Planners back in demand

A new quarterly analysis of the financial services jobs market has identified emerging demand for financial planners.

The latest Hays Banking Quarterly Report, released this week, suggested the big banks had driven much of the demand for planners but that the boutique end of the market was now beginning to pick up.

“During the last 12 months financial planning job flow was consistent from the big banks,” the analysis said suggesting that the banks were capitalizing on a subdued job market to secure skilled senior planners.

However it said that many of these planners were now eager to move back into the boutique space.

“Job numbers are increasing in the boutique market, and the migration from bank to boutique will create a shortage of candidates in the retail space,” the Hays analysis said.

The Hays analysis also pointed to increasing demand for Certified Financial Planners with transferable client books.

“These candidates are sought to add value to an adviser’s business enabling them to present a plan fee, retain clients and generate more income out of a smaller book as the industry moves away from transactional planning,” the analysis said.

It said that paraplanners were needed in the non-retail space because of shortages created by the global financial crisis and the natural movement of paraplanners in planning roles.