Degree-qualified planners in demand but scarce

Big four banks paraplanners degree Hays

12 July 2016
| By Malavika |
image
image
expand image

Qualified and experienced financial planners with tertiary qualifications are preferred by the Big four banks and small-to-medium (SME) financial planning firms but there is a shortage of such candidates, according to a report.

The Hays Quarterly Report said employers in financial planning firms were instead promoting degree qualified employees, from paraplanners or client services officers to financial planners, under fast track training plans.

As a consequence, there was now a shortage of experienced paraplanners and client services candidates.

"Candidates without the necessary educational standards are actively pursuing further education," the report said.

The trends came amid an increasing push from SME financial planning firms and the Big four to increase their market share in wealth management.

On the other side of the coin, financial planners were well aware of the skills shortage for qualified planners and were very particular about the kinds of roles they would accept.

"They often view banks as less attractive than SMEs that can offer a more competitive salary and more flexible employment options," the Hays report said.

"Candidates are looking for competitive offers and businesses that are willing to offer a package tailored to their requirements."

Hays also said employers were adjusting to the skills shortage by employing candidates in temporary roles while they were between permanent roles.

Given this trend, the demand for financial planners with a degree, an Advanced Diploma in Financial Planning, and preferably a Certified Financial Planning qualification remained high, and would continue to remain high.

However, while experienced financial planners and advisers were in demand by local firms, candidates did not tend to move between companies, which further limited the supply of available candidates for vacant positions.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 4 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 2 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 13 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

4 days 17 hours ago