Buoyant job market for planners

By Larissa Tuohy

DEMAND for both financial planners and paraplanners continues to increase, with the introduction of choice of fund driving the recruitment of salaried advisers, according to the latest quarterly forecast from Hays Specialist Recruitment.

The research showed that large banking institutions are now more likely to organise advisers into product streams, rather than offering customers adviser centres staffed by individuals who provide a range of advice.

This is largely being driven by the advice requirements within the Financial Services Reform Act, Hays said.

Non-banking organisations are also actively recruiting, as planning firms recognise the need to grow strong distribution channels.

According to the Hays forecast, opportunities exist for candidates at all levels, particularly advisers with existing networks of clients.

The research also showed a trend for planners to spend four to five years with a major bank before moving into a boutique practice or setting up their own financial planning business.

The Hays Annual Salary Survey 2004 shows that Sydney-based advisers in professional practice receive a typical salary of between $65,000 to $105,000, while Perth planners are offered between $60,000 to $80,000.

The result was similar to the Money Management / Financial Recruitment Group salary survey released last month, which found salaried financial planners in Sydney earn between $65,000 and $85,000.