Year of fear for financial services job seekers
Year 2012 will see more heads roll in the retail sector of financial services, as large institutions continue to reduce headcount, according to predictions released by recruitment specialist eFinancialCareers.
Over the last 12 months, the wealth management sector saw a number of businesses merge their heads of retail and institutional to form joint sales teams, reducing overall headcount and saving considerable expense on salaries.
This trend is likely to continue in 2012, according to eFinancialCareers head of Asia Pacific George McFerran.
"On the retail side - traditionally requiring large sales teams because of the diversity and size of the client base - there will be a push towards smaller, higher calibre sales forces, and candidates will need to have relationships at both adviser and head office levels," McFerran said.
There is also an apparent reluctance to change roles due to continued market uncertainty, which saw candidates' appetite for risk at an all-time law.
"In Q4 2011 we were seeing candidates retreat away from job offers at the last minute after they had initially accepted," said McFerran, adding that prominent senior staff who have been interested in opportunities for the last 12 months should start slotting into roles once 2012 budgets are released.
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