Financial planners in demand
The financial planning industry has become one of Australia’s most sought after industries for employment, according to the latest Morgan & Banks job index.
The index which surveyed 5,877 employers from different sectors in the financial services industry revealed that almost half the financial services industry (43.7 per cent) plan to increase staffing levels, while only 9.2 per cent have any intention to downsize.
"We are certainly seeing financial services and professional services being the leaders in growth," Morgan & Banks finance sector head Anne Hatton says.
"The sector of financial planning has experienced particular growth as consumers become more sophisticated and demanding for advisers. The problem is that there is strong demand and such a small level of supply," she says.
Hatton says further growth is also spreading to the funds management sector, with slight stagnant growth in the investment banking sector.
"The investment banking sector shows growth but nothing too dramatic, due to industry mergers and acquisitions."
Hatton says in some aspects of the index the group was surprised by the level of financial services growth considering the industry as a whole has experienced unsettling times with rising interest rates, the free falling Australian dollar and the uncertainty of the sharemarket.
"Medium sized firms are the most buoyant in this sector with a net effect of 45 per cent recorded. This is well above the national average for medium sized businesses, net 38.9 per cent and represents a 3.4 per cent increase since the last survey," she says.
"Small companies with less than 20 staff members are more optimistic than they were large businesses with more than 200 staff members predict hiring increases."
Recommended for you
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
There has been a 16.3 per cent rise in the wealth of Australian billionaires this year to over $200 billion, UBS finds, as Australian advisers shift their offerings to meet this expansion and service their unique needs.
AZ NGA is looking to triple in size over the next five years as US investment giant Oaktree completes its $240 million investment in the professional services company.
