Specialisation needed in static job space
Job growth for financial planners has been on a flat trajectory since the GFC, which should prompt opportunists to pivot into future boom areas like healthcare and succession planning.
The suggestion came via demographer Bernard Salt, who told the Financial Planning Association Congress he is optimistic about planning growth but only if advisers are willing to diversify.
Between 2006-2011, financial advice jobs grew by just four per cent, which marginally placed it in the top 30 for the otherwise fairly solid finance industry.
However, planning stands to capitalise on demographic shifts, he said, with the ageing population offering new markets, particularly around aged care, in which jobs have grown exponentially.
"Financial planning aimed at succession planning would be the place to be in," he said.
Salt said planners should look to take advantage of Australia's growing Asian population and capitalise on their hunger and need for advice.
In turn, they should reduce their exposure to non growth jobs, like secretarial work and farming.
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