Demand for financial planners set to soar
Jo-Anne Bloch
Demand for financial planners is set to increase by 55 per cent within the next five years, according to a survey released by the Financial Planning Association (FPA).
The survey, which was conducted by the Future Financial Planners Council, found that rising consumer demand for professional advice will lead to an increase of 16 per cent within the next 12 months, reach 34 per cent within the next two years and 55 per cent within five years.
Demand for paraplanners was even greater and would increase by 25 per cent within the next 12 months, 36 per cent within two years and peak at 72 per cent within five years.
The research also highlighted the importance of minimum qualifications. FPA chief executive officer Jo-Anne Bloch said the biggest obstacle to recruitment is the ability to find people with the minimum qualifications who also have experience.
“Australians are experiencing some very volatile economic times and the results clearly show that more and more consumers are acknowledging the value of good, sound advice,” she said.
“However, that poses a strain on the supply of trained and experienced financial planners,” she added.”
Recommended for you
With just over three weeks until the federal election, the FAAA has put a reduction in red tape and further support for new entrants on its priority list for an incoming government.
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
