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
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.
