Two recent reports – one from EY and one from recruitment firm Robert Half – have both tipped professional development as being a key focus for employees in 2025.
Financial advisers are already required to complete 40 hours of continuing professional development (CPD) per year to comply with requirements, but the reports explored other ways that staff can upskill their capabilities.
EY’s Top 10 resolutions for wealth and asset management success in 2025 outlook identified that optimising the value of talent will be vital for these companies this year.
“As an organisation or leader, we resolve to maximise the value of new and existing talent through a strategic program of reskilling and upskilling – readying our people for changes in client demand, technology, products and industry practices,” EY wrote.
Namely, financial advice and wealth management businesses need to build growth-oriented leadership teams and prepare for factors such as the ageing of financial advisers.
To do so, EY urged practices to remain focused on the attraction and retention of key talent, which includes offering opportunities for professional development and upskilling.
“Empower talent with the right technology tools, such as portfolio and customer relationship management and AI co-pilots. Upskill staff to encourage adoption. Retain top talent through meaningful rewards and recognitions, and allow greater degrees of internal talent mobility. Allow for upskilling key talent to power and lead firms of the future.”
With only 511 new entrants joining the Financial Advisers Register (FAR) in 2024, these strategies will be crucial to prevent the departure of valuable talent.
The EY outlook coincides with research from Robert Half, surveying 1,000 full-time office workers across various industries.
When asked what they want to get from their job this year, 27 per cent of Australian employees cited “more professional development and training” as a top three preference.
Overall, 86 per cent of respondents are confident they will receive greater development and training from their employer in 2025, regardless of their preferences.
“There are many cost-effective ways to invest in employees’ growth and development, such as providing employees with a mentor or secondment placements. Providing opportunities for upskilling and career advancement can also increase employee loyalty and engagement, even if immediate salary increases aren’t feasible,” the recruitment agency explained.
In conversation with Money Management last month, several recruitment professionals said that discussions around professional development and growth have become increasingly prominent.
According to Kaizen Recruitment’s Darragh Cleary, manager for investment operations and accounting; and Amanda Chisholm, director for legal, risk, compliance and executive search, managers are placing a greater focus on employees’ medium- and long-term development.
This includes providing paid personal coaching, subsidising additional formal education, providing support in securing industry mentors, and other means to stimulate growth and professional development.
“There is an emphasis on career development discussions, internal growth opportunities, and some employers are encouraging employees to join relevant industry bodies to continue developing their networks,” the pair described.
Similarly, Adrian Karloci, founding director and senior consultant at B&K Consulting, said: “I don’t remember a time when I’ve heard more people talk about development as something that they’re seeking.”
