Planners need to offer extra value
Financial planners, paraplanners, financial and commercial analysts and professional practice accountants are among the top professions that will be in demand this year, according to the latest Hays quarterly report.
Covering the January to March 2017 quarter, the report found that relevant experience was not enough to secure a job and that candidates needed to go above and beyond a job description and offer something more.
The report found there was an increased demand and a shortage of strong paraplanners and senior financial planners with a degree and an Advanced Diploma of Financial Planning (ADFP), or a Certified Financial Planner (CFP).
This was as a result of the growth in the number of remediation projects and strong candidates who were able to secure very generous daily rates.
Hays managing director in Australia and New Zealand, Nick Deligiannis, said the common trend was for employers to request for candidates who could add extra value.
"That could be through previous experience in a related discipline, prior process improvements or efficiency gains, additional tickets or qualifications or advanced digital or systems skills, all of which allow a candidate to perform supplementary duties," he said.
While paraplanners and financial advisers were looking for a cultural fit and the salary on offer was less of a motivational factor, wealth management was an exception.
"The exception is in wealth management, where more candidates are being drawn to remediation projects due to the attractive daily rates on offer," the report said.
Demand had also increased for financial analysts with strong financial modelling skills and a high level of commercial acumen.
The report also noted that management accountants and financial accountants were also sought in the banking sector to assist with structural and reporting changes, while financial accountants with international financial reporting standards reporting skills were needed to ensure compliance and audit standards were maintained.
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
