Time to look for new planning talent: academic
The financial planning profession will have to start looking to grow its own talent rather than just poaching from elsewhere in the financial services industry if it wants to expand, according to a financial planning academic.
"The recruitment of the next generation of talent is another one of those emerging issues for financial planners," according to Dr Mark Brimble, associate professor of finance at Griffith University and member of the Financial Planning Academics Forum.
"The industry has long lived off poaching the existing talent that's there, but that will have to change as we move towards expanding the industry," he said.
Brimble said the existing talent pool won't be able to support continued growth indefinitely, and warned the costs of developing new talent would not be cheap.
"It will become even more expensive as you move to that professional training paradigm where you have new talent coming in and being nurtured by the industry and developed to feed the industry rather than [relying on] what's already there," he said.
Larger licensees are increasingly looking to university graduates as a way to recruit new staff rather than going to market, Brimble said.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
