Time to look for new planning talent: academic
The financial planning profession will have to start looking to grow its own talent rather than just poaching from elsewhere in the financial services industry if it wants to expand, according to a financial planning academic.
"The recruitment of the next generation of talent is another one of those emerging issues for financial planners," according to Dr Mark Brimble, associate professor of finance at Griffith University and member of the Financial Planning Academics Forum.
"The industry has long lived off poaching the existing talent that's there, but that will have to change as we move towards expanding the industry," he said.
Brimble said the existing talent pool won't be able to support continued growth indefinitely, and warned the costs of developing new talent would not be cheap.
"It will become even more expensive as you move to that professional training paradigm where you have new talent coming in and being nurtured by the industry and developed to feed the industry rather than [relying on] what's already there," he said.
Larger licensees are increasingly looking to university graduates as a way to recruit new staff rather than going to market, Brimble said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
