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Employment demand for financial planners increased in the last quarter for the first time since the start of the global financial crisis, according to recruitment specialists.
The increase in demand is being largely generated by a returning confidence in the stock market, allowing advice firms to contemplate rebuilding staffing levels.
At this stage it is largely restricted to experienced planners across the investment, risk and super spectrum, particularly those with their own client book.
Godfrey Group director Olivia O’Neill said the demand reflects US Federal Reserve chairman Ben Bernanke’s “recent comments on green shoots”.
“During the last two months we’ve seen a number of roles offered in the planning and funds management
sectors,” O’Neill said.
This demand is particularly for experienced advisers, risk advisers and advisers with existing books of business, she said, with no apparent demand for juniors across the board.
Similarly, there is demand for senior technical people with strong management expertise, and movement on the administration, operational and client service roles within the sector.
She said remuneration has “remained relatively steady”, with candidates “generally being responsible in managing their market expectations in the present climate”.
Financial Recruitment Group executive director Peter Dawson said there was “no significant flow of work for us even a quarter ago, but now firms are actually recruiting”.
“We’re seeing a number of managers that are rebuilding, albeit from a low base, whereas nothing like that was happening even three months ago.”
Dawson said he had held a “number of meetings” with advice firm chief executives who are looking for senior staff to start at the beginning of next year as part of business growth plans.
“Demand from advice firms is mainly about revenue generation at this stage; it’s about taking on productive planners where there is a good margin of profit in their business.”
He added that the source of demand is particularly coming from high-net-worth firms, ranging from private banks through to family offices.
“On top of that there are some super funds that are either building new capacity or building on what they’ve got,” he said.
