, according to Murphy.
"When a good candidate becomes available, companies are scrambling over each other to get to them first," Murphy said. "It doesn't always mean offering the highest base salary, often it's tweaking the commission scheme and providing a better work life balance."
Given the recent shift from temporary, short-term contracts to more permanent staff decisions, Murphy said positivity should continue well into 2014.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
