Financial planning in hot demand by employers

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Senior financial planners and paraplanners are in high demand according to a report, which shows what employers are keeping an eye out for this year and how you can get ahead.

Complex Paraplanners, senior financial planners and phone-based advisors are among the candidates in hottest demand, according to the latest Hays Quarterly Report.

Hays said financial planners are also in demand for the Big 4, as planners are attracted to independent firms with more support and less key performance indicators (KPIs) than large firms.

The continued growth of the Asian market in Australia has also had an impact, with employers looking for multilingual financial planners – particularly in Mandarin, Cantonese and Indonesian.

“Whilst these skills are in hot demand, employers remain cautious about hiring candidates that appear to have moved around too often and they are also being very specific with their requirements, being more demanding about core and soft skills,” says director of Hays Banking Jane McNeill.

“Employers want candidates with a proven and stable background, and some are willing to wait to find the exact match. In terms of long-term solutions some employers are interested in candidates that can take a step up to fill a role rather than have someone more senior take a step back.”

According to the Hays Quarterly Report for January to March 2013, demand is highest for the following skilled professionals:

  • Paraplanners and Contract Paraplanners – The requirement for paraplanners to be at a high technical level to work closely, and in consultation, with financial planners to formulate strategy within independent firms is pushing the salary rate above the standard for these candidates. There has been a requirement for Contract paraplanners to work on project work and prepare for upcoming changes to FOFA. The increase in full-time salaries has made it harder to secure them on short-term contracts.
  • Senior Financial Planners – Candidates with a background in the Big 4 are in high demand from the banks. They are in short supply with financial planners being drawn to independent firms that are seen to have more direct support and less KPIs than large firms.
  • Complex Paraplanners – Often hard to find as they tend to quickly shift into advice roles as a natural progression within the industry, entry level paraplanners are plenty, but not the more senior, technical planners which are currently in high demand.
  • Phone-based advisers – This is a growing area within the financial planning industry as it is a way of reaching regional areas within Australia that don't have access to financial advice.  
  • Multilingual Financial Planners (Mandarin, Cantonese, Indonesian) – Due to the continued growth of the Asian market entering Australia, multilingual skills are highly regarded in almost any financial planning roles, creating a demand for this skills mix.

 

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  • Leonard Walker on 24/01/2013 11:13:23 AM

    Have been trying for 3 years to get back into financial planning. Was in the industry for 18 years with NRMA, Westpac & Bendigo Bank. Is that moving around too much. Call me if you want a top class financial planner. Only weakness is that I'm honest.

  • Alan on 26/01/2013 6:48:48 PM

    No wonder you have been trying to get back into planning with that snide comment. Maybe that is a dishonest comment??

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