Recruiting from the inside
A financial services consulting group has expanded its operations to assist those struggling to find good staff in a tight employment market.
South Australian-based MGF Consulting Group has added staffing and recruitment advice to its existing consulting services.
Called the MGF Exec Search, the service will use the financial services experience of principal Max Franchitto to “assist clients select key staff for key roles”.
“It’s becoming more obvious that a general recruitment firm isn’t as good at recruiting for [financial planning] roles as someone who has worked and managed in that space,” Franchitto said.
“Because we have experience of having managed people in those roles, we understand the job role in depth, as opposed to just reading a brief.”
In a tight employment market, finding good BDMs, paraplanners and planners is becoming increasingly challenging.
“Good financial planners who will stay with a firm are hard to find. There’s a lot of uncertainty at that level.”
According to Franchitto, paraplanners are also in high demand, with the best commanding “top dollar” salaries.
He said many financial planning firms are also struggling to find BDMs with the ability to add value to a business, as opposed to those who just “deliver brochures”.
“It’s a big challenge for fund managers and dealer groups to find young BDMs who can relate to the older generation of planners,” Franchitto said.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
