Adviser demand dropping

The latest data on advertised industry roles suggests many PS 146 equipped candidates are failing to secure industry positions due to a shift in the demand and supply ratio.

The eJobs Recruitment Specialists snapshot of vacant financial planning roles across the nation shows job number growth has slowed.

According to the report, industry job numbers have continued to fall since March and are currently sitting 5 per cent below last year’s level.

When combining this with the increasing popularity of PS 146 courses, many candidates are finding it difficult to obtain employment due to their lack of industry experience and customer-facing skills.

The eJobs report states that the industry is looking for paraplanners and advisers who are not only qualified but have good all-round skills in administration, technical understanding, client rapport, sales abilities and life experiences. “If the expectations of new industry staff can be managed to accept a slower progression in advising (via a managed and acceptable career path), and if salary expectations can be better managed (with sensible starting salaries and regular reviews), then perhaps employers would be [more] willing to take on apprentices,” the report said.

The report is in contrast to a recent Financial Planning Association report, which forecasted a 16 per cent increase in demand for advisers in the next 12 months and a 55 per cent increase over the next five years. EJobs claims this prediction is overly optimistic.