Booming job market for financial planners

Demand for financial planning skills is at record levels in parts of the east coast of Australia, according to a recently released market report.

Market commentary by eJobs Recruitment Specialists found financial planning job advertisements for Sydney, Regional NSW and the ACT over the last four months had experienced an 80 per cent rise from last year, peaking in May 2006 at 460 advertised roles.

Although job numbers in June dipped slightly to 387, the figure was still the second highest recorded by eJobs.

Despite this high demand for financial planning professionals, the report also found a “tight talent pool” meant vacancies were “taking much longer to fill across all admin/CSO [client services officer], paraplanning, adviser and other industry positions”.

According to the report, advertisements for financial planning roles were more plentiful than usual, with the majority of junior roles starting at $40,000.

“Roles then continued all the way up to $100,000-plus, asking for varying years of experience and qualifications,” the report said.

At the higher end, salaries of $125,000-$150,000 were offered for candidates with PS 146 qualifications or a degree, which the report concluded suggested “a willingness to take on less qualified but perhaps business-focused advisers with a good track record in sales”.

Paraplanners were also found to be in high demand, with salaries of around $55,000 (for one to two years experience) proving common.

Notably, one role offered $80,000-$100,000 in return for candidates with four years experience and CFP qualifications.